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If the car is registered in the cosigner's name can the primary borrower take the car if the cosigner is not making the payments?
It depends on the state you are in and the laws of that state. I had the exact same issue in Georgia. I am a co-signer. In most states it depends on how the two are listed on the title. Are the two borrowers list as Joe Doe AND Jane Doe? Are they listed as Joe Does OR Jane Doe? Which name is first? In Georgia, this state does not recognize "AND" or "OR" on the title. Each person has 50/50 ownership. I could take posession of the car if I had the opportunity to obtain it. I could not force the authorities to hand it over to me. If I did end up getting posession of the car, the other party could do the same and legally take the car back without legal problems.
Check with your local DMV on the title questions and/or an attorney for your state.
What else can I help you with?
Can a cosigner take the primary borrower to court to get possession of the car that the primary has made all the payments on and the car is insured and registered to the primary?
No.
Can a cosigner become the primary borrower on a loan?
No, a cosigner cannot become the primary borrower on a loan. The cosigner's role is to provide a guarantee for the loan in case the primary borrower fails to make payments.
Can a cosigner take over a car loan if the primary borrower is unable to make payments?
Yes, a cosigner can take over a car loan if the primary borrower is unable to make payments. This means the cosigner becomes responsible for making the payments on the loan.
Im a primary borrower on a loan n i had2 have a cosigner to get my car. i have made several payments on my carnthe cosigner had told me tht he had the car sold hes now got the not makein payments?
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.
What responsibilities does the cosigner have when agreeing to be a cosigner on a loan?
When agreeing to be a cosigner on a loan, the cosigner takes on the responsibility of repaying the loan if the primary borrower fails to do so. This means the cosigner is legally obligated to make payments on the loan if the borrower cannot.
Does the lender have to notify you as a cosigner if the primary borrower fails to make a payment?
No, but if the borrower misses enough payments, the cosigner will start getting collection calls as well.
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.
What are the rights of an auto loan cosigner?
An auto loan cosigner has the responsibility to repay the loan if the primary borrower fails to do so. The cosigner's rights include receiving notice of missed payments, the ability to make payments to prevent default, and the right to take legal action against the borrower if necessary.
Can the cosigner sell the house if his name is not on the deed and the primary borrower has missed 3 payments?
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.
Can you have a cosigner on a home equity loan?
Yes, it is possible to have a cosigner on a home equity loan. The cosigner agrees to be responsible for the loan if the primary borrower fails to make payments.
Can a cosigner in California take possession of a vehicle if the primary borrower is not making the payments in Georgia?
Only if the cosigner is also named on the vehicle title.
What does a cosigner have to to have?
A cosigner must have good credit, a reliable income and the willingness to sign for another individual. Cosigners help primary borrowers build a good credit history, along with on-time payments.
