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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.
What else can I help you with?
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.
Can your loan be in default if you are making your payments on time but have failed to insure the vehicle or provide information to the loan company?
Yes. Making payments on time is only one of several things you agreed to do when you signed the loan papers.
Can you explain what a lien on a motorcycle is?
A lien on a motorcycle is a legal claim that a lender has on the motorcycle until a debt, such as a loan, is fully paid off. This means that the lender has the right to take possession of the motorcycle if the borrower fails to make payments as agreed.
Can you repossess a car from your ex if they're not making the agreed-upon payments?
Doug, you are not 'repoing" as such. you are only taking possession of collateral you are responsible to pay for. GO GET IT and have the lender take her name off the loan IF yours is the best, strongest credit. Rem that taking her off the loan is up to the lender.
Can the cosigner of a motorbike loan take possession of the bike if the primary borrower isn't making payments?
yes
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
You cant get a mortgage loan can i put your sister on the loan eventhough she live on a different state?
You can add your sister that lives out of state. One of my personal favorite loan for this is the FHA loan. She will be classified as a "Non-Occupying CoBorrower"
How can you get possession of car in Texas as cosigner?
If you're not on the title then you only agreed to pay the loan if the person buying it doesn't. This doesn't give you any right to the car. However, you can sue the primary borrower in civil court if they defaulted on the loan and you made the payments. The judge may order the primary to sign the title over to you.
Can a lienholder legally repossess your car if you fail to make payments?
Yes, a lienholder can legally repossess your car if you fail to make payments as agreed upon in the loan agreement.
In what instances could a repo be considered a theft?
Taking property that you don't have a right to possess is generally theft. (And accusing someone of theft, who had a right to it, is probably illegal...at least as filing a false police report).If you have failed to make payments as agreed in your loan, generally, the lender can take possession back as a step in the process of getting ownership.Read your loan agreement...it probably spells out what you agreed and signed to...and it probably says...if you don't make payments...for any reason, the lender can take possession. There may well be some other things about how they may advise you of your default, and how you could take corrective action before repossession or correct an error. (Like correcting an accounting error as when they say you didn't pay but you have receipts proving you did. But you agreed to have the responsibility to act).If you purchased a car at a "we tote your note" type place, since they maintain ownership/title of the vehicle until the loan is paid off (it remains their car)...and the agreement normally only gives you the right to possession as long as you timely make the payments...if your late on a payment, they can take possession.
If someone stops making payments on their car loan and you are the cosigner and your name is also on the title can you pay the loan off and take possession of the vehicle?
Possibly. Contact an attorney for a definite answer.
Can I aply for loan payments?
How can I aply for loan payments?
