Seems pointless to even consider. If the primary signer didn't have enough funds to make the car payments, they probably will not have enough funds to pay any lawsuit you charge them with. Fact is, if the primary signer defaulted on payments, then the cosigner would be responsible for making them - If repossession occured, then it was due to the fault of the cosigner .. can't sue yourself.
Not unless the the cosigner is on the vehicle title. If not on the title the only entitlement the cosigner has is to pay the bill.
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.
Both. But in reality, they go after the money. If the primary is broke, doesn't have a job, homeless, whatever, the bank will go after the person with the money. Now aren't you glad that you co-signed? They'll first try to get the primary signer to pay the debt. If he can't, the company will hold the co-signer liable for it. A co-signer is just as legally liable for the debt as the primary signer. You know when it's a good idea to become a co-signer? Never.
yes, as co-signer you only guarantee the loan in case the primary defaults, they own the car.
I'm not an attorney, but I seriously doubt it. What sense would that make?
In the State of Texas, the answer would be "YES" as both parties signed for the car loan and both are responsible for the balance due. I was the primary signor but the cosigner had the car and was making the payments. Then she stopped making payments after owning the car for 3 years and the car was repossessed.
can a primary co signer take the car away from a secondary co signer
Only if the primary has said s/he will surrender the property in the bankruptcy and/or if the cosigner does not make the payments due.
A cosigner can attempt to sell the car at anytime. However, in order for them to sell it, they have to have the other signer's signature.
The co-signer's credit record is wrecked as badly as the primary borrower's. The co-signer has guaranteed the loan would be paid and they are held equally responsible for paying the loan if the primary borrower fails to pay. It will be noted as a default on their credit record. "Co-signers" who agree to guarantee repayment of a loan for a poor credit risk often do so without understanding their own risk and whether they have the resources to repay that loan.
Yes. If you signed the loan, you are still legally responsible for it.
AnswerIf the primary on the contract does not pay then the lienholder comes after the co-signer for the payment. The credit of both the primary and co-signer are going to show repossession. If the lender has kept the title in its files as part of the loan process and is listed as a primary lienholder, it can sell the vehicle after the repossession.
You will also be liable for any deficiency balance
When you cosign for anyone you are taking 100% responsibility for the payments on that car. If the person that gets the car doesn't keep their payments up it will be repossessed by the bank with an option for the cosigner to take over payments or sell the car and pay back the loan. Marcy
GET the car(if you want it), make arrangements with LENDER to do what they will expect you to do anyway....NO DONT pay for it and YES it will be bad
probably not; consult a CPA Car loans (rather, the interest paid) haven't been a taxable deduction for many years. Primary signer, cosigner ... doesn't matter ... no deduction allowed on the federal return.
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.
That would be something you would have to settle in a small claims court.
No, unless the co-signer was also part of the bankruptcy process. If not, then no the co-signer would have to be responsible for this debt. Wanda Improve Credit, LLC
It has the same effect on the credit.
More than likely, however you will still end up owing a balance on the car and the primary signer and co signer will still be responsible for the balance.
Yes. If the signer defaults on the loan, then you, as the cosigner, would be liable.
A "co-SIGNER" generally relates ONLY to the loan papers. Being a co-signer on the loan does not signify any ownership of the vehicle. If you are on the title of the car as the co-OWNER, THEN either you or the other co-owner should be able to register the car.