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Who owns the vehicle if you are the primary on the vehicle loan?
Wiki User
∙ 15y ago
The lender owns the vehicle until it is payed for by the lender. The Primary lender will own the vehicle once it is payed for. It also depends on whose name appears on the title.
Wiki User
∙ 15y ago
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If the cosigner has had possession of vehicle 15 months paying the payments does the primary have the right to the vehicle?
will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle
If you are primary on a car loan but the secondary is the one actually making the payments who owns the car?
Both of you. The payer may have greater rights to the vehicle, but both of you legally own it.
Who owns the vehicle the bank or the person?
In a loan where the vehicle is the collateral, it is registered, but if you do not keep up with your payments, the bank stakes their claim and reposseses it, so in a way, the bank owns it, and it is a rent-to-own vehicle.
What are your rights if you are a primary borrower of a vehicle and the seconday borrower is not paying the loan?
If the secondary borrower is not paying the loan, you must take the vehicle back from the secondary borrower before the bank takes back the vehicle and ruins your credit. You will learn from that not to cosign a loan.
Can a cosigner coowner repossess a vehicle if the primary has not defaulted payment on the loan?
A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.
If you are married can you apply for a first time home buyers loan if your spouse owns home?
Yes, if you are not on the current loan and will be the primary borrower on the new loan you may qualify as a first time home buyer.
Can the primary borrower on a car loan take the vehicle away from you?
YES IF YOU DO NOT FOLLOW THROUGH WITH YOUR AGREEMENT.
If you have a charge off or write off on a car loan and the charge off is over 7 years old who owns the title to the car?
The lien holder owns the vehicle and can legally hold the title until the loan agreement is settled or paid in full.
What happens when the co-signer on a vehicle loan is unable to pay off the car loan after the vehicle has been repossessed from the primary owner?
the same things that happen to the primary signor. Judgements, garnishments, leins, ect. You are learning to hrad way about co-signing. Good Luck
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.
Does the cosigner have to obtain the primary's signature to trade in the vehicle?
yes, as co-signer you only guarantee the loan in case the primary defaults, they own the car.
Does cosigning a loan affect your credit the same as being the primary person on a loan?
Yes if you co-sign for a vehicle you are just as liable as the primary person so if they dont pay you have to pay or both your credits are hurt
