No. Unless the cosigner is also a title holder they have no legal rights to the vehicle.
No. He/she simply has to pay the loan if you don't. Has no real right to the car even if you do miss payments. Has to go to court and show you have defaulted on the loan and has paid on it.
No, the cosigner signs on to the loan. Usually, the primary signer owns the car and drives it. The cosigner is there in case the loan goes into default and needs to be paid for. After they sign on the car does not belong to them, but the person who took out the loan.
You cant without the cosigners approval.
if you take it to your personal bank and ask them how much you need to have paid already they can indeed refinace you and remove the cosigner
Oh yes it does. That person put their credit on the line when they signed the contract making me a cosigner.
None, unless the cosigner is also on the title of the vehicle they have no legal rights to the property. When someone cosigns a loan for any reason they accept the responsibility of paying the debt if the primary borrower defaults. The only option a cosigner has in recovering money paid out in connection with the loan is to sue the primary borrower in the appropriate court, in the city or county where the borrower lives.
I think the cosigner should have legal rights for the car especially if they are making payments on it. If payments are not paid, it effects the co-signers credit adversely and he is still financially responsible for the car until it it paid off. In fact I've heard the lender tends to come after the co-signer harder than the primary because they just want the debt to be paid (and the primary can't pay) - that makes sense. What other resort does the cosigner have to relieve himself of a bad financial situation and bad credit rating. I've also heard of the cosigner suing the primary for the deficiency, which is the difference between what's left to pay off the note and the actual amount he got for the car, if that amount is less than the note. NAME ON TITLE = You can take the car and use it yourself or sell it. NAME ON LOAN = You can make the payments. Cosigning is an agreement to pay but paying does not give you any rights to the property.
It depends on what the title says. The title can say "The owner of the vehicle is Name 1 or Name 2." If the title says this then the cosigner has limited rights to get the car. Whoever has the vehicle can sell the car without the cosigners signature. Now if the cosigner has the car, the cosigner can sell the car without the main owners signature. If the title states Name 1 and Name 2, then you have same rights as the main owner of the car. This means if Name 1 trys to sell it, they can't sell it without your signature.
A cosigner is a person who signs with another person for a loan of some sort due to credit issues or financial reasons. A cosigner unfortunately does not have as many rights as the person who is first listed on a loan. For example, if you purchase a car and your boyfriend/girlfriend cosigns for you and you two break up, they cannot take the car away from you. However, if you are late on payments, the cosigner will then be responsible for the payments.
Both are responsible until paid in full. It will also be on both credit reports as well.
No, a cosigner only has the legal obligation to pay the debt if the primary borrower defaults on the lending agreement.The exception to this would be if the cosigner is a joint title holder of the vehicle.COSINGER!Does a consignor have rights to the vehicle if the people who is buying the car never missed a payment?