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Does the primary owner have rights to a auto the cosigner wont pay for?
Wiki User
∙ 12y ago
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.
Wiki User
∙ 12y ago
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What is the insurance liability for the cosigner of an auto loan?
None. A cosigner is entering into a legally binding contract to repay the debt if the primary borrower defaults on the lending agreement. The cosigner does not have any other obligation nor ownership rights to the property.
What are the requirements of an auto cosigner in Indiana?
An auto cosigner, in the state of Indiana, has to meet all of the requirements of the contract. In most cases the cosigner has the same obligations as the primary signer.
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
Is it better for a person considering cosigning on an auto loan to be a co-buyer versus cosigner?
Yes, because then they have a vested interest in the property, whereas a cosigner usually has no legal rights to the vehicle and is only agreeing to assume the debt if the primary borrower defaults on the contract.
If the cosigner is refusing to refinance or pay the auto loan off how could the primary person on the auto loan remove his or her name?
They would need to have the vehicle refinanced in their name only or obtain another cosigner for the refinancing.
If you co-sign on an auto loan are you required to be on the title in Pennsylvania?
No, a cosigner generally has no legal rights to the property that they are cosigning for.
How long does the co-signer have to stay on an auto loan?
A cosigner is obligated as long as the loan exisists. The loan must be paid off or refinanced into the primary borrower's name only to release the cosigner.
How long does the co signer have to stay on an auto loan?
A cosigner is obligated as long as the loan exisists. The loan must be paid off or refinanced into the primary borrower's name only to release the cosigner.
If you are the cosigner on auto lease and the primary lessor files bankruptcy does the cosigner have the right to take over the vehicle lease?
It depends on how the agreement is worded, but usually - NO. The co-signor is NOT the co-owner but is only someone whom the lender has qualified to act as a financial "back up" to the purchaser. This is not to say that the co-signor cannot become the car's owner but would have to go through the qualification process that would qualify them.
Can you be seventeen and have a cosigner cosign for an auto loan?
i was able to get an auto loan with the help of a cosigner and im under 18
Can you switch the cosigner to the primary and the primary to a cosigner?
It depends on the policy of the finance company. I used to work in the auto finance business, and the companies that I worked for would not do it because there was no reason to. Technically speaking, the co-signer is fully liable for the loan, just like the primary signer, so whose name appeared first on the contract had nothing to do with anything.
Can a cosigner on an auto loan get insurance on the vehicle?
Yes
