answersLogoWhite

0


Best Answer

To take possession, you MUST be named on the TITLE as co-owner. the LINHOLDER will wanting to be sure the car has the required ins. coverage. IF you are on the LOAN as co-buyer, you will have to make the loan CURRENT if in default. It would work out better if you contacted the LEINHOLDER for state specific advise on the matter. If you are NOT on the loan, it could be repoed for 3rd party possession in your possession.

User Avatar

Wiki User

โˆ™ 2015-07-15 19:45:51
This answer is:
User Avatar
Study guides

Loans

26 cards

What is forfeiture

Which of these is the best description of delinquency

Which term is defined as property that is pledged as security on a loan

This is Paula's monthly budget What percent of her expenses is spent on insurance

โžก๏ธ
See all cards
2.33
โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…
3 Reviews

Add your answer:

Earn +20 pts
Q: How would the co-owner of a new car take possession of the vehicle for failure of the other co-owner currently in possession to maintain insurance?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

Who was coowner of the Pequod?

Peleg


Can a cosigner coowner repossess a vehicle if the primary has not defaulted payment on the loan?

A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.


If you are coowner of a house can you file bankrupt?

Yes


Who was coowner and captain of the Pequod in Moby Dick?

Peleg


When husband inherits property should his wife be added to title or does she automatically become coowner?

added


Can I sell a vehicle if I am a coowner without the other owner signing?

I don't think so not without their approval.


What companies does Jim Clark run?

Shutterfly, 1999-, chairman; DNA Sciences, 2000-, director; Neoteris, 2001-, chairman; Hyperion Development Group, 2003-, coowner.


Who has the right of ownership of vehicle Owner or coowner?

The primary and cosigner on a car note are equal owners. Neither has the "right of ownership" over the other. This is a common misconception. Both may not benefit from the transaction, but both will be negatively affected if the note is not paid.


Cam coowner of insured vehicle be sued personally along with driver of vehicle that is involved in cAR accident in Texas?

Yes. Anyone can file suit against anyone for any reason. Whether it gets dismissed right off the bat or not is dependent.


Can a coowner report a car in repossession stolen inn Vegas?

No. Namely, because the car wasn't stolen - it was taken back by the rightful owner (the financier), via a repossession agent. It's not the financier's fault - nor the repo agent's - that you neglected to make your payments.


Did Johnny Depp have an other job before acting?

Yes, Johnny has had numerous jobs before becoming a serious and brilliant actor. Johnny has been a pen salesman, construction worker, he toured with his bands, he owned a bar or was a coowner, he was also a gas station attendent


What is the difference on a car loan between a coowner and a cosigner?

Fairly simply, a co-owner owns the car, and possibly the way your phrasing it, the primary responsibility for the loan. Hence, the (co)owner will own the car when the loan is paid off. A cosigner is essentially only a guarantor of the loan receivor. He is also responsible for the payment of the loan to the bank. He has no responsibility, and possibly no rights, in the property it is attached to. I would note that it is possible (and more correct but in a sophesticated lender type of way) that the term coowner would mean that the loan is "cowned" by two (or more)lenders. As in Bank 1 and Bank 2 both own 1 loan on a property, having each given funds and each receiving the benefits (payments from the one receiving the loan) of the loan. This rarely occurs on simple finance transactions so I supect this is not what you mean.

People also asked