Thsi depends on who is actually listed on the title alone. If the cosigner appears second or not at all on the title, then the title transfer can be done at the DMV, showing the vehicle was "sold" to the co-signer. This will update the title and registration of the vehicle. Now, if the co-signer also wants to be the sole payee on the car loan, the co-sighner would need to refinance the auto-loan in their name alone and be approved.
All of the owners of the car have to sign to transfer it or sell it, and that includes donating it.
Control in what sense? Sell them, transfer title? The cosigner guarantee's the loan on the vehicles and would need to agree to selling them and sign the title. You can use them for any purpose, do anything with them including burning them. You will still be responsible for the loan and if not you the cosigner will have to pay the loan off.
The loan must be paid before you can transfer title to the car.The loan must be paid before you can transfer title to the car.The loan must be paid before you can transfer title to the car.The loan must be paid before you can transfer title to the car.
If you go to the registration office with the primary and have them give consent to the cosigner
The title has nothing to do with the loan. The loan will need to be refinanced using a different cosigner or only the primary borrowers.
Since you are both on the loan you are both on the title. You can refinance without them on the loan but would need them to sign the title over or transfer at close.
yes.
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.
In most states, yes, the lender is actually the 'owner' until the loan is paid off and can require that the cosigner be on the title.
The cosigner of the loan owns 1/2 of the property if they are on the title.
No, a cosigner does not have any legal rights to the vehicle, but does have the legal obligation to repay the debt if the primary borrower defaults on the contract. An exception could be if the cosigner is also named on the title to the vehicle, and if so, how the title is worded.
Yes..... I did