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What are your rights as primary borrower of vehicle loan but co borrower has possession and pays the payments?
The loan is joint so both parties have equal rights to the vehicle.
Not Necessarily SoAs a borrower, you only have the "right" to repay the loan. If you are also listed on the title as a co-owner, you have equal rights to use the vehicle.NOT ALL CUT AND DRY!
The primary is the "PRIMARY OWNER" the co-signer is just a back up for the lender. If the Primary has allowed the co-signer to use the vehicle and it is in their possession well the primary is entrusting that person to operate it, and if there was verbal agreement with the co-signer to maintain payments, insurance and so on and if that person does not obtain like car insurance which is the law etc, you can write a demand letter asking for the vehicle back. Because if the co-signer does not keep up the insurance who ever the lender is will add their own and it will increase the car payment and only cover their property leaving the primary and the co-signer STILL liable for others in the event of a accident. Now if the Primary owner is not at all happy with the use of a vehicle by a co-signer in their name as well and there is Negligent Entrustment there are things you can do to protect yourself and you really need to talk with an attorney in your state. It really depends on your situation why the vehicle is in the co-signers possession in the first place.
What else can I help you with?
Does a co-signer have to be on the registration for a vehicle?
No, a co-signer does not have to be on the registration for a vehicle. The co-signer is typically responsible for the loan payments if the primary borrower fails to pay, but they do not have ownership rights to the vehicle unless their name is also on the registration.
What legal rights does a cosigner have to a vehicle?
A cosigner of a vehicle loan is typically equally responsible for the debt if the primary borrower fails to make payments. However, the cosigner does not have ownership rights to the vehicle unless specifically stated in the loan agreement.
Who holds the collateral in a loan with collateral?
Normally, unless it is a sort of pawnshop or personal type of loan, you the borrower hold the collateral. For example, if you get a loan on a vehicle, you have possession of the vehicle as long as you are making payments as agreed. If you stop making the payments, the one to whom you owe the money (the lien holder) can take possession of the vehicle, sell it, and you would be responsible to pay the difference between what it is sold for and the amount you still owe, if there is a difference.
If someone co-signs on a car, are they listed on the title?
No, a co-signer is not listed on the title of the car. They are responsible for the loan if the primary borrower fails to make payments, but they do not have ownership rights to the vehicle.
What is the process for purchasing a vehicle with the assistance of a cosigner?
When purchasing a vehicle with a cosigner, the process involves the cosigner agreeing to take on responsibility for the loan if the primary borrower is unable to make payments. Both the primary borrower and the cosigner will need to provide financial information and undergo a credit check. If approved, the loan will be in both names, and both parties will be legally responsible for repayment.
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.
If the primary borrower in Colorado is not defaulted on the payments can the co-signer take possession of the vehicle?
The only way that a co-signer can take possession of the vehicle is if they are listed on the title as a co-owner. Even if they are a co-owner, they cannot just take the vehicle. They would need to sue the primary borrower in court to gain possession.
Does a cosigner have the right to take possession of the car when the primary borrower has made all the payments and has not defaulted on the loan?
No, a cosigner has no legal rights to a vehicle unless his or her name appears on the vehicle title.
Can you take possession of the car if the borrower stops making payments even though they have been paying for a year?
Only if your name is on the title, and only if the primary borrower defaults and the vehicle is subject to being repossessed by the lender.
How can a co-buyer take possession of a truck when the primary borrower is not making the payments?
When someone co-signs, they are basically just agreeing to making the payments when the signer can not. * Any legal rights that a cosigner or a co-buyer(borrower) have depend upon whether or not their name is on the title to the vehicle.
Can a co-signer who is named on the title take possession of the vehicle from the primary borrower in Oklahoma?
Not arbitrarily, the co-signer would need to sue the primary borrower and be awarded the vehicle or the money owed to complete the loan agreement.
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 your cosigner defaults on other loans but you are making your payments can they repossess your vehicle?
No. You are the primary borrower and are honoring your financial obligation.
Can the primary signer on a car take it from the co-signer if she has the car and is beginning to be late on the payments?
The primary must also be listed on the Certificate of Title in order to take possession of the vehicle. If not then the primary must sue the co-borrower to get possession of the vehicle. In fact, if the vehicle is listed in both names, a court will need to decide who gets what since the co-borrower has already made an investment in the car. The primary may need to buy her out in order to get title in her name alone. You should consult with an attorney who can review your situation and explain your options or take your chances in court by representing yourself.
Can the primary signer on a car take it from the co signer if she has the car and is beginning to be late on the payments?
The primary must also be listed on the Certificate of Title in order to take possession of the vehicle. If not then the primary must sue the co-borrower to get possession of the vehicle. In fact, if the vehicle is listed in both names, a court will need to decide who gets what since the co-borrower has already made an investment in the car. The primary may need to buy her out in order to get title in her name alone. You should consult with an attorney who can review your situation and explain your options or take your chances in court by representing yourself.
Can the primary borrower of a vehicle take it away from the co borrower?
Yes, the primary borrower of a vehicle can take it away from the co-borrower, as they are usually listed as the primary owner on the loan agreement. However, this may lead to legal and financial complications, especially if the co-borrower has been making payments or has a claim to the vehicle. It's advisable for both parties to communicate and resolve any disputes amicably or seek legal guidance if necessary.
If your son is the co-borrower on a car loan and has possession of the car but does not make agreed payments can you take the car?
Yes, as the primary borrower on the car loan, you can take possession of the car if your son fails to make the agreed payments. Since the loan is in your name, you have the legal right to reclaim the vehicle to protect your financial interest. However, it's advisable to communicate with your son first and review any applicable laws in your jurisdiction regarding repossession.
