0
If before you cosigned you drew up a contract between myself and another person stating if they failed to make payments the vehicle would be in your possession do you have rights to the vehicle?
Wiki User
∙ 18y ago
Unfortunately, when you cosign you are actually "the lender" of the money you loaned out from your banking institution and you are 100% responsible for that. Cosigning is cosigning and it doesn't really matter what contracts you set up between the two of you. If the contract wasn't done by the banking institution or a lawyer it is null and void. If this person fails to make payments you have every right to the vehicle and do what you want with it but, you must pay off the total amount (including penalties) of that debt. You have the choice of selling the vehicle and paying off what you can on the loan, or you can keep the vehicle. Marcy
Wiki User
∙ 18y ago
Add your answer:
Earn +20 pts
If you are the co-buyer and you are the one making the payments can the buyer take your auto away?
Cosigning for ANYONE is one big mistake. If the person you cosign for is not making the payments then the person that cosigned is responsible for all payments. I have no idea why anyone would want to do this. Unless there were stipulations in the contract you signed with the buyer, then no, they can't just up and sell the car. Take another look at your contract. Marcy
What are the options if an exfiance wants off a cosigned student loan but the borrower cannot get another loan to pay off or refinance the cosigned loan and no the loan has never defaulted?
Since your ex-fiance cosigned on the loan, they are just as much obligated to the contract as you are. The only way they could get their name "off the loan" was, as you said, for the original borrower to obtain a new loan, in order pay off the original obligation. If this is not possible, then she is locked into the original contract.
Can your car be repoed if you are not behind on payments?
Technically yes - the vehicle can be repossessed if you are 'in default' of your obligations under the contract. So while the usual way to default on the contract is by missing payments, it is possible for you to be in default by another way, outlined in the contract you agreed to.
Can you rent an apartment if you are already cosigned on another?
Yes, there is no limit to number of Apartments you can rent/cosign on. However, the new landlord may run a credit check/background check on you, if you have too much debt or cosigned on another apartment they may consider you to be roo risky to rent to.
Another word for possession?
ownership
If a financed vehicle is contracted with another person who is not making payments can it be repossessed?
If you're asking whether the vehicle can be repossessed for non-payment, it can, regardless of who's supposed to be making payments. Whoever appears on the contract or paperwork for the car is responsible for the payment, regardless of what informal agreements may be in place.
If a person co-signed for another's car will the co-signer be taken if they file for bankruptcy?
Yes! The whole point of cosigning a loan, from the lender's perspective, is that they have 2 people on the hook for the loan in the event it goes sour. If the person stops making payments (bankruptcy or not), they will come after the cosigner, making the cosigner wish he/she had never, ever cosigned.
I cosigned a mortgage for another person but I am not on the deed. What are my rights?
Actually, you have no rights. All you have is an obligation to pay the mortgage if the primary borrower doesn't pay. If you co-signed a mortgage for property that is owned by another person you have offered to pay the mortgage even though you have no rights or interest in the property. If the borrower defaults the bank will go after you for payments just as you promised when you signed the mortgage. If the mortgage is foreclosed it will be reported on your credit record.
What is another word for objecting?
Possession or thing...
What is a Straw deal?
A straw deal in car selling occurs when one individual puts a car in his or her name but another person will be driving it and making the payments. Illegal in most jurisdictions and unwise on the part of the individual signing the contract.
Does a will override a contract?
It depends, but not usually. For instance, if you die and leave a car to another person in a will, but the car has an outstanding debt, the debt must still be repaid. In most states, it will be up to the finance company as to whether they will let another person take over the payments, unless the probate court orders them to.
Can a teenager break a contract with a car dealer when a car was sold to him?
Now this may vary by state, but generall a contract with a minor (one who is below the age of majority) is not legal or binding. That being said, if this is an attempt to get that free car, then give it up. The contract never legally existed, and you are illegally in possession of another person's property. It is called GTA, and we aren't talking the hyperviolent video game. Take it back.
