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Does the cosigner have any rights to a car by paying it off even if he's not on the title?
Wiki User
∙ 8y ago
I think the cosigner should have legal rights for the car especially if they are making payments on it. If payments are not paid, it effects the co-signers credit adversely and he is still financially responsible for the car until it it paid off. In fact I've heard the lender tends to come after the co-signer harder than the primary because they just want the debt to be paid (and the primary can't pay) - that makes sense. What other resort does the cosigner have to relieve himself of a bad financial situation and bad credit rating. I've also heard of the cosigner suing the primary for the deficiency, which is the difference between what's left to pay off the note and the actual amount he got for the car, if that amount is less than the note.
NAME ON TITLE = You can take the car and use it yourself or sell it.
NAME ON LOAN = You can make the payments.
Cosigning is an agreement to pay but paying does not give you any rights to the property.
Wiki User
∙ 8y ago
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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.
Does a cosigner have rights to the car even when its paid off?
No, the cosigner will not have rights to the car after its paid off because the purpose of a cosigner is to pay off the notice if you fail to do so. Being a cosigner does not give them to any rights to the car.
Does the primary owner have rights to a auto the cosigner wont pay for?
The primary is the one responsible for paying the loan. If they default (stop making payments) the co-sihner will be responsible for paying the balance or both their credit records will be ruined. If the co-signer's name is not on the title they will not own the property even if they paid for it. They would have to sue the primary borrower in court and obtain a favorable judgment.
Does paying your car loan on time even with a cosigner help build your credit?
Yes. It will also improve the co-signer's credit too.
Can a cosigner sue the primary for the full amount of loan when the cosigner pays it off?
A cosigner can only sue if the primary borrower signed an agreement for the cosigner to pay the debt and then be reimbursed. The consignor can not sue if they, at their own liberty, decided to just pay the debt.
If someone cosigned a lease to your apartment can they take their name off the lease even if you have been paying the payments?
No. Once a cosigner has signed the contract the only way they can be removed from the responsibility is a new agreement being made without the assistance of the original cosigner.
Can a cosginer for a car loan be left off the title?
Some banks allow it as long as there is a notice to cosigner form from the bank signed. It states that even though your name isn't on the title you can still be responsible for the bank note.
What are the rights of a co-signer if the person who has the vehicle has decided not to make payments?
None really. Even if you are on the title to the car as well as being a cosigner, you can't do anything without the other person. All you can do to protect yourself if make the payments. Find out what car dealers don't want you to know at www.dealertricks.com
Why is your name on a car title as being the owner of the car if you only cosigned for it?
Your name is on the title of a car just even if you just co-signed for it because that is what co-signing means: you are the co-signer on the loan. The first person signs the loan, which means that he or she is the owner. If they had signed it by themselves, they would be sole owner. A co-signer is like a "co" anything; co-meaning together. Cohabitate, Cooperate...etc. Generally cosigners do not have a vested interest in the secured property and therefore they are not placed on the title. A cosigner makes a binding legal agreement that they are responsible for repayment of the loan if the primary borrower defaults. The cosigner does not have legal rights to the property including a vehicle. Unless the primary borrower requested the cosigner be placed on the title it is an error and should be corrected as soon as possible to prevent future problems with receiving a clear title once the loan is paid.
Can you take the possession of the car if you were the cosigner of a person who filed bankruptcy even if they have included the car in bankruptcy?
No, not unless your name is on the title.No, not unless your name is on the title.No, not unless your name is on the title.No, not unless your name is on the title.
Does a man have parental rights if he does not pay child support and the child has a step dad that has been with him a lot longer than the real father?
Even if he is paying, he has no rights until court granted.
Does the person who cosigned for you have the right to take a vehicle even if the payments ARE being made on time?
no It depends. Is the cosigner on the title as co-owner? If so, they can take the car whenever they want.If they aren't, well, it's just plain car theft if they do. In other words if you are both on the title and the loan paperwork then both your butts are on the line financially and it's a civial matter if one of you wants the car over the other. But both of you have legal right of access so the police will not make an arrest or intervene if both parties can prove ownership.
