if you didnt make the payment/s then you are in "default" of the loan agreement.
the co-signer or bank can take it back.
in order to get it back you must become current w/ payments or if they sell it then your responsible for any money lost if it sells for less than the loan.
read the contract, its in there.
A cosigner would only have rights to a vehicle if their name is on the title. Due process, and a court order, is the only way to take possession of the vehicle in question. That could only be done with the consent of the lender.
will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle
No, a cosigner has no legal rights to a vehicle unless his or her name appears on the vehicle title.
NO! He is only guaranteeing the loan. He has no legal right to take the car.
Well if the original person that you co-signed with defaults on the payments and you are stuck with the payments, technically it is your vehicle and you can take the person to court and take control of the vehicle.
Yes. I believe the loaner will contact you with a past due amount, or send you a bill. If this hasn't happened yet, contact the loaner and tell them you want possesion if the car is not being paid for by the buyer. * No. A cosigner has no legal right to a vehicle unless his or her name appears on the title. The cosigner will have to make the payments to keep the vehicle from being reposssesed or have the vehicle refinanced in his or her name with the primary borrower being released from the current agreement, this can only be done if the lender agrees.
I'm sure you won't like this answer, but only the lender can repossess the collateral. If the cosigner is also a co-owner and listed on the title, he could insist on taking his turn driving the car. But essentially, the only right a cosigner has is the "right" to make the payments if the primary borrower does not.
Something is not right here. If you are the primary, then why is the cosigner making payments and why does the cosigner have possession of the vehicle? The is back-wards of what it should be. And why in the world would you put the cosigners name on the title? You have a mess on your hands, because you went about this all wrong. You need to contact a lawyer ASAP.
No. If you are not on the deed, you can't sell the property. The only "right" you have as a cosigner is the obligation to make the payments.
no It depends. Is the cosigner on the title as co-owner? If so, they can take the car whenever they want.If they aren't, well, it's just plain car theft if they do. In other words if you are both on the title and the loan paperwork then both your butts are on the line financially and it's a civial matter if one of you wants the car over the other. But both of you have legal right of access so the police will not make an arrest or intervene if both parties can prove ownership.
As soon as a lease expires on a vehicle that you have in your possession or you default on one of your car payments, the owner has the right to have your vehicle repossessed.
The cosigner has equal right to the vehicle whether it is paid off or not.
The cosigner has equal right to the vehicle whether it is paid off or not.