Both have a problem and the car will be picked up by the bank.
No. A co-buyer owns part of the property, how much a portion depends on how the title is worded. A cosigner is pledging equal responsibiliy for the debt if the primary borrower defaults on the loan. Even if the primary borrower declares bankruptcy the cosigner might still be responsible for a portion or all of the debt.
No, a cosigner has no legal rights to the property unless their name is on the title or deed. A cosigner is accepting the responsibility of the debt if the primary borrower defaults; a co-buyer/borrower is a different matter entirely.
Yes, because then they have a vested interest in the property, whereas a cosigner usually has no legal rights to the vehicle and is only agreeing to assume the debt if the primary borrower defaults on the contract.
Yes
Yes
You insure a vehicle. The buyer. The only thing the cosigner is responsible for is paying the bank back the money it loaned if the buyer doesn't. The principal driver of the vehicle who should also be the buyer.
Cobuyer, cosigner, they are the same thing. Wherever you sign as co-signer you should be aware that if the primary borrower defaults on payments you will be held equally responsible for paying the loan.
You should review the terms set forth in the contract to determine your rights. Generally the deposit is forfeited when the buyer defaults.
If you are the co signer, then it is automatically your responsibility if he defaults
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
If an individual is a co-signer on a loan in which the primary buyer defaults, the co-signer is then responsible for the remaining payments of the loan. It is important to know the financial strength of an individual before co-signing for them, as their default could lead to many financial issues for the co-signer.
That is an issue between the mortgage company, the buyer and the cosigner. The seller's only worry is selling the property and getting paid.