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What is the difference between a cosigner and a cobuyer when applying for a loan?
A cosigner is someone who agrees to pay back the loan if the primary borrower cannot, while a cobuyer is someone who shares ownership of the purchased item and is equally responsible for the loan payments.
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 the cosigner of a motorbike loan take possession of the bike if the primary borrower isn't making payments?
yes
Can the co-signer repossess a car deliquent in payments?
It wouldn't be a repossession, but if he has had to make the payments, he could sue the primary borrower and might get possession from the court.
Can you take possession of a car that you co-signed for if the primary is making the payments?
NO. Cosigning means the person is promising to be responsible for the debt if the primary borrower defaults.
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.
Upon signing a contract where it says Primary Buyer and Co-Buyer where is a Co-Signer supposed to sign?
Cobuyer, cosigner, they are the same thing. Wherever you sign as co-signer you should be aware that if the primary borrower defaults on payments you will be held equally responsible for paying the loan.
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.
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.
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 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.
