Unless you have a stipulation in your divorce decree regarding responsibility for the loan, you are stuck until the loan is paid off. The only one who can repossess the car is the company who holds the loan, but the amount owed would still be outstanding. You could see if you could get him to refinance the loan on his own...I am not sure about your liability if the car is totalled without insurance to cover it. Meanwhile, pay all of your bills and work on getting your credit into shape. If you can save money to pay cash for a car "for now," that would help you for the short term.
Cosigner just means someone who guaranteed the note. What's on the title? If the cosigner is on the title, he/she is entitled to half of the proceeds of a sale or insurance liquidation because it's the TITLE that determines the ownership, not who paid for it.
A cosigner basically is a guarantor for the repayment of a loan or value and serves as cosigner of the debt. If the debtor fails to make payments or defaults, the cosigner is obligated to pay off the debt. No benefits for the cosigner, but cosigner benefits the debtor.
No. If you are not on the deed, you can't sell the property. The only "right" you have as a cosigner is the obligation to make the payments.
Absolutely not!
A cosigner basically is a guarantor for the repayment of a loan or value and serves as cosigner of the debt. If the debtor fails to make payments or defaults, the cosigner is obligated to pay off the debt. No benefits for the cosigner, but cosigner benefits the debtor.
from what i know when you sign on a cosigner you hand your item to them so if you make good payments it builds their credit if you fail to make payments it hurts their credit but it is a good way to start.
yes
Yes..... I did
The lender should be reporting payment history for all the names on the account to the credit bureaus, even if only one name is on the account address.
Only if the cosigner is also named on the vehicle title.
No. Unless the cosigner is also a title holder they have no legal rights to the vehicle.
Something is not right here. If you are the primary, then why is the cosigner making payments and why does the cosigner have possession of the vehicle? The is back-wards of what it should be. And why in the world would you put the cosigners name on the title? You have a mess on your hands, because you went about this all wrong. You need to contact a lawyer ASAP.