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.
Whomever is named on the TITLE has equal rights to the possession of the car.
start making 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.
Only if they are a joint title holder of the vehicle.
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.
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.
The co-signor will have to make arrangements with the LENDER unless the co-signor is listed on the TITLE. In that case, go get the car.
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.
Pay the loan off and then collect payments from the person you cosigned for.
Not likely. If you cosign then you are saying "I trust my credit in this person's hands." If the signer does not pay then it is the responsibility of the cosigner to take care of the payments.