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Can you take the vehicle from the person not paying the loan if you are the guarantor of the loan?
Wiki User
∙ 12y ago
If there is a specific contractural agreement between seller and buyer and a lien has been officially filed against the title of the vehicle, then assuming the purchaser is in default of the loan - then yes.
Wiki User
∙ 12y ago
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What are the duties of a guarantor?
When a person does not have good enough credit to secure a loan or financing on their own, they need a guarantor. A guarantor is a co-signer, and that means if the person taking out the loan does not make the payments, then the guarantor has to make the payments.
What is a grantor on a loan?
A guarantor is the person who agrees to pay on a debt of someone else if the person who guaranteed to pay defaults on the loan. A guarantor is a type of co-signer for the loan.
Can a guarantor get their money back from someone who has defaulted on their loan?
No. All the guarantor does in a transaction is guarantee that the loan will be paid. They don't get any money back. In fact, they are fully responsible for paying the loan if the primary borrower defaults.No. All the guarantor does in a transaction is guarantee that the loan will be paid. They don't get any money back. In fact, they are fully responsible for paying the loan if the primary borrower defaults.No. All the guarantor does in a transaction is guarantee that the loan will be paid. They don't get any money back. In fact, they are fully responsible for paying the loan if the primary borrower defaults.No. All the guarantor does in a transaction is guarantee that the loan will be paid. They don't get any money back. In fact, they are fully responsible for paying the loan if the primary borrower defaults.
What is a person called who signs a loan with the borrower guaranteeing that the loan will be repaid?
A guarantor.
Can you cancel an agreement being a guarantor?
No, you can not stop being a guarantor to an agreement while the terms of that agreement are in force. Thus if you are a guarantor for rent and the person your are guaranteeing fails to pay the rent - YOU must pay the rent.If you a guarantor to a loan and the person with the loan defaults, YOU must pay off the loan.This is what it means to be a guarantor - you can not get out of the agreement when things begin to go wrong.Think VERY carefully before being a guarantor to ANYTHING.
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
Can you get another loan even if you are paying off the first loan and even if you do not have credit?
Unlikely from the same bank but possible depending on your past payment histories and guarantor.
Who is held responsible for the loan on a repossessed vehicle?
The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.
If a minor defaults on a loan does the guarantor have to repay the loan?
The guarantor is liable to pay the entire loan on demand of the creditor plus any collection fees.
In Virginia can a vehicle registration be in only one person's name if two names are on lien?
Yes, only one name is required on Title,although there is more than own guarantor of the loan.
What are your rights if you are a primary borrower of a vehicle and the seconday borrower is not paying the loan?
If the secondary borrower is not paying the loan, you must take the vehicle back from the secondary borrower before the bank takes back the vehicle and ruins your credit. You will learn from that not to cosign a loan.
What is grantor?
what is the responsibility of a grantor, putting up security example car if the person that has taken out the loan has not paid the loan off in full what is the responsibility of a guarantor
