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He has the right to make the payments or have his credit ruined. DON'T cosign a loan unless you are willing to make the payments if (when) the primary borrower defaults.
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∙ 15y ago
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Does a co-signer have rights to a vehicle that is being financed and payments are currently being made by the primary holder?
NO. As the cosigner, you are only guaranteeing the loan.
Can the cosigner sell the home if payments are not being made?
Absolutely not!
Does a cosigner have rights to the car even when its paid off?
No, the cosigner will not have rights to the car after its paid off because the purpose of a cosigner is to pay off the notice if you fail to do so. Being a cosigner does not give them to any rights to the car.
Your name is the first name after the leasing company on the title your cosigner is trying to take your car you've made all your payments on time can they force you to give up your car?
I had this very same instance come up and the police were called. They told me that as long as the payments were being made and you have proof of you making the payments on time, the cosigner has to leg to stand on when trying to take the car. So NO your cosigner can not take the car.
What are the rights of a co-signer if the person who has the vehicle has decided not to make payments?
None really. Even if you are on the title to the car as well as being a cosigner, you can't do anything without the other person. All you can do to protect yourself if make the payments. Find out what car dealers don't want you to know at www.dealertricks.com
Can a cosigner take possession of a car if the primary signer is not paying the payments?
Yes. I believe the loaner will contact you with a past due amount, or send you a bill. If this hasn't happened yet, contact the loaner and tell them you want possesion if the car is not being paid for by the buyer. * No. A cosigner has no legal right to a vehicle unless his or her name appears on the title. The cosigner will have to make the payments to keep the vehicle from being reposssesed or have the vehicle refinanced in his or her name with the primary borrower being released from the current agreement, this can only be done if the lender agrees.
If you helped your mother get a home and her name is on the deed but yours is on the note and she has been missing payments is there an easy way out?
The only option to be removed as a cosigner is to have the secured property refinanced without the cosigner being involved.
Should a co signer be told if something they signed for is getting repoed?
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 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 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 paying then the cosigner must pay or their own credit record will be ruined and the lender can go after them for payment.
If you cosign an auto loan for someone and they refinance in one year and remove you from the loan how will that affect your credit assuming all payments are made on time?
The cosigner's credit isn't affected one ioto unless the person who was responsible for the loan payments defaulted, then and if the cosigner also defaulted. In other words, just being a cosigner does not affect ones credit ratings.
How does a co signer get their name off a car if they are not on the title and the owner still makes payments on time?
The loan has to be refinanced without the cosigner being involved.
Can you get a loan for a house without a cosigner?
Plenty of homes are sold to individuals without a cosigner. Usually there are only 2 reasons a bank will ask for a co signer. One being, if their prospective client does not have sufficiant funds available to make the estimated mortgage payments and other monthly debt payments and stay under 50% debt to income ratio, two being credit issues.
Does the person who cosigned for you have the right to take a vehicle even if the payments ARE being made on time?
no It depends. Is the cosigner on the title as co-owner? If so, they can take the car whenever they want.If they aren't, well, it's just plain car theft if they do. In other words if you are both on the title and the loan paperwork then both your butts are on the line financially and it's a civial matter if one of you wants the car over the other. But both of you have legal right of access so the police will not make an arrest or intervene if both parties can prove ownership.
