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Does a co-applicant on an auto loan have legal rights to the vehicle?
Kbraxton
If the person is on the title of the vehicle then they have ownership rights in accordance with the laws of the state where the vehicle is registered. Generally names on a vehicle title that are separated by the word "and" means each person has an equal share and neither can sell or encumber the vehicle in any manner without the other person agreeing. (Ex: John Smith and Mary White) If the names are separated by the word "or" then each person is an individual owner and may take whatever action they choose without the other person's permission. In non community property states the "or" designation is usually reserved for married couples only, (Ex: John or Mary Smith). In community property states such a designation for married couples may or may not be used. Joint names on loan applications do not designate ownership of the property unless the signers are married and live in a community property state.
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∙ 17y ago
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If i default on a auto loan from a buy here pay here auto dealer are they more likely to resell the vehicle on their lot and take no legal action against me or will they likely take legal action?
well they can make you go into court against them if that was what you were looking for i really dont get your question?
