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Repossession
Co-signing
Student Loans and Financial Aid

How can a cosigner take possession of the car if the primary borrower will not surrender the keys?

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2015-07-15 18:31:09
2015-07-15 18:31:09

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.

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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.

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

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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.

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


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