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If you are a co signer of a vehicle loan can you take the vehicle back if the loan is not being paid?
Wiki User
∙ 15y ago
Probably not. You are on the loan, you do not own the car.
Unless you are on the registration, you probably have no right to possession of the vehicle at all. Talk to the lien holder of the vehicle. You might have some rights written into the original purchase agreement. You are aware, of course, that you're equally responsible to pay for the car if the other co-signer defaults, right?
Wiki User
∙ 15y ago
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When a cosigner is needed to obtain an auto loan do he need to be on the title?
I am able to take a loan out against my vehicle and have a co-signer and was told by the bank that this does not mean that my co-signer can have my vehicle nor their name on the title but just that they get to repay the loan if I do not. I hope this leads you in some direction.
Can a co-signer call for payment in full if the loan is not being paid?
The co-signer has no inherent authority to "call for" the payment in full of the loan. If the primary borrower is missing payments it is likely they cannot afford to repay the loan. In fact, if payments are being missed by the primary borrower the co-signer's responsibility will kick in and the lender will go after the co-signer for full payment of the loan.The co-signer has no inherent authority to "call for" the payment in full of the loan. If the primary borrower is missing payments it is likely they cannot afford to repay the loan. In fact, if payments are being missed by the primary borrower the co-signer's responsibility will kick in and the lender will go after the co-signer for full payment of the loan.The co-signer has no inherent authority to "call for" the payment in full of the loan. If the primary borrower is missing payments it is likely they cannot afford to repay the loan. In fact, if payments are being missed by the primary borrower the co-signer's responsibility will kick in and the lender will go after the co-signer for full payment of the loan.The co-signer has no inherent authority to "call for" the payment in full of the loan. If the primary borrower is missing payments it is likely they cannot afford to repay the loan. In fact, if payments are being missed by the primary borrower the co-signer's responsibility will kick in and the lender will go after the co-signer for full payment of the loan.
If there is a cosigner can they take the vehicle if the loan is in good standing in North Carolina?
No, a co-signer has no legal right to a vehicle unless they are on the title.
Can a cosigner on a car loan take the vehicle away from the person if they changed their mind about being a co-signer?
No. A co-signer has no legal rights to the property. They are responsible for the debt incurred until the terms of the lending agreement are fulfilled or refinanced without their participation.
Is a cosigner responsible for a car loan if the main borrower dies?
Yes. The co-signer should negotiate a resolution as soon as possible. If the debt goes into default the co-signer's credit will be ruined. The co-signer should try to get the lender to take back the vehicle and negotiate the amount it will take to write off the debt. On the other hand, the co-signer could try to get title from the decedent's estate and then pay off the loan.
If you are the co-signer of a vehicle that was voluntarily repossessed how can you get your good rating back?
PAY THE LOAN OFF. the loan NOT being paid was what damaged your credit so start rebuilding by paying it.
Does a co-signer have rights to a vehicle that is being financed and payments are currently being made by the primary holder?
NO. As the cosigner, you are only guaranteeing the loan.
When a cosigner is needed to obtain an auto loan do he need to be on the title?
I am able to take a loan out against my vehicle and have a co-signer and was told by the bank that this does not mean that my co-signer can have my vehicle nor their name on the title but just that they get to repay the loan if I do not. I hope this leads you in some direction.
Will you be able to get approved for a loan for 40000 with a co signer?
That depends on the strength of your co-signer. If you cant but the co-signer can qualify for a loan of that amount on their own....your being there too is only a slight detriment.
Is the surviving spouse responsible for outstanding debt on the voluntary repossession of a vehicle when they are a cosigner on the loan?
If there are payments outstanding, you, the co-signer, are responsible. That's the point of being a co-signer; you agree to pay the debt if the primary cannot.
Can a co-signer call for payment in full if the loan is not being paid?
The co-signer has no inherent authority to "call for" the payment in full of the loan. If the primary borrower is missing payments it is likely they cannot afford to repay the loan. In fact, if payments are being missed by the primary borrower the co-signer's responsibility will kick in and the lender will go after the co-signer for full payment of the loan.The co-signer has no inherent authority to "call for" the payment in full of the loan. If the primary borrower is missing payments it is likely they cannot afford to repay the loan. In fact, if payments are being missed by the primary borrower the co-signer's responsibility will kick in and the lender will go after the co-signer for full payment of the loan.The co-signer has no inherent authority to "call for" the payment in full of the loan. If the primary borrower is missing payments it is likely they cannot afford to repay the loan. In fact, if payments are being missed by the primary borrower the co-signer's responsibility will kick in and the lender will go after the co-signer for full payment of the loan.The co-signer has no inherent authority to "call for" the payment in full of the loan. If the primary borrower is missing payments it is likely they cannot afford to repay the loan. In fact, if payments are being missed by the primary borrower the co-signer's responsibility will kick in and the lender will go after the co-signer for full payment of the loan.
How to Remove a co-signer from an auto loan?
AnswerRefinance the loan in your own name. Be sure your credit rating is better than it was when you needed co-signer or else your APR andmonthly payments might go up depending on size of amount owed andyear of vehicle being financed.
If there is a cosigner can they take the vehicle if the loan is in good standing in North Carolina?
No, a co-signer has no legal right to a vehicle unless they are on the title.
Is it legal for a co-signer to reposses the vehicle that is financed through a bank?
I don't think so. The co-signer is not the registered owner and has no claim to the vehicle. Only the bank or the loan company (which lends the buyer the money and holds the vehicle title until it's paid for) can repossess. The co-signer just guarantees the loan. If the buyer defaults, the bank will come after him to make payments.
What if the primary signer on a loan defaults?
If the primary signer defaults the co-signer will become responsible for paying the loan.
Does a cosigner to an auto loan have to report it on taxes?
Yes because they are dually responsible for the car's payments. The loan also likely depended on their credit or income in order to purchase the vehicle; therefore, they have not only cosigned on the loan, they have co-purchased the vehicle. Imho, No ... makes no sense, especially if nothing has been paid by the co-signer. Besides, the interest on auto loans is not tax deductible. I was a co-signer on my sons car and never had to report anything on my taxes. The co-signer is only responsible for the loan in case the original signer defaults.
Can a co-signer repossess a vehicle if a sibling is not making payments?
The co-signer is typically a person who signs for the car loan; the co-signer may or may not be listed as a co-owner on the title. If the co-signer is also a co-owner, the co-owner who is paying the loan can legally take the car. However, if the co-signer is not a co-owner, taking the car would be grand theft auto. Incidentally, if the co-signer is not also a co-owner and the loan falls into default, both the signer and the co-signer will be identified in credit reports as defaulting on a car loan, even though the co-signer did not have or use the car.
