NO, the ONLY rights a co-signor has is to pay off the loan if the debtor defaults. Unless, they are listed on the title. Two different ballgames.
No, cosigners don't have to be on the title. The loan and the ownership of the vehicle are under two completely different agencies.
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.
Two things to consider here: First, the cosigner is an equal owner of the vehicle regardless of whether or not any payment has been made by him. This is a matter of contract law. Second, and typically in cases where payments are not current, the cosigner/co-owner can take possession of the vehicle to protect his credit if his intention is to surrender the unit or to make payments current.
Since the cosigners isn't paying, unless you start paying instead, and catch up on all late payments, the dealer or the bank will repossess the vehicle shortly anyway, so your question is moot.
Only if the cosigner is also named on the vehicle title.
Yes..... I did
No. A cosigner is just responsible for paying it off if the negligent driver wrecks it and and can't work to make the payments.
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.
Yes, a cosigner can register a car, but they are not the primary owner of the vehicle. The cosigner is responsible for the loan if the primary owner fails to make payments.
Yes, the cosigner is typically liable for the vehicle if the primary borrower defaults and the vehicle is repossessed. The cosigner is equally responsible for the loan and may be pursued for any outstanding debts, fees, or deficiencies resulting from the repossession. It's important for cosigners to understand their obligations before agreeing to cosign a loan.
Yes. I believe the loaner will contact you with a past due amount, or send you a bill. If this hasn't happened yet, contact the loaner and tell them you want possesion if the car is not being paid for by the buyer. * No. A cosigner has no legal right to a vehicle unless his or her name appears on the title. The cosigner will have to make the payments to keep the vehicle from being reposssesed or have the vehicle refinanced in his or her name with the primary borrower being released from the current agreement, this can only be done if the lender agrees.
No. Unless the cosigner is also a title holder they have no legal rights to the vehicle.