HomeHow 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?
Wiki User
2015-07-15 19:45:51
2015-07-15 19:45:51
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.
Related Questions
A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.
I don't think so not without their approval.
Shutterfly, 1999-, chairman; DNA Sciences, 2000-, director; Neoteris, 2001-, chairman; Hyperion Development Group, 2003-, 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.
Yes. Anyone can file suit against anyone for any reason. Whether it gets dismissed right off the bat or not is dependent.
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