Auto Loans and Financing

If the cosigner has had possession of vehicle 15 months paying the payments does the primary have the right to the vehicle?

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2008-09-22 02:02:40
2008-09-22 02:02:40

will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle

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Not unless the the cosigner is on the vehicle title. If not on the title the only entitlement the cosigner has is to pay the bill.

No, a cosigner has no legal rights to a vehicle unless his or her name appears on the vehicle title.

Something is not right here. If you are the primary, then why is the cosigner making payments and why does the cosigner have possession of the vehicle? The is back-wards of what it should be. And why in the world would you put the cosigners name on the title? You have a mess on your hands, because you went about this all wrong. You need to contact a lawyer ASAP.

Two things to consider here: First, the cosigner is an equal owner of the vehicle regardless of whether or not any payment has been made by him. This is a matter of contract law. Second, and typically in cases where payments are not current, the cosigner/co-owner can take possession of the vehicle to protect his credit if his intention is to surrender the unit or to make payments current.

No. You are the primary borrower and are honoring your financial obligation.

Yes. The primary and the cosigner are equal owners of the vehicle. If all things are equal, and the loan is current, and one of the contract parties takes possession of the vehicle over the other, it is a civil matter and must be decided by a judge.

If you are a co-signer of a repossesion, and the primary borrower has not made an attempt to make their payments then you are fully responsible for this debt.

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.

They will come to you for the money if they can't find him. It will be on your credit as a repo as well. As a co-signer, you sign that you will take over payments if the signer fails to make the payments.

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.

A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.

Of course not. The car has not been stolen. But guess who is going to have to make the payments if the primary lender does not. You the cosigner, that's who. I would suggest you talk to the person you cosigned the loan for. If I were going to have to make the payments I would for sure try to gain possession of the vehicle. This is the very reason cosigning is a bad idea.

Sign off your interest in the vehicle to the primary, letting him/her have the right to sell or drive the vehicle. Either way, the primary needs to have control of the property that he/she is paying for.

No. A cosigner is just responsible for paying it off if the negligent driver wrecks it and and can't work to make the payments.

The only way that a co-signer can take possession of the vehicle is if they are listed on the title as a co-owner. Even if they are a co-owner, they cannot just take the vehicle. They would need to sue the primary borrower in court to gain possession.

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.

Yes. That is the point of the lender asking for a cosigner. The cosigner will have a repossession showing on their credit as well as the primary lender.

No. Unless the cosigner is also a title holder they have no legal rights to the vehicle.

The cosigner is not able to come and obtain your vehicle for personal reasons or any other reason. A cosigner is not claiming ownership of your vehicle, they are simply vouching for your credibility and agreeing that if payments aren't made that they will uphold the responsibility.?รฆ


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