Yes..... I did
Only if they are a joint title holder of the vehicle.
Well if the original person that you co-signed with defaults on the payments and you are stuck with the payments, technically it is your vehicle and you can take the person to court and take control of the vehicle.
When you cosign for anyone you are taking 100% responsibility for the payments on that car. If the person that gets the car doesn't keep their payments up it will be repossessed by the bank with an option for the cosigner to take over payments or sell the car and pay back the loan. Marcy
The usual legal recourse for the cosigner when the person named as the primary on a loan has defaulted, is to make the payments on the loan. Then, the cosigner can take the person who defaulted to court to try and recoup some of the money they are out. If the loan was for a car, some states allow the cosigner to take possession of the car and sell it to recoup losses also.
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.
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.
You are confusing me. The primary borrower should have the registration, insurance, and possession of the vehicle, not the cosigner. I am currently going through a situation where I cosigned for a car for my sister. Due to her lack of making payments, I have hired an attorney to try to obtain possession of the vehicle. Both her and I are listed on the registration/title as 'or'. She has possession of the vehicle, the registration (which I obtained a copy of from the Motor Vehicle Office) and carries the insurance. My attorney tells me although I am on the title, registration, and loan, in oder to 'take' the car I have to go to court and have the judge issue a Writ of Possession. This being the case, depending on your state laws (I am in Florida), the other person would likely have to go to court to get the Writ of Possession to take the vehicle from you. I have learned the hard way (I am quite jaded because of this experience) the person who has the car in their possession has most of the rights - regardless of who is making the payments. Hope this helps. DON'T EVER CO-SIGN FOR A CAR FOR ANYBODY NO MATTER WHAT!!! PLEASE LEARN FROM MY MISTAKES!!!
Don, IF your name is on the title as co-owner, you would just be taking possession of your own car. If its NOT on the title, you cant take possession legally.Why not go to the person in possession and tell them to give up the car??
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.
The person named on the title is the owner and can take possession. If you have to pick up the car from another party, have a sheriff deputy on hand when doing so, just for your protection.
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.
Contact whomever holds the lien, they will allow you to make payments and take posession of said vehicle if signor has ceased to make payments. I have already contacted the lien holder and they advised me that they would not get involved with me taking possession of the vehicle. All they wanted from me were back payments. I brought the payments up to date. Now I want to get the vehicle in my possession. Unfortunately I have been unsuccessful at contacting the person I cosigned for. I've even heard that he may have moved out of Michigan. I have a copy of the Michigan registration showing myself as an owner. I am currently awaiting documentation from the state that I am on the title. What is my next step towards getting possession of the car?
Pay the loan off and then collect payments from the person you cosigned for.
you are still liable for that loan. the lender may decide to not accept the bankruptcy charge and go after you for the money.
None really. Even if you are on the title to the car as well as being a cosigner, you can't do anything without the other person. All you can do to protect yourself if make the payments. Find out what car dealers don't want you to know at www.dealertricks.com
None. When a person cosigns any financial agreement they are entering into a legally binding contract to repay the debt if the primary borrower defaults on the loan. Although it would seem the cosigner should be allowed to be relieved of the debt responsiblity due to the actions of the primary borrower, it is unlikely a judge would take the same view. The cosigner does have legal option to recover money spent to cover the primary borrower's financial obligation. In a case such as cited it would be very difficult to file a lawsuit against the person in question. The person in possession of the vehicle however may be in violation of criminal statutes for removing the vehicle from the state if he or she did not receive prior approval from the lender.
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.
can a person drive a vehicle of a deceased person that is deliquent in payments
it doesn't matter if the pope takes over your vehicle payments. if he stops making them, your credit is damaged and the vehicle is repossessed.
You do not even need to take the person to court. You being the cosigner has just as much right to the vehicle as they do. You can go take the vehicle anytime you want to.
The person can pay the bill if the want, but that does not give them ownership of the car. Vehicle ownership is determined by the names that appear on the title.
Request monthly statement from bank