NO. As the cosigner, you are only guaranteeing the loan.
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.
A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.
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
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.
Only if the cosigner is also named on the vehicle title.
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.
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.
The cosigner is not able to come and obtain your vehicle for personal reasons or any other reason. A cosigner is not claiming ownership of your vehicle, they are simply vouching for your credibility and agreeing that if payments aren't made that they will uphold the responsibility.?æ
Yes. That is the point of the lender asking for a cosigner. The cosigner will have a repossession showing on their credit as well as the primary lender.
No. A cosigner is just responsible for paying it off if the negligent driver wrecks it and and can't work to make the payments.
No, a cosigner only has the legal obligation to pay the debt if the primary borrower defaults on the lending agreement.The exception to this would be if the cosigner is a joint title holder of the vehicle.COSINGER!Does a consignor have rights to the vehicle if the people who is buying the car never missed a payment?
Not unless the the cosigner is on the vehicle title. If not on the title the only entitlement the cosigner has is to pay the bill.
Any lender requires insurance if the vehicle is financed.
They would need to have the vehicle refinanced in their name only or obtain another cosigner for the refinancing.
No. You are only cosigner on the one vehicle you signed for. All bets are off once the car is traded.
No, the cosigner has no legal liability in such a case, unless, of course, he or she was the driver of the vehicle at the time of the accident.
No, a cosigner has no legal rights to a vehicle unless his or her name appears on the vehicle title.
Only if you refinance the vehicle without the cosigner on the new loan.
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.