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If a person's name is listed on a title, that person owns the car. If a person merely cosigned the note, that person's name will not be on the title. If you own the car, you certainly can take physical possession of it.

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โˆ™ 2005-09-19 02:30:08
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Q: If a person cosigns on a vehicle loan and is listed as the primary buyer on the title and the person they cosigned for has refused to make any payments can the the cosigner regain ownership of the car?
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What are the rights of a cosigner?

A cosigner is a person who signs with another person for a loan of some sort due to credit issues or financial reasons. A cosigner unfortunately does not have as many rights as the person who is first listed on a loan. For example, if you purchase a car and your boyfriend/girlfriend cosigns for you and you two break up, they cannot take the car away from you. However, if you are late on payments, the cosigner will then be responsible for the payments.


If a parent cosigns on a car loan with hisher child and the child does not make payments can the stepparent be held responsible or have their credit rating impacted if the payments are not made?

The cosigner is responsible for the loan and payments if the signer does not pay or keep up the payments. Your credit rating can be affected.


What happens when someone cosigns for a bond that you have to make payments on and you don't pay?

Then the cosigner is responsible for paying. most plases uses caladeral like a car or house, if the bond is not paid the car or house is taken


What happens if a relative cosigns for a business loan and he dies?

my mother cosigned for a leased car for my sister. my mom has died. what do we do with the car? will my sister now be responsilbe?


If someone cosigns on a vehicle loan does it affect that their credit?

Yes. If the original borrower defaults, and the cosigner is unable to take over the debt.


Can a minor take out a loan if their parent cosigns and if so is the cosigner financially responsible for the signer?

Yes, your parents can cosign for a loan and if you are smart keep up the payments on that loan as it will give you a good and early credit record. If you don't keep up the payments it's a lousy thing to do to your parents, and they will be stuck paying that loan. Marcy


When in the state of PA if one party cosigns for the vehicle and the cosignee divorces a daughter can the cosigner repo the car if there is suuficient proof that the ex-son in law has lost a job?

I'm sure you won't like this answer, but only the lender can repossess the collateral. If the cosigner is also a co-owner and listed on the title, he could insist on taking his turn driving the car. But essentially, the only right a cosigner has is the "right" to make the payments if the primary borrower does not.


If I pay my loan payments on time will the person who cosigns for me be at risk?

if you are paying on time there is no risk to the co signer


What can a cosigner do when the car was involved in an accident and he was not the driver?

I've seen enough 'Judge Judy' episodes to almost recite her exactly... Anyone who cosigns for something - is equally liable for any costs. Although they were not responsible for the actual accident - the other party can sue each cosigner for the cost of repairing the damages.The cosigner who was not driving - would then have to sue the driver to recover their money.


What are the rights of the cosigner to sell a car?

None, unless the cosigner is also on the title of the vehicle they have no legal rights to the property. When someone cosigns a loan for any reason they accept the responsibility of paying the debt if the primary borrower defaults. The only option a cosigner has in recovering money paid out in connection with the loan is to sue the primary borrower in the appropriate court, in the city or county where the borrower lives.


Does a 17 year old's credit rating increase if he cosigns a credit card with a parent. Does it matter if he is primary or the cosigner?

From what I understand any credit activities on a minor's name is illegal. You must be 18 to establish credit.


Is there anyway of getting out of cosigns like I know you have no ownership to the car but if your signing and paying the car payments dont you get some rights on the car?

No, you don't get any rights over the car. Co-signing just agrees that you have an obligation to pay all or part of the debt in case the other person does not. You can't really 'get out' if it unless you complete the obligation.


Is someone cosigns for you does it help your credit or theirs if payments are made on time?

It will be reported to the credit bureaus under both names, but will have a greater effect on the primary borrower's report. If payments are made on time, it will never indicate which party actually made the payment.


If your father cosigns for you to get a car and it is in both your names and he dies can his wife your mother take the car from you?

If you are under age and she is making the payments, yes. Look its probably wiser she takes your dads place in this arrangement.


If someone cosigns on an auto loan and you want to sell the car before it is paid off does the cosigner need to be a part of the sale?

You can as long as the title says:(example) John Doe or Jane Doe, if it says John Doe and Jane Doe then the cobuyer has to be a part of the sale.


You your cousing cosigns your mortgage will he be part owner of the house you are buying?

yes, and if you and your cosigner get into a disagreement. you would have to take them to court to get them off the mortgage if they dont agree. and they could sue you for half of what your mortgage is worth. and if they win you pay them what they won and then they can be taken off. but yes they own half.


If someone cosigns a loan for you will it show up on their credit report?

yes


Will it reflect on my credit if my father cosigns on a loan with me?

Yes, it will report equally.


What are the options of a cosigner when the other party has taken possession of the car and moved across the country and is consistently late on payments and you cannot afford to pay it for him?

None. When a person cosigns any financial agreement they are entering into a legally binding contract to repay the debt if the primary borrower defaults on the loan. Although it would seem the cosigner should be allowed to be relieved of the debt responsiblity due to the actions of the primary borrower, it is unlikely a judge would take the same view. The cosigner does have legal option to recover money spent to cover the primary borrower's financial obligation. In a case such as cited it would be very difficult to file a lawsuit against the person in question. The person in possession of the vehicle however may be in violation of criminal statutes for removing the vehicle from the state if he or she did not receive prior approval from the lender.


If your spouse cosigns a loan for their child from a previous marriage will you have any personal obligation for the debt or will it affect your credit rating?

*The point is they are married and although it won't affect her credit rating if her husband is stuck with this loan it will reflect on both of them as far as possibly putting them into debt. If your spouse just cosigned then yes, they are responsible for that debt if their child decides not to pay. If the child does pay the payments then there should be no problem. Cosigning is never a good idea even if it is family because the cosigner is 100% responsible for that debt. * The non signing spouse would not be responsible for the debt nor would it affect his or her credit rating with perhaps the exception of applying for joint credit. Even if the married couple live in a community property state under such circumstances a spouse would not be responsible for the other's financial obligation that involved children of a previous marriage.


Who is the owner of a loan that is co-signed?

The lender is the owner of the loan.The person who cosigns a loan is equally responsible for paying it if the primary borrower does not pay.See related question link.The lender is the owner of the loan.The person who cosigns a loan is equally responsible for paying it if the primary borrower does not pay.See related question link.The lender is the owner of the loan.The person who cosigns a loan is equally responsible for paying it if the primary borrower does not pay.See related question link.The lender is the owner of the loan.The person who cosigns a loan is equally responsible for paying it if the primary borrower does not pay.See related question link.


If someone cosigns your auto loan are they responsible for your other debts or only the auto loan?

Just for the auto.


If a parent cosigns on a car loan with hisher child and the child does not make payments can the parent return the car to the dealer?

Dont be silly you ninny this isn't an item from walmart your the cosigner and if you take it back to the dealer which you could do it will be considered a voluntary repossession and will go on your credit as well as your child's for the next 7 years do the smart thing and sell it or take over the payments.AnswerSo I'm guessing that's one way to say YES if you are on the loan you can return the vehicle to the bank. It will be marked as a voluntary and you run a great risk of still owing a lump sum after the vehicle is sold at auction so returning it does not constitute end of financial liability. AnswerCorrect. Returning the car to the dealer DOES NOT end financial responsibility or eliminate credit score DROPS.


Can you lease a car at 18 if your mom cosigns?

It depends on what country you are in. In America, you can do so in every state except Maine.


If one spouse cosigns a loan is the other spouse responsible?

Yes, so be careful. You have to be sure that you will stay with your spouse.