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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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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 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.

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

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

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.

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.

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