Yes, after the loan is totally paid off, but not before. Get a lien release from the lender. Once you have the lien release, there is really no need to get a new title just to remove the cosigner's name.
Another Perspective
The procedure may vary from state to state but generally: If the loan cosigner's name is also on the vehicle's Certificate of Title they must sign the title over to the primary borrower when the loan is paid off. Then the owner must bring the certificate to the DMV to have it reissued in the owner's sole name. Check the DMV rules in your state.
the lending company will not allow it until the debt is paid off
The owner of the car is the person listed on the Certificate of Title.The owner of the car is the person listed on the Certificate of Title.The owner of the car is the person listed on the Certificate of Title.The owner of the car is the person listed on the Certificate of Title.
No. The purpose of requiring a co-signer is that in the case of a default by the primary borrower, the cosigner has agreed to be fully responsible for the loan. Therefore, if the borrower defaults, that's what you're there for if you're the cosigner.
Nothing unless they filed on your loan.
The cosigner on an automobile loan is not the person who has to pay for insurance on the vehicle. The registered owner should pay the fees for insurance. However, it is the cosigner's responsibility to make sure the registered owner is carrying insurance for the vehicle.
You don't have to contact anyone. The lender will report information on the primary borrower, cosigner, joint owner, guarantor, and other relationships.
No they can not because then the cosinger can report te car being stolen. YES YOU CAN AS LONG AS YOU ARE THE PRIMARY OWNER OF THE VEHICLE. THE COSIGNER IS JUST A PERSON WHO HAS MADE AN AGREEMENT WITH THE BANK THAT IF FOR SOME REASON YOU SHOULD DEFAULT ON THE LOAN THE BANK CAN PURSUE THE COSIGNER. BECAUSE THE COSIGNER PRESUMABLY HAS BETTER CREDIT AND STRONGER WORK HISTORY, THUS THE ABILITY TO REPAY THE LOAN. OF COURSE YOU HAVE TO BE OF AGE AND FOLLOW ALL OF THE LAWS WHEN DRIVING.
A "Cosigner" is a "Co-owner." Cobuyers and buyers are equally responsible for the note they signed.
No. A cosigner is not a co-owner of the property simply by signing the loan contract. They must specifically insist that they be added to the title. Otherwise they have promised to pay for property they do not own if the primary borrower fails to pay.No. A cosigner is not a co-owner of the property simply by signing the loan contract. They must specifically insist that they be added to the title. Otherwise they have promised to pay for property they do not own if the primary borrower fails to pay.No. A cosigner is not a co-owner of the property simply by signing the loan contract. They must specifically insist that they be added to the title. Otherwise they have promised to pay for property they do not own if the primary borrower fails to pay.No. A cosigner is not a co-owner of the property simply by signing the loan contract. They must specifically insist that they be added to the title. Otherwise they have promised to pay for property they do not own if the primary borrower fails to pay.
If the primary borrower defaults the cosigner can get "stuck" with a huge debt and ruined credit. A cosigner has the same legal obligation to repay a loan as does the primary borrower. In addition, a cosigner does not have property owner rights, only the debt. The real question is why would anyone agree to pay a mortgage for land they do not own. A co-signer has an equal obligation to pay the mortgage.
The cosigner will be the person who will be held responsible for paying any deficiency depending upon when the BK was filed. If the BK was filed under the new bankruptcy reform laws the cosigner can be held responsible for the entire amount of the loan.
If there are two individuals listed on the title of a vehicle as primary and joint, they are both responsible for the payment of the loan. If the primary defaults on the payment, the joint owner is responsible for payment. If both parties default, the vehicle can be repossessed.
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.