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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.

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โˆ™ 2008-07-09 23:53:30
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Tyrese Baker

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โˆ™ 2022-07-12 05:57:34
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Q: 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?
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Related questions

Does the lender have to notify you as a cosigner if the primary borrower fails to make a payment?

No, but if the borrower misses enough payments, the cosigner will start getting collection calls as well.


Can a cosigner take the primary borrower to court to get possession of the car that the primary has not made all the payments?

If the cosignatory is willing to take over the payments, and the creditor agrees. But if the primary borrower rufuses to cede posession then yes.


Can a cosigner take the primary borrower to court to get possession of the car that the primary has made all the payments on and the car is insured and registered to the primary?

No.


Can a cosigner in California take possession of a vehicle if the primary borrower is not making the payments in Georgia?

Only if the cosigner is also named on the vehicle title.


Can the cosigner of a motorbike loan take possession of the bike if the primary borrower isn't making payments?

yes


Can the cosigner sell the house if his name is not on the deed and the primary borrower has missed 3 payments?

No. If you are not on the deed, you can't sell the property. The only "right" you have as a cosigner is the obligation to make the payments.


What are the consequences of signing a car loan when the primary borrower defaults on the payments?

When the primary borrower defaults the cosigner becomes legally responsible for the loan. If the cosigner is not able to pay the loan he or she can also be subject to legal action by the lender and the cosigner's credit score will be seriously affected.


Can your cosigner take your car if you have been making payments on time?

The cosigner issue here is misplaced. The liability of a cosigner comes into play if the primary owner of the car cannot make payments. In the case presented, the primary borrower is doing fine. There is nothing a cosigner can do to take a car away.


If your cosigner defaults on other loans but you are making your payments can they repossess your vehicle?

No. You are the primary borrower and are honoring your financial obligation.


Is the cosigner the only one responsible on the loan?

The primary borrower is responsible for making the payments and adhering to the terms of the lending contract. The cosigner is legally obligated only if the primary borrower defaults on the lending agreement or files bankruptcy (chapter 7).


Can the cosigner be taken off the loan if the primary borrower has made over a year of payments on time?

The only way for a co-signer to be taken off the loan, would be for the primary borrower to refinance the account.


Cosigner repo a vehicle?

If you are a co-signer of a repossesion, and the primary borrower has not made an attempt to make their payments then you are fully responsible for this debt.

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