answersLogoWhite

0


Best Answer

Both the finance company such as G.M.A.C. or Ford Motor Credit keep record of the key codes in a folder on the sale. Contact the finance company, get the key codes, go to the selling dealership where the service department can cut the keys for about $5.00. If the vehicle is in default, the finance company should repo it and you could redeem it from them. There are laws that differ from state to state on repossessions and law enforcement officials must be notified prior to repossession so the vehicle will not be reported as a theft. I suggest you get current advice from the finance company first, because the primary could bring the account current without your knowledge and if you repo it when it's not in default or break any state laws, you could get sued.

User Avatar

Wiki User

โˆ™ 2015-07-15 18:31:09
This answer is:
User Avatar
Study guides

Loans

26 cards

What is forfeiture

Which of these is the best description of delinquency

Which term is defined as property that is pledged as security on a loan

This is Paula's monthly budget What percent of her expenses is spent on insurance

โžก๏ธ
See all cards
2.33
โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…
3 Reviews

Add your answer:

Earn +20 pts
Q: How can a cosigner take possession of the car if the primary borrower will not surrender the keys?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

Can a cosigner take the primary borrower to court to get possession of the car that the primary has made all the payments on and the car is insured and registered to the primary?

No.


Can a cosigner in California take possession of a vehicle if the primary borrower is not making the payments in Georgia?

Only if the cosigner is also named on the vehicle title.


Can the cosigner of a motorbike loan take possession of the bike if the primary borrower isn't making payments?

yes


Can a cosigner take the primary borrower to court to get possession of the car that the primary has not made all the payments?

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.


Does a cosigner have the right to take possession of the car when the primary borrower has made all the payments and has not defaulted on the loan?

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


Is there a way for the cosigner to be removed as cosigner if primary owner defaults?

No. The purpose of requiring a co-signer is that in the case of a default by the primary borrower, the cosigner has agreed to be fully responsible for the loan. Therefore, if the borrower defaults, that's what you're there for if you're the cosigner.


Does the cosigner have legal recourse monetary damages when the primary borrower defaults on a vechicle loan?

Does the cosigner have lega recourse monetary damages when the primary borrower defaults on a vechicle loan


What can a 70-year-old cosigner on a car loan be held responsible for if the loan is found in default?

The cosigner has the same legal obligations to repay the debt as does the primary borrower. If the primary borrower defaults, the lender can begin proceedings to collect the full amount owed plus applicable fees from the cosigner. A cosigner can be sued just as can the primary borrower. And if the primary borrower claims bankrutpcy, the cosigner will still get "stuck" with the debt. The credit report of the cosigner will be equally affected, either in a positive or negative way, depending upon the circumstances.


Can the primary borrower be sued by the cosigner if a loan is in default and the lender sues the cosigner?

Yes. But for now the lender has you and will get their money from you as they would the primary borrower. Cosigning is a really, really bad idea. At least for the cosigner. Everyone else seems to benefit.


Does the lender have to notify you as a cosigner if the primary borrower fails to make a payment?

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


Are a primary borrower and a secondary borrower on a car loan equally responsible for the loan?

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.


Does the cosigner have to pay the bill for vehicle if the primary borrower doesnt pay?

Yes!

People also asked