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

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โˆ™ 2006-07-10 16:04:46
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Q: 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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If the lender doesn't want the car how would the co-signer take over payments?

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.


If the sole owner of a business dies and there is an authorized signer on the account is he the owner of the funds?

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


Can a co-signer take the car away from the primary driver?

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.


If you cosigned on a loan and voluntary have it returned can the company still come after you if the primary signer is making payments?

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 I own a home with a co signer and file a chapter 7 will their credit be affected?

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.


From where can one purchase cars with bad credit?

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.


Can you insure a car under a different name if you are still making payments?

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.


Can someone still cosign for you if they are already financing on their own?

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.


If you get a co-signer for a car will you own the car and will it still help establish 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.


If the co-signer is declared incompetent and the owner is not paying the payments is the co-signer's estate still responsible for the car loan?

That is an issue that would be decided by a judge, usually in probate court. The main issue would be the state of mind the person was in when the contract was signed. If the person was indeed incompetent and others had knowledge of the fact but did not intervene, the possibility of fraud could also become a factor in the situation.


What if the owner of the car passed away and the co signer is still living can the co signer change it to their name?

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.


If you are the co-owner of a car and will continue to pay on it how will filing for Chapter 7 affect the owner's credit?

It doesn't unless the bill doesn't get paid one way or the other. If you own the car and file for bankruptcy, the co-signer's credit does not change as long as the bill still gets paid. If the co-signer files, the owner's credit does not change unless the bill doesn't get paid.


Can a primary signer of a car loan voluntarly repo a car without the cosigners permission?

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.


If a cosigner files for bankruptcy does it put the primary signer under bankruptcy too?

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


How can you be a co-owner of a car?

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.


What are your rights as primary borrower of vehicle loan but co borrower has possession and pays the payments?

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.


What do you do if you've co signed for someone and they are not making payments and you have given them money to catch up their payments and they still didn't make the payments and hid the vehicle?

You need to make those payments directly to the creditor or the late payments will be reflected as your own debt on your credit record. Thats what you contracted to do when you decided to be the co-signer. You should never hand over cash to pay loan payments to a person who is already defaulting on those payments. You may want to consult with an attorney about taking possession of the vehicle through a civil process.


What should you do if a co-signer on a car loan totaled car with no insurance now you are paying the loan?

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.


Can an owner let a buyer take over payments on a house if it is still in the banks hands?

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.


If you had a voluntary repossession in Illinois and receive a notice for the outstanding balance will the loan be wiped off if you file for bankruptcy or will the co-signer still have to pay?

the co-signer is just as responsible for the debt as you are, hence the name "co-signer"


What if previous owner still has title to the car you got a loan for?

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.


Can a court order an auto loan co-signer to refinance the vehicle on his name or return back to you if co-signer is not making payments on time and is affecting your credit whenhe took auto to MS?

You need to rephrase this question so that it makes sense. can a co-signing be taking to court if i was in accident with the car??? I'm still not sure that I understand, but here goes: If you signed or cosigned for a loan, you are responsible to pay back the money you borrowed, even if the car was in an accident or stolen. (Sorry to hear about your accident.)


Are you liable for a car loan if the owner files bankruptcy and the car was charged off?

That depends on what you're asking. Who filed bankruptcy? The owner of the car or the owner (holder) of the car loan? Did you co-sign on the loan? If you co-signed on the loan and the other signer files for bankruptcy, yes you are liable for the loan. If the owner (holder) of the car loan files for bankruptcy, you are still liable to the owner's creditors (and you need to find out who they are so you can get the lien released).


Is it illegal to sell a car when your still making payments on finance?

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


What if the primary borrower files bankruptcy is the cosigner still responsible for making payments on the vehicle Can the co-signer take their name off the vehicle?

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.

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