Yes. That is the point of the lender asking for a cosigner. The cosigner will have a repossession showing on their credit as well as the primary lender.
you are still liable for that loan. the lender may decide to not accept the bankruptcy charge and go after you for the money.
will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle
If there are two individuals listed on the title of a vehicle as primary and joint, they are both responsible for the payment of the loan. If the primary defaults on the payment, the joint owner is responsible for payment. If both parties default, the vehicle can be repossessed.
A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.
The other co-owner or cosigner will be responsible for the debt.
Only if the cosigner is also named on the vehicle title.
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, a cosigner has no legal rights to a vehicle unless his or her name appears on the vehicle title.
No, a cosigner does not have any legal rights to the vehicle, but does have the legal obligation to repay the debt if the primary borrower defaults on the contract. An exception could be if the cosigner is also named on the title to the vehicle, and if so, how the title is worded.