Very little actually. They have the right to use the vehicle as long as they are current in their loan payments to the lender (who is the ACTUAL owner of the car, until the loan is paid off).
The only way to get all rights back from the co-borrower is to have the loan refinanced. The co-borrower will have to agree to remove their name from the car.
If the secondary borrower is not paying the loan, you must take the vehicle back from the secondary borrower before the bank takes back the vehicle and ruins your credit. You will learn from that not to cosign a loan.
Yes, the cosigner/co-borrower has the same legal responsibility to repay the debt/loan as does the primary borrower. If the primary defaults the creditor can attempt to collect from the co-borrower before the primary borrower.
if the consigner files bankruptcy can the borrower take the car
No. He/she simply has to pay the loan if you don't. Has no real right to the car even if you do miss payments. Has to go to court and show you have defaulted on the loan and has paid on it.
No, not if the wife is the sole borrower.
None, unless the cosigner is also on the title of the vehicle they have no legal rights to the property. When someone cosigns a loan for any reason they accept the responsibility of paying the debt if the primary borrower defaults. The only option a cosigner has in recovering money paid out in connection with the loan is to sue the primary borrower in the appropriate court, in the city or county where the borrower lives.
Yes.
The surviving borrower is solely responsible for paying the loan.The surviving borrower is solely responsible for paying the loan.The surviving borrower is solely responsible for paying the loan.The surviving borrower is solely responsible for paying the loan.
You are still respnsible for paying should the borrower die.
A borrower and co-borrower on a loan share benefit and liability equally. The only practical difference between the two is that loans are generally priced (interest rate or fees) based on the primary borrowers qualifications (these qualifications may actually determine who is primary and who is secondary). While the primary borrower's name is first on documents for the loan, the co-borrower is equally liable and has the same rights. While your rights as co-borrower may not be less than the borrower, people often overestimate the rights of either party. For example, many divorcing spouses assume they have the right to call the lender and remove themselves from the loan, which is not the case. If you separate and there is no court order to refinance the loan and you never refinance it out of your name and the primary stops making payments, the lender has every right to collect from you and report the late payments on your credit.
The only way to be relieved from cosigning obligations is for the primary borrower to refinance the vehicle. And no, if the person's name is not on the car title they have no ownership rights.