If you are the primary on a loan and the cosigner has the truck but won't make the payments can you go get the truck?
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.
If the cosigner has had possession of vehicle 15 months paying the payments does the primary have the right to the vehicle?
No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't paying then the cosigner must pay or their own credit record will be ruined and the lender can go after them for payment. No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't…
What legal recourse is there for the cosigner when the person that was cosigned for has defaulted on the loan?
The usual legal recourse for the cosigner when the person named as the primary on a loan has defaulted, is to make the payments on the loan. Then, the cosigner can take the person who defaulted to court to try and recoup some of the money they are out. If the loan was for a car, some states allow the cosigner to take possession of the car and sell it to recoup losses also.
Can the cosigner be taken off the loan if the primary borrower has made over a year of payments on time?
Does a cosigner have the right to take possession of the car when the primary borrower has made all the payments and has not defaulted on the loan?
Im a primary borrower on a loan n i had2 have a cosigner to get my car. i have made several payments on my carnthe cosigner had told me tht he had the car sold hes now got the not makein payments?
Something is not right here. If you are the primary, then why is the cosigner making payments and why does the cosigner have possession of the vehicle? The is back-wards of what it should be. And why in the world would you put the cosigners name on the title? You have a mess on your hands, because you went about this all wrong. You need to contact a lawyer ASAP.
In the State of Texas, the answer would be "YES" as both parties signed for the car loan and both are responsible for the balance due. I was the primary signor but the cosigner had the car and was making the payments. Then she stopped making payments after owning the car for 3 years and the car was repossessed.
Many people cosign a loan for property they don't own. Many are uninformed of the consequences of cosigning. They don't realize they are agreeing to be completely responsible for a loan for property that belongs to someone else. If the primary borrower defaults on the loan and the cosigner must make the payments, the cosigner has no automatic right to the property.
If you are a cosigner on a vehicle loan and your name is listed on the title as OR then what rights do you have when the primary buyer defaults on payments?
You have the right to pay the loan. When a cosigner enters into a loan agreement he is promising to assume responsibility for the debt should the borrower ever default on the loan. This means simply that if the borrower stops making payments the cosigner will have to take over the payments. You may even be responsible for the full payment of the loan in the event that the borrower dies or is disabled. The…
Is the primary on a loan obligated to pay back a cosigner if the cosigner pays off the loan without the knowledge of the primary?
YES !!! He/she should certainly discuss it with the cosigner. It may be a gift or it may just be that the cosigner doesn't want to have that note appearing on his/her credit report. Whatever the reason, even if the cosigner did it as a gift, the primary should acknowledge and express appreciation. But be prepared if the cosigner expects the loan to be paid back.
How can one remove a cosigner from an equity loan if the cosigner is not on the first mortgage title?
It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.
Does the cosigner have legal recourse monetary damages when the primary borrower defaults on a vechicle loan?
The cosigner can ask but I seriously doubt they will be successful. The cosigner knew the risks when they signed the loan application. The cosigner knew, or should have known, the borower's history of successful loan payoffs were questionable at best. The cosigner assumed the responsibility when they signed on.
Can a lender make you pay for a loan for which you co-signed if the borrower filed a Chapter 7 bankruptcy and is no longer making payments?
Can a cosigner who is on the title of a leased car be sued for not paying any payments on the car when the primary leasee is paying off the loan?
How can a primary buyer get the cosigner off the loan you wanted to cosign for your daughter but she didn't have enough credit so to build her credit you put her on as a cosigner how can you get her o?
As a person who co-signed an auto loan for someone who consistently made late payments, accrued late fees, and eventually filed bankruptcy . . . I can truly tell you that if You co-sign an auto loan and the person doesn't make the payments it can really screw your credit up. However, if that person is making the payments timely without any problems - then I'd say it won't necessarily hurt your credit. But at…
What happens to a cosigner of a car loan when the primary loan holder files bankruptcy and the loan is discharged and they do a voluntary repossession?
