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He owns the car legally now that he has the title. The only thing you can do is gather financial evidence that you paid those 3 times and ask him for the money. If he refuses, take him to small claims court. You will win. If the person's name is not on the title he or she has no legal rights to the vehicle. Simply having possession of the title to a vehicle or any property does not confer ownership rights. A cosigner who is not included on the title cannot keep possession of it until they are reimbursed for payments made, they must use the due process of law. If the person's name is not on the title then the bank has made a serious error and has placed itself in the postition of being sued by the primary borrower if that person so chooses.
ANSWER It sounds like you're saying that you were the primary purchaser, and the co-signer only made three payments the length of the loan, correct? In that case. you guys both are probably on the title, and, to get the vehicle/title back is to arrange to oay him back for the three payments they made during that time. You can probably come to an amicable agreement like you pay them back for the total amount they spent on the vehicle and then have them go with you to the registration office in your city so that they can sign the title over to you.
What else can I help you with?
How can you get out of cosigner even through you already cosigned?
Pay the loan off and then collect payments from the person you cosigned for.
Can a cosigner on a student loan can I take signer to court?
Yes, a cosigner on a student loan can take the primary signer to court if they fail to make payments on the loan. As a cosigner, you are equally responsible for the loan and have the legal right to seek repayment through legal action if necessary. It's important to consult with a legal professional for guidance on the specific circumstances of your situation.
Can a cosigner get off the loan if it has been financed for over 2 years?
A cosigner can only be relieved of the financial obligation through refinancing of the loan without the current cosigner's participation.
How is a cosigner determined eligible?
Generally through a credit check.
How does a bank go after a cosigner?
If a borrower defaults on a loan, the bank can pursue the cosigner for repayment since they share the legal obligation for the debt. The bank may contact the cosigner directly for payment and can report missed payments to credit bureaus, damaging their credit score. If the cosigner fails to pay, the bank may escalate the situation by taking legal action or initiating collections. Ultimately, the bank can seek to recover the owed amount through various means, including garnishing wages or seizing assets, depending on local laws and the specifics of the loan agreement.
What is the difference in a cosigner and a guarantor?
A cosigner signs the debt agreement and the lender can demand payment from both the debtor and the cosigner. A guarantor does not sign and the lender needs to go through the debtor before demanding payment from a guarantor.
Where can I find a cosigner online?
You can find a cosigner online through websites that specialize in connecting borrowers with potential cosigners, such as CosignerFinder or LoanSolo. It's important to carefully vet and communicate with any potential cosigner before entering into a financial agreement.
Is it possible for a cosigner to become the primary borrower on a car loan?
Yes, it is possible for a cosigner to become the primary borrower on a car loan through a process called refinancing. This typically involves the cosigner applying for a new loan in their name only, which pays off the existing loan and transfers the responsibility solely to the cosigner.
How do you take a car from the owner if you are a cosigner?
Unless you are also on the title you will need to do it through a lawsuit.
What is electronic payments system?
This would generally be payments over the internet, or through an ATM.
What options does a cosigner of a student loan have when the signer doesn't pay and won't make any effort to put the loan in forbearance or to consolidate to make the payments more affordable?
I am going through this same thing right now. It appears that their are no options but to pay it. Then you might be able to sue them for the money, but if they don't have it, you wont get it.
Can a 19yr.old undergrad receive a loan without a cosigner?
A stafford or perkins loan, yes, IF you qualify through the FAFSA.
