Until you apply for a loan and the lender gives you money. In other words, one day.
NO. As the cosigner, you are only guaranteeing the loan.
No
You can sue anybody for almost anything today. Now, if you can win or not is the question. Talk to a lawyer or at the very least your state attorney general.
No
Nope.
A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.
A co-signer is jointly and severally liable on the note, but doesn't have any security interest in the vehicle. In other words he has no rights to the vehicle, other than to pay off the note if you fail to do so. A cosigner can ask that his name be added to the title, which means he has equal ownership. When the note is paid he can then have his name removed But as a co-signer, it also means you have the responsibility to ensure that the owner of the property is able to pay on time for the financed car. If you have any doubts you can call the bank where the car is financed; they will give you a clear answer.
A co-signer is jointly and severally liable on the note, but doesn't have any security interest in the vehicle. In other words he has no rights to the vehicle, other than to pay off the note if you fail to do so. A cosigner can ask that his name be added to the title, which means he has equal ownership. When the note is paid he can then have his name removed But as a co-signer, it also means you have the responsibility to ensure that the owner of the property is able to pay on time for the financed car. If you have any doubts you can call the bank where the car is financed; they will give you a clear answer.
will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle
Only if the cosigner is also named on the vehicle title.
No, there is no extra charges on an insurance policy for a financed vehicle. Only difference will arise in the paper works, and it will mention that the vehicle is hypothecated.
The cosigner becomes the target next. If you default, it is up to the cosigner to pay the bill or both of your credits are ruined and the bank takes their usual steps to repossess a vehicle.