Only if the cosigner is also named on the vehicle title.
The usual legal recourse for the cosigner when the person named as the primary on a loan has defaulted, is to make the payments on the loan. Then, the cosigner can take the person who defaulted to court to try and recoup some of the money they are out. If the loan was for a car, some states allow the cosigner to take possession of the car and sell it to recoup losses also.
If the cosignatory is willing to take over the payments, and the creditor agrees. But if the primary borrower rufuses to cede posession then yes.
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 car is not your property, nor do you have legal authority to sieze property. It would be considered grand theft. As a co-signer, you agreed to be just as legally liable for the debt as the borrower. That's why it's a good idea to NEVER co-sign ANYTHING.
No, but if the borrower misses enough payments, the cosigner will start getting collection calls as well.
When someone co-signs, they are basically just agreeing to making the payments when the signer can not. * Any legal rights that a cosigner or a co-buyer(borrower) have depend upon whether or not their name is on the title to the vehicle.
The only way that a co-signer can take possession of the vehicle is if they are listed on the title as a co-owner. Even if they are a co-owner, they cannot just take the vehicle. They would need to sue the primary borrower in court to gain possession.
If you're not on the title then you only agreed to pay the loan if the person buying it doesn't. This doesn't give you any right to the car. However, you can sue the primary borrower in civil court if they defaulted on the loan and you made the payments. The judge may order the primary to sign the title over to you.
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.