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What legal action does the cobuyer have if the buyer doesnt pay the payments for the car loan?

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Wiki User
2010-09-21 04:33:32
2010-09-21 04:33:32

Don't know of any state that allows a co-buyer. There might be. For this purpose, let's use co-signer. What legal action does the co-signer have if the buyer doesn't make the car payments? In reality, the co-signer signed as a guarantee that the payment would be made and on time on the specified date. The buyer is the one buying. That's 2 different operations. The co-signer, at last known fact, cannot take the car because he is not buying it. He's paying THE LOAN since (and we're assuming here) the buyer is not paying. In my experience, if the buyer wants to be a horse patootie, he can drive that car with a smile on his face and not make payments because the co-signer IS OBLIGATED TO MAKE THE PAYMENTS. If the co-signer does not make the payments, then HIS CREDIT IS RUINED! Never co-sign, if at all possible.

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Daughter and husband are getting divorce and she is the co-buyer can she take it out of state

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If the buyer does not pay the loan, then the lender comes after the co-signer. Late payments affect both credit reports. Most recommendations are not to co-sign a loan.

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You don't. If the cobuyer has possession of the vehicle and is no longer making payments, you as the buyer may take possession and either take up and make current the payments, or voluntarily surrender the vehicle. Failure to do so will result in repossession, and will adversely affect your credit.

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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.

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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.

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Well, it depends how the title was written. if it says buyer "or" cobuyer you dont need the other persons signature for anything .... if its written with "and" between your two names, u will have to have both people present to complete any removals or transfers. That or you can have the cobuyer sell u the car. They will still need to be present though.

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Buy cobuyer I wonder if you mean cosigner on a loan. If this is the case then the answer is no. As a cosigner you are simply agreeing to pay the loan if the person who took it out does not. It is in his or her name and you are responsible for it if they do not pay it.

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IF your name is on the TITLE as buyer or cobuyer, you have the right to POSSESSION. Do you know where the car is? Do you have a key?

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

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If two people are listed as owners on the Certificate of Title the survivor of them will be the sole owner of the car. As I understand your question: Jack wanted to buy a car but didn't have good enough credit. Harry had good credit and agreed to co-sign as the primary buyer although Jack would make the payments. The car and loan were titled in both names. If Jack died then Harry would be the sole owner of the car. He would need to continue making the payments or the lender could repossess the car.

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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.

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No, but there is no need for recourse. Under the law, the difference between the buyer and cobuyer, the signer and cosigner, the maker and comaker, the debtor and codebtor is negligible. They are simply different terms use to identify two separate parties who are eaually repsonsible for a debt.

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Either party ON THE TITLE is entitled to possession, but someone will HAVE to make payments or it will be repoed.

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In cash sales, payments are made instantly by the buyer/customer to the seller, where as in credit sales, the payments are generally made after a specific period as agreed upon between the buyer and the seller.

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i am the buyer made payments but the co buyer has the car and has not made any payments what are may rights Very generally speaking, cobuyers (cosigners) have the same rights to the vehicle as the primary buyer, however, you may or may not have the right to take possession of the vehicle without permission of the buyer. Some states have specific laws about taking possession of a vehicle under those circumstances.

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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.

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yes craiglist payments can go through paypal as long as you and the buyer have a paypal account.

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More than likely no. You have a bad situation. You made the payments but the other party actually owns the vehicle. In other words you may have just bought this person a car. You need to talk to a lawyer.

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Cosigning for ANYONE is one big mistake. If the person you cosign for is not making the payments then the person that cosigned is responsible for all payments. I have no idea why anyone would want to do this. Unless there were stipulations in the contract you signed with the buyer, then no, they can't just up and sell the car. Take another look at your contract. Marcy

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It is possible. Some banks and lenders will allow a buyer to assume payments on an outstanding mortgage. You will need to contact the lender who currently holds the paper on the property.

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I recommend discussing it with the LENDER. Ask for "help" in "locating" the car. If that doesnt work, contact a FL repo company for advice. NOTE. Is the TITLE in your name(owner OR co-owner)? If you are simply on the LOAN contract, you are in a mess.

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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.


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