Cars & Vehicles

What does it mean to be a cosigner for a car?

123

Top Answer
User Avatar
Wiki User
Answered
2012-08-01 23:03:31
2012-08-01 23:03:31

With your good credit you sign a contract to pay off the loan if the original borrower defaults.

001
๐ŸŽƒ
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0
User Avatar

Related Questions


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.


If you are late on your loan payment and are a cosigner on your daughters car can they repposses the car?


Yes: Your spouse/children can be included on your insurance policy regardless of who was/if there was a cosigner on the car.



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.


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.


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.


I'am a cosigner on the car that I'am driving. I have the title but it is in my ex-husband's name and mine. Will the DMV in Mississippi let me register the car if he is not present?


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.


If you need a cosigner for the loan because of bad credit, it means you can't afford the car.


if you take it to your personal bank and ask them how much you need to have paid already they can indeed refinace you and remove the cosigner


Some who has character My Friend it is very difficult to get car loan with no credit and no cosigner although you have to contact some good car lenders in your area they can guide you better.


Yes. If you signed the loan, you are still legally responsible for it.


No. You are only cosigner on the one vehicle you signed for. All bets are off once the car is traded.


If you owe money on a car loan or are a cosigner for a car loan, yes.



No. Unless the cosigner is also a title holder they have no legal rights to the vehicle.


if you have a good cosigner then all that matters is their credit and work history... if you renage on the deal they go after the cosigner


Oh yes it does. That person put their credit on the line when they signed the contract making me a cosigner.


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.



Sure, if the parking lot is too big.


A cosigner is a person who signs with another person for a loan of some sort due to credit issues or financial reasons. A cosigner unfortunately does not have as many rights as the person who is first listed on a loan. For example, if you purchase a car and your boyfriend/girlfriend cosigns for you and you two break up, they cannot take the car away from you. However, if you are late on payments, the cosigner will then be responsible for the payments.


The usual legal recourse for the cosigner when the person named as the primary on a loan has defaulted, is to make the payments on the loan. Then, the cosigner can take the person who defaulted to court to try and recoup some of the money they are out. If the loan was for a car, some states allow the cosigner to take possession of the car and sell it to recoup losses also.


It depends on what the title says. The title can say "The owner of the vehicle is Name 1 or Name 2." If the title says this then the cosigner has limited rights to get the car. Whoever has the vehicle can sell the car without the cosigners signature. Now if the cosigner has the car, the cosigner can sell the car without the main owners signature. If the title states Name 1 and Name 2, then you have same rights as the main owner of the car. This means if Name 1 trys to sell it, they can't sell it without your signature.



Copyright ยฉ 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.