To make the car payments. Just be glad you have the car too.
Turn it in?? YES sale it to a dealership? YES, IF they pay it off. make payments on the rest?? Maybe, the way to do it is to find a buyer(highest price you can get), subtract what you can get for it from the PAYOFF on the loan, BORROW the difference needed from another source. Then you can payoff the loan, get title to give to buyer, and make payments on a smaller amount that you can handle. This will have to be done with the LENDERs help. Contact the lender and make all the arrangements ASAP after you find a willing and READY (CASH wise)buyer. You will have to convince the lender that you HAVE a buyer and convince the buyer that they will get title,ect to make it work. Good Luck
If two people are listed as owners on the Certificate of Title the survivor of them will be the sole owner of the car. As I understand your question: Jack wanted to buy a car but didn't have good enough credit. Harry had good credit and agreed to co-sign as the primary buyer although Jack would make the payments. The car and loan were titled in both names. If Jack died then Harry would be the sole owner of the car. He would need to continue making the payments or the lender could repossess the car.
Only if you put a lien on the title
I think it may mean that the seller of the vehicle will "hold the loan" or will let the buyer make payments to them and once paid in full, seller will then sign title over to buyer.
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.
i am the buyer made payments but the co buyer has the car and has not made any payments what are may rights Very generally speaking, cobuyers (cosigners) have the same rights to the vehicle as the primary buyer, however, you may or may not have the right to take possession of the vehicle without permission of the buyer. Some states have specific laws about taking possession of a vehicle under those circumstances.
Co-buyer = Name is on the title and has rights to the property. The lender will PROBABLY insist that this person also sign the loan as a co-signer or joint borrower. Co-signer = Name is on the loan and is obligated to make the payments if the primary borrower does not. This gives you NO rights to the property.
Simply have him sign off on the title.
YOURS 99.7%. Theirs 00.03%
You sign the title where is shows seller and fill in the information of the buyer and have them sign as buyer. Its a good idea to make a copy of the title (front and back) just in case the buyer doesnt title it right away so you can prove that you sold it if you get a tax notice.
Yes. Im not 100% sure how the process goes,but the sellerwill have to notify his/her lender or whomever of whats going on. Buyer will provide payment and i believe your lender will forward the title to the buyers lender.
That would be an agreement between buyer and seller. I cannot advise you against this enough.Buyers may be hard to come by, but wait around until you get a cash buyer who'll come and buy it outright.
Don't know of any state that allows a co-buyer. There might be. For this purpose, let's use co-signer. What legal action does the co-signer have if the buyer doesn't make the car payments? In reality, the co-signer signed as a guarantee that the payment would be made and on time on the specified date. The buyer is the one buying. That's 2 different operations. The co-signer, at last known fact, cannot take the car because he is not buying it. He's paying THE LOAN since (and we're assuming here) the buyer is not paying. In my experience, if the buyer wants to be a horse patootie, he can drive that car with a smile on his face and not make payments because the co-signer IS OBLIGATED TO MAKE THE PAYMENTS. If the co-signer does not make the payments, then HIS CREDIT IS RUINED! Never co-sign, if at all possible.
He has the right to make the payments or have his credit ruined. DON'T cosign a loan unless you are willing to make the payments if (when) the primary borrower defaults.
buyer will sometimes make an advance payments to the seller to enebled them to start acquisition or production of goods.
About 2 weeks after you make the last payment.
Yes. A lien must be paid off before a property can be sold or mortgaged. In the case of a sale, the buyer's attorney will make certain the lien is paid from the proceeds of the sale before the buyer takes title.Yes. A lien must be paid off before a property can be sold or mortgaged. In the case of a sale, the buyer's attorney will make certain the lien is paid from the proceeds of the sale before the buyer takes title.Yes. A lien must be paid off before a property can be sold or mortgaged. In the case of a sale, the buyer's attorney will make certain the lien is paid from the proceeds of the sale before the buyer takes title.Yes. A lien must be paid off before a property can be sold or mortgaged. In the case of a sale, the buyer's attorney will make certain the lien is paid from the proceeds of the sale before the buyer takes title.
It wouldn't be a repossession, but if he has had to make the payments, he could sue the primary borrower and might get possession from the court.
ONLY if you are on the TITLE as co-OWNER. Otherwise you are just on the hook for the payments.
You don't. If the cobuyer has possession of the vehicle and is no longer making payments, you as the buyer may take possession and either take up and make current the payments, or voluntarily surrender the vehicle. Failure to do so will result in repossession, and will adversely affect your credit.
I doubt that the title is still valid; but check with your lender before you make loan payments and make sure. They should be holding title in your name with a lien.
If you make the interest payments, you can normally write them off on taxes.
Talk to the bank, tell them to reposess the truck and you will take care of the payments. Then have them transfer title to you and sell the truck. That way your credit should take a minimal hit in the deal. Next time don't co-sign for anybody.
A requirement for a title examination is usually triggered by financing. If the attorney who is representing the buyer must certify title to a lender then a title examination is required. However, any prudent buyer of real estate should have a comprehensive title examination performed to make certain the seller owns the property and there are no outstanding taxes, claims, liens and other encumbrances.