Law & Legal Issues
Repossession
Loans
Co-signing

How can a co-buyer take possession of a truck when the primary borrower is not making the payments?

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2006-04-20 02:58:42
2006-04-20 02:58:42

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.

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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.

It wouldn't be a repossession, but if he has had to make the payments, he could sue the primary borrower and might get possession from the court.

NO. Cosigning means the person is promising to be responsible for the debt if the primary borrower defaults.

Yes. They must be able to pay the loan if the primary borrower stops making their payments.Yes. They must be able to pay the loan if the primary borrower stops making their payments.Yes. They must be able to pay the loan if the primary borrower stops making their payments.Yes. They must be able to pay the loan if the primary borrower stops making their payments.

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.

Only if your name is on the title, and only if the primary borrower defaults and the vehicle is subject to being repossessed by the lender.

Cobuyer, cosigner, they are the same thing. Wherever you sign as co-signer you should be aware that if the primary borrower defaults on payments you will be held equally responsible for paying the loan.

No, a cosigner has no legal rights to a vehicle unless his or her name appears on the vehicle title.

The co-signer has no inherent authority to "call for" the payment in full of the loan. If the primary borrower is missing payments it is likely they cannot afford to repay the loan. In fact, if payments are being missed by the primary borrower the co-signer's responsibility will kick in and the lender will go after the co-signer for full payment of the loan.The co-signer has no inherent authority to "call for" the payment in full of the loan. If the primary borrower is missing payments it is likely they cannot afford to repay the loan. In fact, if payments are being missed by the primary borrower the co-signer's responsibility will kick in and the lender will go after the co-signer for full payment of the loan.The co-signer has no inherent authority to "call for" the payment in full of the loan. If the primary borrower is missing payments it is likely they cannot afford to repay the loan. In fact, if payments are being missed by the primary borrower the co-signer's responsibility will kick in and the lender will go after the co-signer for full payment of the loan.The co-signer has no inherent authority to "call for" the payment in full of the loan. If the primary borrower is missing payments it is likely they cannot afford to repay the loan. In fact, if payments are being missed by the primary borrower the co-signer's responsibility will kick in and the lender will go after the co-signer for full payment of the loan.

The only way for a co-signer to be taken off the loan, would be for the primary borrower to refinance the account.

No, but if the borrower misses enough payments, the cosigner will start getting collection calls as well.

No. You are the primary borrower and are honoring your financial obligation.

The co-signer will be completely responsible for paying the loan if the primary borrower defaults on the payments even though the co-signer will have no ownership interest in the vehicle. A co-signer should always be completely informed about the consequences of co-signing. They are guaranteeing that you will pay. If you miss payments it will affect their credit record. If you default it will also wreck their credit. In short, co-signers are responsible in making sure that the primary borrower is able to make the payments on time, and if not, will be their responsibility to continue and settle the payments if the primary borrower fail to do so.

Either party ON THE TITLE is entitled to possession, but someone will HAVE to make payments or it will be repoed.

Not arbitrarily, the co-signer would need to sue the primary borrower and be awarded the vehicle or the money owed to complete the loan agreement.

I recently co-signed for a loan for my brother. The dealership not only put me in the primary borrower position (which was a mistake), but since then there have been payment issues. So it has been my phone ringing off the hook. Even as a co-signer (non primary borrower) I would have been responsible to make the payments in the event the primary borrower did not. I understood that. However, if you are applying for a loan being the co-signer does make a difference rather than being the primary. Typically, to be a co-signer you will have to prove (by showing the payments being made from a co-borrowers account) that they are making the payments or it will affect your DTI (Debt to Income ratio). Also as the primary YOU will get the calls if there is a late payment - in my case they did not even have the co-borrowers phone number. This really doesn't mean anything except that I had all of the pain for their being late on their payments. My credit has been negatively affected. SO IF you are going to be the primary borrower - be sure that you are willing to make the payments.

Yes, the cosigner/co-borrower has the same legal responsibility to repay the debt/loan as does the primary borrower. If the primary defaults the creditor can attempt to collect from the co-borrower before the primary borrower.

The primary borrower is responsible for making the payments and adhering to the terms of the lending contract. The cosigner is legally obligated only if the primary borrower defaults on the lending agreement or files bankruptcy (chapter 7).

The primary must also be listed on the Certificate of Title in order to take possession of the vehicle. If not then the primary must sue the co-borrower to get possession of the vehicle. In fact, if the vehicle is listed in both names, a court will need to decide who gets what since the co-borrower has already made an investment in the car. The primary may need to buy her out in order to get title in her name alone. You should consult with an attorney who can review your situation and explain your options or take your chances in court by representing yourself.

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.

He has the right to make the payments or have his credit ruined. DON'T cosign a loan unless you are willing to make the payments if (when) the primary borrower defaults.

If you are a co-signer of a repossesion, and the primary borrower has not made an attempt to make their payments then you are fully responsible for this debt.

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.

Yes, if the co-signer takes over the payments they are entitled to chattel.


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