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  • Auto Loans and Financing
  • Repossession
  • Car Selling
  • Co-signing

What is co buyer?

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βˆ™ 2006-07-11 20:59:26

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An individual who purchases a vehicle jointly with a Buyer, and is jointly liable for repayment of the loan.

2006-07-11 20:59:26
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Related Questions

Can the co-buyer insure a car?

Yes the co-buyer can insure the car because basically its saying that the co-buyer has ownership in the automobile as well as the buyer.


If a co-buyer is on the contract and is making the payments does the co-buyer receive the credit points or does the buyer?

Both the co-buyer and the buyer get the credit and the blame if the loan is not paid. Co-signing on the loan is the same as getting the loan.


Does a co buyer have rights to the auto loan payments?

The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.


Can a primary buyer have a co buyer removed from an auto loan if the co buyer was never needed to get the loan?

That will be up to the LENDER.


If there is a buyer and co-buyer and the buyer does not want the auto can the co-buyer take over the loan because the buyer gets all the credit?

The co-buyer should contact the LENDER and ask to have the buyer removed from the loan. Nothing can be done legally without the LENDERS approval.


What rights do the co buyer have if the primary buyer pays the car off but the co buyer has made all payments before that?

none


If the buyer hasent made any payments over a car and the co buyer has. What are the co buyers rights?

The co-buyer can sue the buyer in court and provide proof of payments and be repaid the amount put in.


Can buyer and co-buyer be the same person?

No.


If co-buyer has possession of a vehicle and has all financial resposibilities who is entitled to the vehicle buyer or co-buyer?

both buyer and co buyer --- Typically, in disputes like this, possession is factored into the legal decision. It is likely whoever has possession at the time of court findings will prevail.


Does buyer pay co buyer personal tax?

YES


Can a co-buyer move out of state with car?

A co-buyer can move out of state with car as long as car payments are current. The co-buyer should update the new address with the lender.


If the buyer stop making payment will the co-buyer or the buyer be responsible for the loan?

yes


Is the co-buyer responsible for the loan if the buyer dies?

yes


Can the buyer of a car legally repossess the car from the co buyer if the co buyer has made all payments?

If they are a co owner on the reg, they have as much right to it as you-essentially, neither one of you can keep the other from using it paid for or not.


Can the buyer do a vol repossession without the co-buyers permission?

A buyer can do a voluntary possession without the permission of the co-buyers if that buyer is the sole owner of the vehicle. If the co-buyers are also co-owners, they would have to give consent first.


Can you take out a home equity loan without permission from co-buyer?

it depends on who the co-buyer is if it is your husband or wife then you can ask and they will most likely say yes. but no


Is the co-buyer obligated to pay the loan if the buyer defaults?

Yes


What rights does a co buyer have to a vehicle?

The co-buyer of a vehicle has equal rights to the vehicle if there name is on the title. The co-buyers rights can be defined by a written or verbal contract.


How does primary buyer repossess auto from co-buyer who is hiding car?

Call the police and tell them that the co- buyer is not agreeing to the terms of use of the car when said car was bought.


What is the difference between the buyer and co-buyer?

Nothing. They are just two people saying they will be responsible for the loan. The difference is where you sign on the contract. Legally there is no difference. The co-buyer by signing is saying that they will insure the loan gets paid. If the loan does not get paid the co-buyer can have wages garnished and basically get the wrath of someone else not doing what they are supposed to.


What if a buyer has secnd thoughts that differ from the co buyer?

Right up until the point when the contract is signed, the buyer can change his or her mind, and what the co-buyer thinks about it is an issue for the two of them to work out. After the contract is signed, it's pretty much too bad for the buyer if he or she has "second thoughts".


Who is responsible for making monthly payments when there is a primary buyer and a co buyer?

either OR both


Does a co-buyer and co-signer have equal weight as far as credit?

Both the co-buyer and the co-signer get equal credit. Regardless of who is on top of loan. Also hurts equally if not paid.


Can the co-buyer of a vehicle registered it?

NO


Does co-owner and secondary owner mean the same thing for the purpose of repossession?

YES, owner/buyer/maker:::co/owner/co/buyer/co/maker....anyone else is 3rd party possession....