Repossession

Can they? Yes. You can take someone to court for anything. Collecting is something else. Unless you had an agreement in writing stating that you would be reimbursed, I doubt you would win.

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If your name is on the title, you can take the car. Just make sure he didn't re-titled it after the split.

You are confusing me. The primary borrower should have the registration, insurance, and possession of the vehicle, not the cosigner.

I am currently going through a situation where I cosigned for a car for my sister. Due to her lack of making payments, I have hired an attorney to try to obtain possession of the vehicle. Both her and I are listed on the registration/title as 'or'. She has possession of the vehicle, the registration (which I obtained a copy of from the Motor Vehicle Office) and carries the insurance. My attorney tells me although I am on the title, registration, and loan, in oder to 'take' the car I have to go to court and have the judge issue a Writ of Possession. This being the case, depending on your state laws (I am in Florida), the other person would likely have to go to court to get the Writ of Possession to take the vehicle from you. I have learned the hard way (I am quite jaded because of this experience) the person who has the car in their possession has most of the rights - regardless of who is making the payments. Hope this helps. DON'T EVER CO-SIGN FOR A CAR FOR ANYBODY NO MATTER WHAT!!! PLEASE LEARN FROM MY MISTAKES!!!

Not unless their name is also on the title.

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.

Unless your name is on the title to the car as well as the loan, there isn't much you can do. If you don't make the payments, your credit will be damaged. Co-sign means you are EQUALLY responsible for the loan.

Make the best of a bad situation: Whatever the lender doesn't get paid on the loan as well as the amount it costs to pursue it's rights to get paid (all repo fees, court/legal costs, additional interest, etc., etc.) become the responsibilty of those who signed the loan (that is both of you).

If the car is repossed and sold at auction, lots of fees are incurred and the likely the lowest value, (wholesale auction - recovery vehicle), received. Your responsible for all the rest.

Get the primary to at least work at trying to sell the car, hopefully even try and clean it and market it well, through the local papaers, etc at the highest amount you can, without adding costs to the loan amount.

If you approach the lender earnestly, and get them to understand what you (as cosigner) are up to...which shouldn't take long to complete - you may, just may, get them to accept what you sell it for as a payoff....or at least work with you on lowering the already accumulated late fees, back payments, etc., establishing a payment plan, and make it possible to have a good title for new owner.

The lender does not want to repossess. Believe it or not, while they do (in theory) get to recover all fees and costs, etc, - if they actually do ever make money selling a repo...they must return it to the primary.

A co-signer is only obligated if you default on your payment(s). I can't think of why or how one could repossess the car otherwise. If however, you default, the co-signer will be obligated to the original creditor. Then the con-signer can sue you for the amount that is owed on the vehicle or the vehicle if they are willing to keep up the payments. They have to follow due process, which means filing a suit, serving summons, the hearing, getting a judgment, acting on the judgment and so on, and so on.

Cosigners are not for sale if that's your question. You have to find someone with a good credit rating preferably a friend or relative. In addition this person needs to trust you!!! A cosigner is only needed because the primary doesn't have adequate credit rating/history for the needed loan. Hence, the cosigner needs to have credit good enough to qualify for the loan, and secure enough that they can risk much of what they have historically established for likely no real benefit - on someone others won't risk anything for, even with a possible very good business gain at stake. Understand, being a cosigner is essentially the exact same as getting a loan - the cosigner is just as liable as if he got the loan on his own..in fact he needs to be more responsible. He now has to take on the obligations of the primary too, if needed, likely without the control, posession or benefit of what was purchased. Which is to say, if someone buys something for themselves, on their own credit, and then loses their job (or whatever) and has problems paying, they can sell the item and pay off (all/much of) the obligation. For many reasons, a cosigner may not be able to. And let me be clear, it is frequently shown that people who are irresponsible about their own credit (regardless of why it got that way) are even more irresponsible about others credit and obligations -- and this extends to obligations like those that come with owning/maintaining things. Things that may have the cosigners name connected to them.

if you didnt make the payment/s then you are in "default" of the loan agreement.

the co-signer or bank can take it back.

in order to get it back you must become current w/ payments or if they sell it then your responsible for any money lost if it sells for less than the loan.

read the contract, its in there.

A cosigner would only have rights to a vehicle if their name is on the title. Due process, and a court order, is the only way to take possession of the vehicle in question. That could only be done with the consent of the lender.

PAY the loan off.

Absent primary borrower being able to get the/a loan on his/her own and pay you off, only if the lender is willing to let you off the hook. Not common, and why should they?

Your probably better off working with the primary to get as much out of the asset now, (sell it for value, not have it repo'd and sold for little value), and avoid having late fees, interest, repo and legal costs, etc. added to the loan amount. (They will be). The lender may well work with you to mitigate any loss and make things happen. You were a cosigner as a responsible party.....BE RESPONSIBLE.

No, you are the borrower, but the bank is only letting you borrow because the co-signer has promised to pay if you don't.

If his name is already on the title, you can't sell him something he already owns. You should be able to have your name removed from the title if you want, and the bank may be willing to change the loan to your fathers name as primary borrower and remove you from the loan.

The OWNER is listed on the TITLE and/or registration. The buyer actually becomes the owner when all financial obligations are paid in full. For instance... when you are buying a house you are considered to be an owner because you hold the deed. But, there is a Deed of Trust for the property, held by the lender. That gives the lender the right to take the property if the borrower defaults.

No. Your mother (or some other adult) would have to be the primary creditor.

That depends on the stipulations of the contract and the laws of the state you reside in. In most cases, the co-signer can use litigation to recover any money they have spent to cover the debt.

It depends on whether your name is on the title as co-owner. If it is, then you have equal rights of possession. If NOT on the title, you have the right to KEEP ON PAYING to protect your good credit. Have fun

Yes you must turn the vehicle in on a lease. You are responsible for the full amount of payments on the lease. If the vehicle is not turned in it can be reposessed.Remember you never owned it.

It certainly does. Unless the person likes the idea of "Grand Theft Auto" charges. You would have to reafirm your contract with the lender and pay any accrued fees/penalties.

YES YES and YES, Do not cosign for anything that you do not want to pay for. The cosigner is responsible for payment and if not the lender and file liens, sue or any other method to collect as listed in your contract.

No, the cosigner may be the first one the lender attempts to collect from if the primary borrower defaults. That will probably be the only "warning" one receives.

If the car is paid in full and two names are on the title with an "or" (ie. Jane Doe or John Doe) then either of these people can get a new title without the other person's name on it. If the title uses "and" (Jane Doe AND John Doe) then one of the people would have to sign over ownership to the other.

A co-signer accepts equal responsibility for the debt in the event the primary borrower fails in their obligation to pay. Being a co-signer will definitely impact a credit score. A co-signer generally has no ownership claim to any property that is involved. A co-owner actually owns a portion of any property, to the extent the state laws and the wording of the title/deed allow. A co-owner will not always be responsible for the debt itself.

Yes!

The whole point of cosigning a loan, from the lender's perspective, is that they have 2 people on the hook for the loan in the event it goes sour.

If the person stops making payments (bankruptcy or not), they will come after the cosigner, making the cosigner wish he/she had never, ever cosigned.

In some states yes.

ONLY if you are listed on the TITLE as co-owner. Othwise you have NO rights to possession, ONLY payment of the loan.

The co-signor will have to make arrangements with the LENDER unless the co-signor is listed on the TITLE. In that case, go get the car.

either OR both