""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.
It will appear on the CR of both parties.
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.
most of the time both parties are the legal owners
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.
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 parties engage in discovery.
The lending institution doesn't really care, they'll sue BOTh parties to get their money.