When you cosign for a vehicle will it be on your credit report and therefore effect the cosigner when they attempt to make a major purchase in the future?
Yes, all action on the part of the primary borrower will be reflected on the cosigner's credit report.
If the cosigner has had possession of vehicle 15 months paying the payments does the primary have the right to the vehicle?
No, a cosigner only has the legal obligation to pay the debt if the primary borrower defaults on the lending agreement. The exception to this would be if the cosigner is a joint title holder of the vehicle. COSINGER! Does a consignor have rights to the vehicle if the people who is buying the car never missed a payment?
After cosigning on an auto loan and that car is traded in are you still the cosigner on the new vehicle?
Does a cosigner have the right to take possession of the car when the primary borrower has made all the payments and has not defaulted on the loan?
If you are a cosigner on a vehicle and the other person gets the vehicle repossessed then files for bancruptcy what happens to the cosigner?
Yes. A cosigner can purchase as many vehicles as a lender well allow. Of course it depends on your income and credit rating as to whether or not the lenders will extend you any more credit. The loan you cosigned for is on your credit and will be taken into consideration when the lender looks at your credit to determine your elligability for a car loan.
Yes, you can. The only problem is you have an obligation like a contract to purchase this vehicle. If you do not meet your obligation it will become a blemish on your credit record. When you attempt to buy another vehicle, creditors will see this blemish and it may cause difficulties in your next attempt to purchase a vehicle. You may be seen as not credit worthy in trying to finance an automobile in the…
You are the primary owner on a vehicle you owe 700 on the loan and the cosigner decided to take the vehicle even though they havent made any payments can they do that?
Two things to consider here: First, the cosigner is an equal owner of the vehicle regardless of whether or not any payment has been made by him. This is a matter of contract law. Second, and typically in cases where payments are not current, the cosigner/co-owner can take possession of the vehicle to protect his credit if his intention is to surrender the unit or to make payments current.
What rights does a cosigner have to gain possession of the vehicle if his name is on the title in Pennsylvania?
It depends on what the title says. The title can say "The owner of the vehicle is Name 1 or Name 2." If the title says this then the cosigner has limited rights to get the car. Whoever has the vehicle can sell the car without the cosigners signature. Now if the cosigner has the car, the cosigner can sell the car without the main owners signature. If the title states Name 1 and Name…
After the vehicle title has been issued can the bank request a change of title and have the cosigner added.?
The Corvette ZR1 is manufactured by Chevrolet therefore a person would want to visit a Chevrolet car dealership to purchase this model. As this is not a vehicle which is purchased very frequently, it is possible that the dealer may not have one available on the lot but they will certainly be able to special order the vehicle and have it delivered for purchase.
A cosigner can only be removed from the financial obligation through the refinancing of the vehicle. If the ex-spouses name is not on the title she or he does not have any legal claim to the vehicle unless the couple lived in a CP state and were married at the time of purchase. Furthermore, terms contained in a divorce decree are not legally binding when it comes to such issues.
If the cosigner is refusing to refinance or pay the auto loan off how could the primary person on the auto loan remove his or her name?
Can the PRIMARY owner of a vehicle sue the COSIGNER for half of the remaining balance if the COSIGNER had the vehicle voluntarily repossed even if the PRIMARY had already been making payments on time?
Is the co-debtor of a vehicle responsible for the loan that was included in a chapter 13 after the primary borrower dies?
I believe there is a statute of limitations that says the creditor can continue to attempt collection for seven to ten years depending on what state you are in. * The SOL for debts is established by state law, therefore it will differ according to the state and to the type of debt. Secured debts are not discharged in any bankruptcy. A chapter 13 is not a liquidation BK therefore the vehicle would have to…
What if the primary borrower files bankruptcy is the cosigner still responsible for making payments on the vehicle Can the co-signer take their name off the vehicle?
A Co-signer is always responsible for the item unless the primary borrower refinances and removes the co-signer. Unfortunately if the primary borrower filed bankrupcy it doesn't seem likely they will be able to refinance. Yes. Cosigner means that if for ANY reason the main borrower cannot pay, cosigner will be responsible to pay.