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Does the cosigner need to be contacted when the owner stops making payments?
Wiki User
∙ 8y ago
Under federal law, I don't believe the lender has any obligation to contact you as soon as the borrower misses a payment. You need to ask the lender to do it, and get this in writing.
Wiki User
∙ 8y ago
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Can a cosigner repossess a car if the primary borrower stops making payments?
No. Only the lender can "repossess" a vehicle. You need to keep making the payments to protect your own credit. It is likely you would need to bring a court action, prove you are making the payments and petition the court to order a transfer of title.
You are the primary owner on a vehicle you owe 700 on the loan and the cosigner decided to take the vehicle even though they havent made any payments can they do that?
Two things to consider here: First, the cosigner is an equal owner of the vehicle regardless of whether or not any payment has been made by him. This is a matter of contract law. Second, and typically in cases where payments are not current, the cosigner/co-owner can take possession of the vehicle to protect his credit if his intention is to surrender the unit or to make payments current.
Can you as cosigner repossess your child's car when payments aren't made?
ONLY if your name is on the TITLE as co-owner or leinholder can you "repo" the car.
Can the PRIMARY owner of a vehicle sue the COSIGNER for half of the remaining balance if the COSIGNER had the vehicle voluntarily repossed even if the PRIMARY had already been making payments on time?
You can sue anybody for almost anything today. Now, if you can win or not is the question. Talk to a lawyer or at the very least your state attorney general.
How does a co signer get their name off a car if they are not on the title and the owner still makes payments on time?
The loan has to be refinanced without the cosigner being involved.
When cosigning for a car and the person who is acquiring the car is the only one making payments whose name is the ownership of the car under?
the person making the payments is actually buying the car. it is illogical that a cosigner could claim any ownership rights, having paid nothing. the person having made the payments is the owner It depends on the title. If it is only your name then it is your's. If it is both names, then it belongs to both of you regardless of who pays.
How do you know if you are a cosigner or co owner?
A "Cosigner" is a "Co-owner." Cobuyers and buyers are equally responsible for the note they signed.
Can you insure a car that you are paying payments on until its paid for from a private owner who holds the title?
I would insure any car that I was driving or making payments on. If you are on the title then you are an owner.
Does a cosigner have rights to have keys to the car?
No. Not unless they are also on the title. The name on the Certificate of Title is the owner. Unless the co-signer makes other arrangements than just co-signing the loan, all they have is the debt to pay if the primary borrower stops making payments.
Can a cosigner pay off the car and become the primary owner of the vehicle if the pay off is over 50 of the loan amount on the car hence removing the other individual from any rights to the car?
If the other person has been making payments on time, then the co-signer should not have to do this.
Can the cosigner who has been making the lease payments have the car repossessed so he can use it?
Don, IF your name is on the title as co-owner, you would just be taking possession of your own car. If its NOT on the title, you cant take possession legally.Why not go to the person in possession and tell them to give up the car??
Can a cosigner take the car away from the borrower if he is in default and the cosigner has a key and is paying the payments?
Bill, ONLY if the co-signor is listed ON THE TITLE as CO-OWNER. Co-signors only responsibliity is to make the notes if the signor doesnt. Signor is just USING co-signors creditworthiness.
