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How can you be a cosigner if the title is in the name of the person you cosigned for?
Wiki User
∙ 13y ago
Many people cosign a loan for property they don't own. Many are uninformed of the consequences of cosigning. They don't realize they are agreeing to be completely responsible for a loan for property that belongs to someone else. If the primary borrower defaults on the loan and the cosigner must make the payments, the cosigner has no automatic right to the property.
Wiki User
∙ 13y ago
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If a person cosigns on a vehicle loan and is listed as the primary buyer on the title and the person they cosigned for has refused to make any payments can the the cosigner regain ownership of the car?
If a person's name is listed on a title, that person owns the car. If a person merely cosigned the note, that person's name will not be on the title. If you own the car, you certainly can take physical possession of it.
If a person cosigned for you and their name is on the title are you required to pay them back?
only if you owe them money
If the primary borrower on a cosigned car lease dies. what happens to the car?
The person who's name is on the Title is the owner of the car.
How do you get your name off of an auto loan that you cosigned on if other party cannot get another loan and has nobody willing to take over as cosigner?
A cosigner cannot be removed from the debt obligation except by a refinancing of the loan without the original cosigner's participation.
If you cosigned for an auto loan and your name is on the title do you have a right to the auto?
Absolutely, name exists on title therefore you are part owner.
What rights do i have to a vehicle that my wife cosigned for me but the title is in her name because i don't have a license?
None
Can you take the possession of the car if you were the cosigner of a person who filed bankruptcy even if they have included the car in bankruptcy?
No, not unless your name is on the title.No, not unless your name is on the title.No, not unless your name is on the title.No, not unless your name is on the title.
What rights does a cosigner have to gain possession of the vehicle if his name is on the title in Pennsylvania?
It depends on what the title says. The title can say "The owner of the vehicle is Name 1 or Name 2." If the title says this then the cosigner has limited rights to get the car. Whoever has the vehicle can sell the car without the cosigners signature. Now if the cosigner has the car, the cosigner can sell the car without the main owners signature. If the title states Name 1 and Name 2, then you have same rights as the main owner of the car. This means if Name 1 trys to sell it, they can't sell it without your signature.
Why is your name on a car title as being the owner of the car if you only cosigned for it?
Your name is on the title of a car just even if you just co-signed for it because that is what co-signing means: you are the co-signer on the loan. The first person signs the loan, which means that he or she is the owner. If they had signed it by themselves, they would be sole owner. A co-signer is like a "co" anything; co-meaning together. Cohabitate, Cooperate...etc. Generally cosigners do not have a vested interest in the secured property and therefore they are not placed on the title. A cosigner makes a binding legal agreement that they are responsible for repayment of the loan if the primary borrower defaults. The cosigner does not have legal rights to the property including a vehicle. Unless the primary borrower requested the cosigner be placed on the title it is an error and should be corrected as soon as possible to prevent future problems with receiving a clear title once the loan is paid.
Can a cosigner request half of the insurance check if his name is on the title but he didn't have to make any payments or buy insurance?
Cosigner just means someone who guaranteed the note. What's on the title? If the cosigner is on the title, he/she is entitled to half of the proceeds of a sale or insurance liquidation because it's the TITLE that determines the ownership, not who paid for it.
If someone cosigned a lease to your apartment can they take their name off the lease even if you have been paying the payments?
No. Once a cosigner has signed the contract the only way they can be removed from the responsibility is a new agreement being made without the assistance of the original cosigner.
Who is responsible for a car when the laon is in his name and the Car title is in my name?
As far as I understand.... The person who's name is on the car title is the owner of the car (Period). and if..... you are the COSIGNER for this person and your name is not on the title. You are still responsible for the loan payments even if you split up etc... That is why the person that has the car needed someone to sign for them, because the bank would not give them a loan. They were considered HIGH RISK!
