""co-owner of a vehicle"" means you are listed on the TITLE and just that. ""collateral for a loan by one of the parties and also had a co-signer"" IF you are not on the loan, then you are not responsible for paying it. The signor and co-signor will have to pay the loan. However, IF you want/need the car, you may wind up paying the loan just to get the car. Otherwise, you lost your car if it gets repoed.
When there are two secured parties claiming security interest in the same collateral, the creditor that is perfected (having filed a financing statement) will have priority over the interests of an unsecured creditor or unperfected secured party
no...only two parties are required to make a contract, a cosigner is only required in special cases.
Collateral estoppel is the legal doctrine that holds that the finding of the facts litigated between the parties to a proceeding, are binding and conclusive on those parties in any future litigation they may engage in.
A collateral contract is a contract which assigns the rights and/or obligations of an existing contract to a third party. Due to the doctrine of "privacy of contract" only those parties mentioned in a contract have rights and obligations and it is illegal to assign these rights and obligations to third parties without the consent of the other parties to the main contract. Collateral contracts overcome the privacy of contract doctrine. Collateral contracts are used in the construction industry to make a direct contractual relationship between clients and sub-contractors. In the collateral contract the client will promise to pay the sub-contractor for the works that the main contractor promised the client to undertake. This collateral contract comes in handy when the main contractor goes insolvent or has late payments or, more importantly, when the subcontractor's performance is substandard.
It will appear on the CR of both parties.
most of the time both parties are the legal owners
Both parties on the loan. Co-signer and other person they co-signed for
No, you have a contract and the only way to change it is for both parties to agree to the change.
Both parties social securities #'s are sent to collections for the amount due.
No, both parties would have to be in agreement and sign off to sell or trade the vehicle.
The lending institution doesn't really care, they'll sue BOTh parties to get their money.
The parties engage in discovery.
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.
Breach by both the parties, will put the contract to an end. Thereafter right to claim will arise in accordance with the damages suffered by the parties.
If you have gifted the property, which obligates you to pay the gift tax, then you no longer HAVE it as collateral for any purpose, at least to the extent you have reduced its value through your gift. For instance, if you gift your child $15,000 worth of your house, the value of the remaining ownership is practically worthless as collateral since it would be impossible to sell it without permission of the other parties on the deed.
The same thing that happens if you did not have an Sr22. The at fault parties insurance generally pays for the accident.
Yes, the cosigner and primary signer must be present to sell or trade the vehicle as they are equal owners. Also, both parties must sign the odomoter disclosure statement and the lien release (if applicable). The only exception to this is when the vehicle is titled Mrs. OR Mr. Some states like WV will allow an OR instead of an AND.
Please ask the parties involved.
Uhh... wow. Elementary School Parties: Games. Middle School: Hangin' out. High School Parties: Drugs, Sex, Drama.
No. Y-THINK-Y * Ordinarily a cosigner would not be liable for anything other than the lending agreement. However, responsibilities incurred by all parties when a vehicle is under lease can be quite different than the purchasing a vehicle. It would be prudent for the cosigner to read the leasing contract very carefully and perhaps seek legal advice if they are unsure of the terms of the contract.
No. Until the judge declared divorce, the cosignor is on the lease. The two parties must come to a decision on who is going to own the vehicle AFTER the divorce and the two parties agree that the owner will continue payment. IF for some reason the one person CANNOT afford the payment, then both parties are on the hook until end of lease. The OWNER of the vehicle may also declare that BOTH parties remain on the lease until END OF LEASE.
As a former banker, I was often asked this type of question. A cosigner is a person who is legally obligated to the lender (usually a bank or a finance company) to repay a loan that may, or may not, have benefited the cosigner. By signing the loan documents, the cosigner assumes equal and full responsibility to repay the loan. Note the term 'equal' - most financial institutions make no distinction between who signs the contract first or second, both parties are equally responsible. Where the car is or who has possession of it makes no difference. The loan contract is between the borrowers (yes, the cosigner is a borrower) and the lender. Should the loan go in to default (payments late, missed, or completely in default), no matter what personal agreements the cosigner had with the primary borrower about who should make the payments or who has possession of the car, the financial institution will make attempts to collect from both parties and report that information to the credit bureaus where it will impact equally both the primary borrower's and cosigner's credit history, credit score, and affect each party's ability to obtain credit in the future.
they fade away after the economic crisis ends
What happens if both parties violate a restraining order?