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That depends on 2 things. 1, does the title say "And" between your name and the primary or does the title say "or". If it's "or", you can take the vehicle, pay it off and sell it, maybe, if your state laws are designed that way. If the title says "and" you'll need to get the state to work with you or just go to the bank and explain what's going on. If they're decent about it you'll be able to work out something where they take the vehicle, sell it and you voluntarily make up the difference. Co-signing is such a pain. Next time you want to help a friend, get the vehicle in your name, have the friend make payments to you and have the insurance in your name as well. The worst that can happen will be that the friend gets in a wreck and messes up your insurance rates but the car will be in your name and you'll have the right to take it back or report it stolen if the "Former" friend skips. If the bank will cooperate, you shouldn't need to work out much. If they're a pain they could mess you up. It's far better to go to them and explain what happened and just go with whatever they require. Maybe they could get the title back from the State and re-issue it in your name... provided that you even want the vehicle.
What else can I help you with?
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.
Does a cosigner have rights to a vehicle?
No, a cosigner only has the legal obligation to pay the debt if the primary borrower defaults on the lending agreement.The exception to this would be if the cosigner is a joint title holder of the vehicle.COSINGER!Does a consignor have rights to the vehicle if the people who is buying the car never missed a payment?
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 the cosigner demand that the car remain in the same state where he or she resides?
No, a cosigner does not have any legal rights to the vehicle, but does have the legal obligation to repay the debt if the primary borrower defaults on the contract. An exception could be if the cosigner is also named on the title to the vehicle, and if so, how the title is worded.
Does a co-signer have rights to a vehicle that is being financed and payments are currently being made by the primary holder?
NO. As the cosigner, you are only guaranteeing the loan.
What are the rights of the cosigner to sell a car?
None, unless the cosigner is also on the title of the vehicle they have no legal rights to the property. When someone cosigns a loan for any reason they accept the responsibility of paying the debt if the primary borrower defaults. The only option a cosigner has in recovering money paid out in connection with the loan is to sue the primary borrower in the appropriate court, in the city or county where the borrower lives.
What rights does a cosigner have to gain possession of the vehicle if he paid off the loan without your knowledge and the title is in your name only?
If a cosigner's name is not on the title they have no legal claim to the vehicle. They can file a lawsuit against the primary borrower to recover money that they contributed towards the paying of the loan.
Can a cosigner who is on the title of a leased car be sued for not paying any payments on the car when the primary leasee is paying off the loan?
First of all it would not be possible to be on the title of a leased vehicle, as the leasor retains ownership rights. A cosigner is only responsible for the debt if the primary borrower defaults on the lending agreement.
Can a cosigner take away your car even though payments are not delinquent?
No. Unless the cosigner is also a title holder they have no legal rights to the vehicle.
Is it better for a person considering cosigning on an auto loan to be a co-buyer versus cosigner?
Yes, because then they have a vested interest in the property, whereas a cosigner usually has no legal rights to the vehicle and is only agreeing to assume the debt if the primary borrower defaults on the contract.
What are the legal rights of a cosigner on a mortgage?
legal rights of cosigner on mortgage
Can the cosigner get her name off the loan or can she take the car if her name is not on the registration?
The only way to be relieved from cosigning obligations is for the primary borrower to refinance the vehicle. And no, if the person's name is not on the car title they have no ownership rights.
