You can try to re-finance the car with a different lender without the cosigner if you've established enough good credit.
If you are late on your loan payment and are a cosigner on your daughters car can they repposses the car?
Possible fraud charges.
Yes: Your spouse/children can be included on your insurance policy regardless of who was/if there was a cosigner on the car.
A cosigner cannot be removed from the debt obligation except by a refinancing of the loan without the original cosigner's participation.
Some who has character My Friend it is very difficult to get car loan with no credit and no cosigner although you have to contact some good car lenders in your area they can guide you better.
IF YOU LEGALLY REMOVED THE COSIGNER FROM YOUR CAR LOAN,TITLE AND ALL. IT NOW BECOMES A CIVIL MATTER,WITH EVIDENCE ON HAND A LOCAL SHERIIFF'S MIGHT BE HELPFUL SINCE THEY HANDLE CIVIL MATTERS. I DON'T FORSEE ANY PROBLEMS IN ACQUIRING YOUR VEHICLE.
The only option is for the loan to be refinanced without the particpation of the present cosigner.
No. The only way to be removed as a cosigner is for the loan to be refinanced assuming the lender will allow that to happen.
If you are late on your loan payment and are a cosigner on your daughters car can they repposses the car?
No, the cosigner signs on to the loan. Usually, the primary signer owns the car and drives it. The cosigner is there in case the loan goes into default and needs to be paid for. After they sign on the car does not belong to them, but the person who took out the loan.
That will have to be arranged between the lender and the co-signor. The only way to remove anyone from a loan is to have the person being removed sign verifying that they want to be removed AND whoever will be left on (or added to) the loan must reapply for the loan on their own. This means, if the cosigner does not have good enough credit, then either the primary must stay on the loan or (if the loan is backed by collateral such as a car or house) then the collateral can be sold to a third party. In which case, of course, the primary and cosigner will be removed.
Possible fraud charges.
They can still come after the cosigner, and it will still reflect poorly on your cosigner's credit history. You have been absolved of the debt, not your cosigner.
Yes: Your spouse/children can be included on your insurance policy regardless of who was/if there was a cosigner on the car.
No, a cosigner can only be relieved of the financial obligation by a refinancing of the loan agreement without them being a participant.
If you owe money on a car loan or are a cosigner for a car loan, yes.
A cosigner cannot be removed from the debt obligation except by a refinancing of the loan without the original cosigner's participation.