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If there are two names on the title of a car can one person take the car from the other person if they are not making payments on time or at all?
Wiki User
∙ 15y ago
no, but you can go to small claims court before the amount gets greater, good luck :)
Wiki User
∙ 15y ago
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How do you go about getting a car back that you cosigned for if the other person is not making payments?
CALL THE LENDER. They can advise you and work with you.
Does a co-signer have legal rights to a vehicle if they have been making the payments?
Depeding on how the vehicle is titled you may have legal rights to the vehicle even if you aren't making the payments. However, in order to just get it titled in your name then you will need their consent if it's currently titled in both of your names. Very simple answer to all these questions. If your name is on the title, you can have the car. If your name is on the loan, you can make the payments. WHAT if BOTH names on tittle, reg and insurance, one is making payments but other is the strong credit that got bike and wants it back
What option do you have if the person you co-sign for stop making payment?
If you co-signed on a debt, you are not obligated. If that person stops making payments, you have no option other than to make the payments yourself. If you do not, you would be responsible for the debt. It will probably be sent to collections, which will destroy your credit, and eventually will probably lead to a lawsuit, so you're going to pay it one way or the other.
Will co signing hurt your credit score if the payments are made ontime?
Provided the payments are made on time, no this will not hurt your credit score. If the person you are co-signing for doesn't make the proper payments on time and you cover the payments so that they are in full and on time, your credit score will be fine. The only concern is if the payments aren't made on time or in full your credit score will be hurt as much as the person's for whom you are co-signing. In essence, co-signing a loan means you take responsibility for making sure the other person will make the proper payments on time and in full.
As a co borrower with the title in your name can you sell the car and or trade it in if you are in possession of it and are making all the payments?
If bothe names are on the title then no. If its just your name then yes. If the bank has the title then call them about it. In my experience its a huge pain in the ass to sell a car with a lien on it. Trust me. If it is a title and the other person signs off on it then yes. If you are trying to sell the car without the other named person whether it is a title or registration then no.
What happens if cosigner stops making payments?
The other signer must make the payments or the loan will go into default, the property will be taken and your credit will be ruined.
If you cosign on a car and the other person files chapter 13 and is paying on the loan can the company make you pay for the loan too?
Absolutely. That's the responsibility you took on as a co-signer: that you would assume payments in the event the primary could not make them. If that person is making payments mutually agreed to by him and his creditor, then they have no reason to coma after you. However, if because of the Chapter 13 he can't make payments, you become legally responsible for them.
If your cosigner defaults on other loans but you are making your payments can they repossess your vehicle?
No. You are the primary borrower and are honoring your financial obligation.
You bought a car someone else is making the payments and has defaulted on the loan can you get this off your credit report?
The car, regardless of who's making the payments, is your responsibility. You bought it, you're the owner. This is why it's not wise to buy such large items for others and then assuming they'll make good on the payments. If you have a written agreement with the other person that states they're responsible for payments, you could sue them to collect, but as far as lenders and your credit are concerned, the car belongs to you.
What legal options does a cosigner havewhen making a oral agreementt?
Oral agreement makes no difference to written since unenforceable, essentially loan is your in most states, other person only gets credit for payments made on time
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