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If the buyer stops making car payments does the co-signer have to take on that responsibility?
Wiki User
∙ 8y ago
YES YES and YES, Do not cosign for anything that you do not want to pay for. The cosigner is responsible for payment and if not the lender and file liens, sue or any other method to collect as listed in your contract.
Wiki User
∙ 8y ago
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If the primary buyer refuses to make car payments and drops the car off to the cosigner What is the cosigners responsibility?
To make the car payments. Just be glad you have the car too.
How can a co-buyer take possession of a truck when the primary borrower is not making the payments?
When someone co-signs, they are basically just agreeing to making the payments when the signer can not. * Any legal rights that a cosigner or a co-buyer(borrower) have depend upon whether or not their name is on the title to the vehicle.
Does a co buyer have rights to the auto loan payments?
The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.
If you are the cobuyer of a car and also the cosigner and you have made all the payments and are ahead can the other buyer take the car?
Daughter and husband are getting divorce and she is the co-buyer can she take it out of state
Who is responsible for making monthly payments when there is a primary buyer and a co buyer?
either OR both
How can you find out if you are a co-buyer or a cosigner on a car loan and would your name be on the title and registration if you are a cosigner?
Easy, you can check your own credit report OR go to a registries office and do a quick search. A simpler method is to ask the person that is the primary borrower/buyer or call the lender. Either a cosigner or co-buyer can be listed on the title depending upon the agreement made by the persons involved. The title to a vehicle determines ownership, a cosigner generally has no vested interest in the property only the responsibility of the debt.
Voluntarily had a car re-poed and am paying the balance can the main buyer be taken to court to pay back the payment?
no, if you were the current owner of the car or the one making payments it is your responsibility to pay the balance
Who has to have insurance on the car the cosigner or the buyer?
You insure a vehicle. The buyer. The only thing the cosigner is responsible for is paying the bank back the money it loaned if the buyer doesn't. The principal driver of the vehicle who should also be the buyer.
If you are a cosigner on a vehicle loan and your name is listed on the title as OR then what rights do you have when the primary buyer defaults on payments?
You have the right to pay the loan. When a cosigner enters into a loan agreement he is promising to assume responsibility for the debt should the borrower ever default on the loan. This means simply that if the borrower stops making payments the cosigner will have to take over the payments. You may even be responsible for the full payment of the loan in the event that the borrower dies or is disabled. The cosigner, or in many times, the co-borrower is equally responsible for the debt. The debt will be reflected on the co-signors credit report and may negatively impact the person's credit should the debt become delinquent. If the primary borrower cannot pay the debt, the lender will pursue the co-signor just as equally as the primary borrower. In some cases the lender may only go after the cosigner. If you cosign on a auto loan and the borrower does not make his payments, you will be responsible for making the payments even though you do not have posession of the vehicle. The borrower will be driving around in a vehicle that you are paying for, and it can be a nightmare to extract yourself from this situation. You will not only be responsible for any arrears of the loan; you will also be responsible for any late fees, additional interest, and collection fees.
The title holder has no job license or insurance as cosigner you are making payments what can you do to get possession of the car?
IF you are NOT on the TITLE, contact the lender, explain the deal and ask them to repo for you, take the buyer OFF the loan and let you take possession. That will NOT get the payments off you but will give you room to work. You are not the first person to have the problem and most lenders will ways to solve it.
Does a cosigner have any legal rights to sell your house if there has never been a missed payment or late payment?
No, a cosigner has no legal rights to the property unless their name is on the title or deed. A cosigner is accepting the responsibility of the debt if the primary borrower defaults; a co-buyer/borrower is a different matter entirely.
If the buyer is not making payments on time all the time and does not have a job and also does not have a driver's license how the cosigner get him removed from the car loan?
You would have to buy the car from the other person and take a loan in your own name. Find out what car dealers don't want you to know at www.dealertricks.com
