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Co-signing

How does a co signer get their name off a car if they are not on the title and the owner still makes payments on time?

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2006-07-10 16:04:46
2006-07-10 16:04:46

The loan has to be refinanced without the cosigner being involved.

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The co-signer would make the payments as usual and at the end of the financing, the owner would sign the title over to the co-signer. That is probably not good because the owner would still be financially responsible for the vehicle. The co-signer should refinance it in their name.

No. The funds still belong to the company. The owner's will or estate will determine who owns the company.

Don't understand what you mean by the phrase, "...voluntary have it returned..." However, as long as the primary indebted party is current in their payments there would be no reason for the loan company to contact you for payments.

If the mortgage payments are still being made then no - they won't be, however - if you default on the mortgage payments then yes - they will go after the cosigner and if it is not paid their credit will be effected.

Not enough information is given. The insurance is going to have to in the same name as the name of the owner on the loan papers. Who it is that actually MAKES the payments is immaterial to the insuror or the lender, just so long as the insurance policy is current.

Buying cars that are for sale by owner is a good option for those with bad credit. Some other options are lease assumptions and getting a co-signer on a car loan. A lease assumption is where the seller of a car is no longer able to make their payments and you basically take over the lease for them. The companies that do this still check credit, but it is generally not as strict. A co-signer would be someone with better credit who is willing to be responsible if payments are not made. They act as a backup to the lease.

That depends on the lender and whether the proposed co-singer can afford both debts. The lender requires a co-signer so they will be responsible for the payments if you stop making them. Therefore, the lender looks at the co-signer as though they were borrowing the money.That depends on the lender and whether the proposed co-singer can afford both debts. The lender requires a co-signer so they will be responsible for the payments if you stop making them. Therefore, the lender looks at the co-signer as though they were borrowing the money.That depends on the lender and whether the proposed co-singer can afford both debts. The lender requires a co-signer so they will be responsible for the payments if you stop making them. Therefore, the lender looks at the co-signer as though they were borrowing the money.That depends on the lender and whether the proposed co-singer can afford both debts. The lender requires a co-signer so they will be responsible for the payments if you stop making them. Therefore, the lender looks at the co-signer as though they were borrowing the money.

The automobile's title/registration determines the legal owner of the vehicle. Loan documents only concern the signer's legal responsibilities with the bank. If both names are on the title and you as primary are not paying on the loan then it is the responsibility of the co-signer to pay the loan. Since the the co-signer is still co-owner, and they are paying then the co-signer can take the car away. Remember this is affecting the co-signer's credit as well as your credit.

You will own the car once it is paid off and you can take the co-signer off once you pay it off. The co-signer is only someone the bank falls back onto to make the payments in case you dont. In turn if the co signer doesnt pay either it affects both yours and the co signers credit negatively.

Co signing a loan does not provide any ownership rights. If the title is in the name of the decedent the ownership will pass to their heirs under their will or under the laws of intestacy. You may be able to obtain a court order if there is a balance on the loan and you have proof that you made payments. You may need to buy it from the heirs, if any. You should consult with an attorney who specializes in probate.

AnswerThe loan is joint so both parties have equal rights to the vehicle.Not Necessarily SoAs a borrower, you only have the "right" to repay the loan. If you are also listed on the title as a co-owner, you have equal rights to use the vehicle. NOT ALL CUT AND DRY!The primary is the "PRIMARY OWNER" the co-signer is just a back up for the lender. If the Primary has allowed the co-signer to use the vehicle and it is in their possession well the primary is entrusting that person to operate it, and if there was verbal agreement with the co-signer to maintain payments, insurance and so on and if that person does not obtain like car insurance which is the law etc, you can write a demand letter asking for the vehicle back. Because if the co-signer does not keep up the insurance who ever the lender is will add their own and it will increase the car payment and only cover their property leaving the primary and the co-signer STILL liable for others in the event of a accident. Now if the Primary owner is not at all happy with the use of a vehicle by a co-signer in their name as well and there is Negligent Entrustment there are things you can do to protect yourself and you really need to talk with an attorney in your state. It really depends on your situation why the vehicle is in the co-signers possession in the first place.

More than likely, however you will still end up owing a balance on the car and the primary signer and co signer will still be responsible for the balance.

I got a car and my sisters name was first i was the co signer and she filed bankrupcy but nothing happened still had my car...

No, the primary signer is still liable. But if a loan is not dischargeable, such as a student loan (actually is is extremely hard to discharge), both the primary and co-signer will STILL be liable after the bankruptcy

By being a cosigning to a loan for the car. If one of you fails to pay the debt the other will still be obligated to make payments. Of course the actual owner will be the person taking out the loan but that is as close as you can get.

As the co-signer you're ultimately responsible for paying off the vehicle. You then have a right to turn around and sue the other party for non-payment. If you're given a judgement you can place a lien on the vehicle and either repossess it and sell it or keep it.

Yes. Assuming the co-signer was competent when they co-signed a creditor could go after the estate for payment. The legal representative of the co-signer would need to go before a judge to try to cancel the obligation.

It is possible. Some banks and lenders will allow a buyer to assume payments on an outstanding mortgage. You will need to contact the lender who currently holds the paper on the property.

You should sue the co-signer. Even though you may be the primary person obligated to pay the loan, he is responsible to you for totalling your car. You still have to pay the loan company because you took out the loan; but the co-signer caused the loss. You won't be able to force the loan company to take payments from him though. Getting him to reimburse you will be your problem.

I doubt that the title is still valid; but check with your lender before you make loan payments and make sure. They should be holding title in your name with a lien.

No its perfectly legal and if you are still making payments on it, that increases values.

If you are a co owner, name on the front of the title as John Doe or Mary Roe, then yes. One does not own it more than the other. If it say and instead of or, you can still take it, but you need the other persons signature to do anything with it. If you are a co signer instead of a co owner than you can't just take the car.

A Co-signer is always responsible for the item unless the primary borrower refinances and removes the co-signer. Unfortunately if the primary borrower filed bankrupcy it doesn't seem likely they will be able to refinance. Yes. Cosigner means that if for ANY reason the main borrower cannot pay, cosigner will be responsible to pay.

Nothing is mentioned here about the 1st signer of the car loan ... wonder what happened to that person. Let's assume that the 1st signer has skipped the payments and left it to the 2nd signer who has now not made payments for the time specified above. Ok - why hide a car that nobody can ever drive ... this is absolutely nuts ... the debt on that car is still owed no matter how long one decides not to make the payments. Hiding the vehicle could amount to being arrested for Grand Theft Auto, which means prison time and lots of very stiff fines. Then the person has an arrest record, a prison record, and a stolen car hidden away with tires rotting away, and gasoline in the tank that is aging (eventually gasoline will lose its ignition properties) that can't ever be driven on any public roads. Minimally, the 1st and 2nd signer could be prosecuted for non payment of an agreement they both signed and agreed upon with the lender.


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