The only way to be relieved of the obligation is for the primary borrower to refinance the vehicle.
If you are late on your loan payment and are a cosigner on your daughters car can they repposses the car?
Any title holder must relinquish ownership by signing the title release
If you default on your loan, the cosigner is stuck with paying it off. If your credit had been any good in the first place, you would not have needed a cosigner.
Possible fraud charges.
Yes: Your spouse/children can be included on your insurance policy regardless of who was/if there was a cosigner on the car.
The terms of the loan are between the bank, and you and your cosigner. To remove the cosigner, the bank would have to agree to pay off the loan and issue a new loan in your name only. Since the value of the car has probably decreased faster than you are paying down the loan, it is unlikely that there is any credit being generated.
IF YOU LEGALLY REMOVED THE COSIGNER FROM YOUR CAR LOAN,TITLE AND ALL. IT NOW BECOMES A CIVIL MATTER,WITH EVIDENCE ON HAND A LOCAL SHERIIFF'S MIGHT BE HELPFUL SINCE THEY HANDLE CIVIL MATTERS. I DON'T FORSEE ANY PROBLEMS IN ACQUIRING YOUR VEHICLE.
If you are late on your loan payment and are a cosigner on your daughters car can they repposses the car?
Yes.
No, the cosigner signs on to the loan. Usually, the primary signer owns the car and drives it. The cosigner is there in case the loan goes into default and needs to be paid for. After they sign on the car does not belong to them, but the person who took out the loan.
Any title holder must relinquish ownership by signing the title release
If you default on your loan, the cosigner is stuck with paying it off. If your credit had been any good in the first place, you would not have needed a cosigner.
Possible fraud charges.
They can still come after the cosigner, and it will still reflect poorly on your cosigner's credit history. You have been absolved of the debt, not your cosigner.
Yes: Your spouse/children can be included on your insurance policy regardless of who was/if there was a cosigner on the car.
If you owe money on a car loan or are a cosigner for a car loan, yes.
IF the primary has the credit score to satisfy the LENDER, YES. The co-signor will be notified they are no longer on the loan, which will likely make them VERY HAPPY.