Only if they are also on the title of the car.
Call the Bank they will explain you what to do in certain situation. I got a same issue I called a bank and they offered me a back message.
No, cosigners don't have to be on the title. The loan and the ownership of the vehicle are under two completely different agencies.
It depends on what the title says. The title can say "The owner of the vehicle is Name 1 or Name 2." If the title says this then the cosigner has limited rights to get the car. Whoever has the vehicle can sell the car without the cosigners signature. Now if the cosigner has the car, the cosigner can sell the car without the main owners signature. If the title states Name 1 and Name 2, then you have same rights as the main owner of the car. This means if Name 1 trys to sell it, they can't sell it without your signature.
Normally the program does not take into consideration any cosigners of the loan or coownership of the vehicle: if the assets belonging only to you then it will count as an asset.
yes, as co-signer you only guarantee the loan in case the primary defaults, they own the car.
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.
A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.
will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle
Only if the cosigner is also named on the vehicle title.
NOLO legal books are available at the library, GREAT do-it-yourself legal...
The cosigner becomes the target next. If you default, it is up to the cosigner to pay the bill or both of your credits are ruined and the bank takes their usual steps to repossess a vehicle.
Since the cosigners isn't paying, unless you start paying instead, and catch up on all late payments, the dealer or the bank will repossess the vehicle shortly anyway, so your question is moot.
The cosigner is not able to come and obtain your vehicle for personal reasons or any other reason. A cosigner is not claiming ownership of your vehicle, they are simply vouching for your credibility and agreeing that if payments aren't made that they will uphold the responsibility.?æ
Yes. That is the point of the lender asking for a cosigner. The cosigner will have a repossession showing on their credit as well as the primary lender.
No. A cosigner is just responsible for paying it off if the negligent driver wrecks it and and can't work to make the payments.
No, a cosigner only has the legal obligation to pay the debt if the primary borrower defaults on the lending agreement.The exception to this would be if the cosigner is a joint title holder of the vehicle.COSINGER!Does a consignor have rights to the vehicle if the people who is buying the car never missed a payment?
From what i understand, you have to be 18 to enter into a binding contract...and so its up to the bank whether or not you can get one because they can't enforce it on you...so you will definitely need a cosigner and the bank will look at both your credits to see if it's worth the risk i know this because my friend signed for a loan w/ his parents as cosigners and because i also wanted a personal loan and the bank told me i needed a cosigner with better credit :P
Not unless the the cosigner is on the vehicle title. If not on the title the only entitlement the cosigner has is to pay the bill.
No. You are only cosigner on the one vehicle you signed for. All bets are off once the car is traded.
No, the cosigner has no legal liability in such a case, unless, of course, he or she was the driver of the vehicle at the time of the accident.
No, a cosigner has no legal rights to a vehicle unless his or her name appears on the vehicle title.
Only if you refinance the vehicle without the cosigner on the new loan.
No, a cosigner does not have any legal rights to the vehicle, but does have the legal obligation to repay the debt if the primary borrower defaults on the contract. An exception could be if the cosigner is also named on the title to the vehicle, and if so, how the title is worded.
you are still liable for that loan. the lender may decide to not accept the bankruptcy charge and go after you for the money.
If the signature was not only forged but done without the knowledge of the person, the party involve has a bigger problem than a "repo". Be that as it may, the agreement was made fraudulently and the lender has the right to reposession and recovery of expenses, by whatever means necessary.
No. Unless the cosigner is also a title holder they have no legal rights to the vehicle.