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.
Asked in Cars & Vehicles
Does the buyer of a car have to have a job if they have a cosighner and for how long?
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 you are the cobuyer of a car and also the cosigner and you have made all the payments and are ahead can the other buyer take the car?
Daughter and husband are getting divorce and she is the co-buyer can she take it out of state ...
If the primary buyer refuses to make car payments and drops the car off to the cosigner What is the cosigners responsibility?
To make the car payments. Just be glad you have the car too.
How can you find out if you are a co-buyer or a cosigner on a car loan and would your name be on the title and registration if you are a cosigner?
Easy, you can check your own credit report OR go to a registries office and do a quick search. A simpler method is to ask the person that is the primary borrower/buyer or call the lender. Either a cosigner or co-buyer can be listed on the title depending upon the agreement made by the persons involved. The title to a vehicle determines ownership, a cosigner generally has no vested interest in the property only the responsibility of the debt. ...
Asked in Cars & Vehicles, Insurance
Can a buyer back out of a car contract if unable to afford the cost of the insurance?
Nope, once you sign, the car is yours. You can still pay the loan for the car without insurance. ...
Private seller has title of used car that is being paid for by buyer does the buyer have to get full coverage insurance to register the car and get a tag for the car?
In my state you only need to have Liability insurance the get a title and register the vehicle. If, however you have a loan on the car the lender will require you to have full coverage. ...
If you are the buyer but the cosigner has the car and is 3 months behind on the payments can you just go pick up the car?
IF and only IF, you are listed on the TITLE as co-owner, you can go get the car. CO-SIGNORS have to let the lender do it their way. ...
Does a cosigner have rights to the car even when its paid off?
No, the cosigner will not have rights to the car after its paid off because the purpose of a cosigner is to pay off the notice if you fail to do so. Being a cosigner does not give them to any rights to the car. ...
Asked in Auto Insurance, Loans
What if you have a car loan and have an accident and bank or insurance didn't make sure you had full coverage?
When a person finances a car, proof of insurance is required, a buyer has about 24 hours to let his insurance company know about his car. In the event that car buyer stops making insurance payments the finance company is almost immediately notified and your car finance agreement charges the buyer a higher monthly payment for "single interest" insurance. That is where the finance company is reimbursed if vehicle is damaged, to protect their interests but not the buyer's. They can then at least get it fixed,...
Asked in Cars & Vehicles
when buying a used car from a small lot is or when is the person buying the car need to have insurance If the buyer had no insurance is the dealer liable?
If you are buying the car outright then it's up to you to decide when to get the insurance. If you are getting credit, you will have to have the insurance in place prior to taking possession of the vehicle. ...
If you sell a car and agree to maintain the car insurance for the buyer and the buyer pays the premium and then the buyer is in a car accident does the seller's insurance cover the damage?
At the time of the loss the named insured on the policy and the title holder has to be the same (or family) for the insurance to be proper. If a 40 year old male sold his vehicle to a 18 year male, and the insurance was kept in the name of the 40 year old person, there might be a problem paying for a claim, especially in situation where there was an accident involving the 18 year old, regardless who paid...
Asked in Auto Loans and Financing, Repossession, Personal Finance, Loans, Co-signing, Money Management
If you are late on your loan payment and are a cosigner on your daughters car can they repposses the car?
If you are late on your loan payment and are a cosigner on your daughters car can they repposses the car? ...
Asked in Insurance, Auto Insurance Claims
Does the co-buyer have to be on the insurance policy if he does not drive the car?
Not where I live in Ohio. My mother co-signed a car for me, and her name didnt have to be on the insurance, as long as the vehicle carried full coverage insurance in my name. ...
If you are a first time car buyer but are covered under your parents policy for their car will you need to purchase new insurance before you pick up the car?
every car has to be insured separately, so the new car has to have its own insurance on it. ...
Does the cosigner on a mortgage need to be on the purchase and sale so the seller is aware of a cosigner?
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. ...
Is the cosigner of an auto loan responsible for the loan if the loan was refinanced by the buyer without the knowledge or consent of the cosigner?
No, the refinancing without the consent or knowledge of the original cosigner created a breach of the original lending agreement and the cosigner is no longer legally obligated for the debt. ...
Cosigner need insurance?
The cosigner on an automobile loan is not the person who has to pay for insurance on the vehicle. The registered owner should pay the fees for insurance. However, it is the cosigner's responsibility to make sure the registered owner is carrying insurance for the vehicle. ...
Asked in Repossession, Loans, Co-signing
What happens if one co-buyer of a vehicle lets the car get repossessed and moves abroad without paying the deficiency?
The other co-owner or cosigner will be responsible for the debt.
Does the cosigner have to drive the car?
No, the cosigner signs on to the loan. Usually, the primary signer owns the car and drives it. The cosigner is there in case the loan goes into default and needs to be paid for. After they sign on the car does not belong to them, but the person who took out the loan. ...