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.
NOLO legal books are available at the library, GREAT do-it-yourself legal...
Only if the cosigner is also named on the vehicle title.
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
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 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.