Buy cobuyer I wonder if you mean cosigner on a loan. If this is the case then the answer is no. As a cosigner you are simply agreeing to pay the loan if the person who took it out does not. It is in his or her name and you are responsible for it if they do not pay it.
Cobuyer, cosigner, they are the same thing. Wherever you sign as co-signer you should be aware that if the primary borrower defaults on payments you will be held equally responsible for paying the loan.
If the buyer does not pay the loan, then the lender comes after the co-signer. Late payments affect both credit reports. Most recommendations are not to co-sign a loan.
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.
To make the car payments. Just be glad you have the car too.
No, but there is no need for recourse. Under the law, the difference between the buyer and cobuyer, the signer and cosigner, the maker and comaker, the debtor and codebtor is negligible. They are simply different terms use to identify two separate parties who are eaually repsonsible for a debt.
You insure a vehicle. The buyer. The only thing the cosigner is responsible for is paying the bank back the money it loaned if the buyer doesn't. The principal driver of the vehicle who should also be the buyer.
When someone co-signs, they are basically just agreeing to making the payments when the signer can not. * Any legal rights that a cosigner or a co-buyer(borrower) have depend upon whether or not their name is on the title to the vehicle.
Well, it depends how the title was written. if it says buyer "or" cobuyer you dont need the other persons signature for anything .... if its written with "and" between your two names, u will have to have both people present to complete any removals or transfers. That or you can have the cobuyer sell u the car. They will still need to be present though.
IF your name is on the TITLE as buyer or cobuyer, you have the right to POSSESSION. Do you know where the car is? Do you have a key?
The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.
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.
The co-buyer can sue the buyer in court and provide proof of payments and be repaid the amount put in.
if you have a good cosigner then all that matters is their credit and work history... if you renage on the deal they go after the cosigner
That is an issue between the mortgage company, the buyer and the cosigner. The seller's only worry is selling the property and getting paid.
IF and only IF, you are listed on the TITLE as co-owner, you can go get the car. CO-SIGNORS have to let the lender do it their way.
No, the refinancing without the consent or knowledge of the original cosigner created a breach of the original lending agreement and the cosigner is no longer legally obligated for the debt.
Easy, you can check your own credit report OR go to a registries office and do a quick search. A simpler method is to ask the person that is the primary borrower/buyer or call the lender. Either a cosigner or co-buyer can be listed on the title depending upon the agreement made by the persons involved. The title to a vehicle determines ownership, a cosigner generally has no vested interest in the property only the responsibility of the debt.
either OR both
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.
No. The cosigner would have to apply for a loan in their name using their credit, income data.
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.
If the cobuyer is in possession of the vehicle in this scenario, then eventually the lender will put it out for repossession. Once located, the repo agent will secure the vehicle or will have it assessed for the lender to determine if they want it or not, if it is worth repossessing. Either way, if you are the primary on the account, it will negatively affect your credit. It might be better for you to contact the lender and divulge the location of the unit. As a signer on the loan, you have the right to sign a voluntary repossession and surrender the vehicle. In light of the irresponsible behavior of the cosigner, it is the right thing to do.