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Can a co-signer repossess a vehicle if a sibling is not making payments?
The co-signer is typically a person who signs for the car loan; the co-signer may or may not be listed as a co-owner on the title. If the co-signer is also a co-owner, the co-owner who is paying the loan can legally take the car. However, if the co-signer is not a co-owner, taking the car would be grand theft auto. Incidentally, if the co-signer is not also a co-owner and the loan falls into default, both the signer and the co-signer will be identified in credit reports as defaulting on a car loan, even though the co-signer did not have or use the car.
Does an auto co-signer have to put the car in their name?
In most circumstances, both names (the person who bought the car as well as the co-signer) will appear on the ownership papers, and/or on the loan for the car. With respect to co-signing a car loan, if one person fails to make the payments, the co-signer is considered liable. I enclose a link about this.
What is the diffrece between the primary borrower and the co signer?
The primary borrower and the co-signer are equally responsible for paying the loan. if the primary defaults, both their credit records will be ruined and the lender will go after the co-signer for payment. The difference is that the primary is generally the owner of the property and the co-signer is agreeing to pay a debt for property they do not own.The primary borrower and the co-signer are equally responsible for paying the loan. if the primary defaults, both their credit records will be ruined and the lender will go after the co-signer for payment. The difference is that the primary is generally the owner of the property and the co-signer is agreeing to pay a debt for property they do not own.The primary borrower and the co-signer are equally responsible for paying the loan. if the primary defaults, both their credit records will be ruined and the lender will go after the co-signer for payment. The difference is that the primary is generally the owner of the property and the co-signer is agreeing to pay a debt for property they do not own.The primary borrower and the co-signer are equally responsible for paying the loan. if the primary defaults, both their credit records will be ruined and the lender will go after the co-signer for payment. The difference is that the primary is generally the owner of the property and the co-signer is agreeing to pay a debt for property they do not own.
Can a co-signer take the car away from the primary driver?
The automobile's title/registration determines the legal owner of the vehicle. Loan documents only concern the signer's legal responsibilities with the bank. If both names are on the title and you as primary are not paying on the loan then it is the responsibility of the co-signer to pay the loan. Since the the co-signer is still co-owner, and they are paying then the co-signer can take the car away. Remember this is affecting the co-signer's credit as well as your credit.
If someone co-signs for another person does it show up on the co-signer's credit report?
Yes, the obligation will be reflected on the co-signer's credit. Lenders do not differentiate between a signer and a co-signer. Both are responsible for the repayment of the loan. If the signer stops making payments, the lender will look to the co-signer for full repayment of the obligation. Co-signer be aware!
If a person needs a cosigner to lease a car will their credit improve if they make payments on time?
Yes, the owner as well as the co-signer will be affected when you lease a car, being it negative or positive it will have an impact on both credit reports.
If the co-signer on a repo'ed car dies who is responsible for paying the credit company the deceased's estate or the original owner?
EITHER/OR. they both signed and agreed to pay.
When a co signer is needed to obtain an auto loan does that co signer need to live in the same state?
Yes, typically a co-signer for an auto loan needs to live in the same state as the primary borrower. This is because lenders often require that both parties be subject to the same state laws and regulations regarding lending. Additionally, having a co-signer in the same state can simplify the documentation and legal processes involved in the loan. However, it's best to check with the specific lender for their requirements, as policies may vary.
Can a person with bankruptcy still get a car loan with a co-signer?
Yes, a person with bankruptcy can still obtain a car loan with a co-signer. Lenders may be more willing to approve the loan if the co-signer has good credit and financial stability. However, the terms of the loan may be less favorable, such as higher interest rates, due to the borrower's bankruptcy. It's essential for both the borrower and co-signer to understand the risks involved.
Who's credit is affected if a cosigner is bankrupt and the loan is defaulted?
Both parties on the loan. Co-signer and other person they co-signed for
Can you sue for ex to pay half car payment if both names on loan?
You may take them to civil court and have a judge determine who will pay for the car. Most likely the responsibility will be held accountable to the person who drives the vehicle. But as far as the lender goes if there is a signer and a co-signer, you are both equally responsible.
Can a cosigner sell a vehicle?
No. Both must sign if both are on the title. Unless the Primary Signer is dead, the cosigner cannot sell the car. Also, having a power of attorney specifically for selling the car will give you the right. Let's say he is overseas and you want to sell the car, you have the right when he signs it over to you (power of attorney). A co-signer is only a guarantee on a loan, not the owner of property. If the owner of the car is still of sound mind and body, only he or she can sell the property.