No, that's the point of being a co-signer. Your role is to make sure the payments are made. If the primary person on the loan cannot make the payments, the co-signer is responsible for covering the payments. If a cosigner was not held responsible for the loan, it wouldn't make much sense to even have a co-signer.
The co-signer is fully responsible for paying the loan and, therefore, they should take over the payments immediately to prevent damage to their own credit record. Cosigners should make certain they know what their obligations are before they sign. A person who has poor credit or no credit record needs a cosigner when they borrow money. A cosigner is a person who accepts the responsibility of repayment of a loan along with the primary borrower…
What should you do if you are the primary on your car loan but the cosigner has been paying and you cannot afford the payments any longer?
If you are a cosigner on an auto loan for a family member who has not made payments is there any way to remove your name from the loan?
You need to talk to the lender to see if you can get taken off the loan. The reason they required her to have a consigner was exactly for this possibility. Sometimes, a lender may allow a cosigner to be removed, but it's reasonable to say that would only be if the primary has made timely payments as agreed for a reasonable period of time and improved their credit worthiness to where the lender could…
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…
Can you remove your name off a loan as a cosigner if the primary party is not making the loan payments?
No. You signed agreeing that if they didn't make the payments, you would be the responsible party. You will either have to make the payments or risk collection activity against you as well, including negative credit reporting or suit. You should consult an attorney and find out whether your state's laws would allow you to sue the primary party to recover some of your losses, but you can't get blood from a turnip. Unfortunately, this…
Possibly. However, the cosigner needs to understand all the implications should the one needing the cosign on the load default on payments. If the primary borrower doesn't pay the co-signer will be held personally responsible for paying the loan in full. That's what they agree to when they sign as co-signer.
Will your credit be damaged if you as a cosigner continue to make payments on a car loan when the primary signer declares bankruptcy?
No. You cannot be considered to be a cosigner unless you have signed the loan documents. The bank needs another party to guarantee the loan will be repaid. By signing you agree to pay the loan in full if the primary borrower fails to pay. No. You cannot be considered to be a cosigner unless you have signed the loan documents. The bank needs another party to guarantee the loan will be repaid. By signing…
If a cosigner on your car loan start getting bad credit from her credit cards should it affect your credit too?
The co-signer will be completely responsible for paying the loan if the primary borrower defaults on the payments even though the co-signer will have no ownership interest in the vehicle. A co-signer should always be completely informed about the consequences of co-signing. They are guaranteeing that you will pay. If you miss payments it will affect their credit record. If you default it will also wreck their credit. In short, co-signers are responsible in making…
Yes. They must be able to pay the loan if the primary borrower stops making their payments. Yes. They must be able to pay the loan if the primary borrower stops making their payments. Yes. They must be able to pay the loan if the primary borrower stops making their payments. Yes. They must be able to pay the loan if the primary borrower stops making their payments.
You are the primary owner on a vehicle you owe 700 on the loan and the cosigner decided to take the vehicle even though they havent made any payments can they do that?
Two things to consider here: First, the cosigner is an equal owner of the vehicle regardless of whether or not any payment has been made by him. This is a matter of contract law. Second, and typically in cases where payments are not current, the cosigner/co-owner can take possession of the vehicle to protect his credit if his intention is to surrender the unit or to make payments current.
If you're not on the title then you only agreed to pay the loan if the person buying it doesn't. This doesn't give you any right to the car. However, you can sue the primary borrower in civil court if they defaulted on the loan and you made the payments. The judge may order the primary to sign the title over to you.
If the cosigner decides to pay off the loan to clear their property used for collateral can they put a judgment on the primary loan holder to collect the amount paid off?
What can a 70-year-old cosigner on a car loan be held responsible for if the loan is found in default?
The cosigner has the same legal obligations to repay the debt as does the primary borrower. If the primary borrower defaults, the lender can begin proceedings to collect the full amount owed plus applicable fees from the cosigner. A cosigner can be sued just as can the primary borrower. And if the primary borrower claims bankrutpcy, the cosigner will still get "stuck" with the debt. The credit report of the cosigner will be equally affected…