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Can a cosigner repossess a car if the primary borrower stops making payments?
Wiki User
∙ 6y ago
No. Only the lender can "repossess" a vehicle. You need to keep making the payments to protect your own credit. It is likely you would need to bring a court action, prove you are making the payments and petition the court to order a transfer of title.
Wiki User
∙ 6y ago
Wiki User
∙ 6y agoUnless you are listed on the TITLE as co-owner, NO.
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If your cosigner defaults on other loans but you are making your payments can they repossess your vehicle?
No. You are the primary borrower and are honoring your financial obligation.
Does the lender have to notify you as a cosigner if the primary borrower fails to make a payment?
No, but if the borrower misses enough payments, the cosigner will start getting collection calls as well.
Can a cosigner take the primary borrower to court to get possession of the car that the primary has made all the payments on and the car is insured and registered to the primary?
No.
Can a cosigner in California take possession of a vehicle if the primary borrower is not making the payments in Georgia?
Only if the cosigner is also named on the vehicle title.
Can the cosigner sell the house if his name is not on the deed and the primary borrower has missed 3 payments?
No. If you are not on the deed, you can't sell the property. The only "right" you have as a cosigner is the obligation to make the payments.
Can the cosigner of a motorbike loan take possession of the bike if the primary borrower isn't making payments?
yes
What are the consequences of signing a car loan when the primary borrower defaults on the payments?
When the primary borrower defaults the cosigner becomes legally responsible for the loan. If the cosigner is not able to pay the loan he or she can also be subject to legal action by the lender and the cosigner's credit score will be seriously affected.
Is the cosigner the only one responsible on the loan?
The primary borrower is responsible for making the payments and adhering to the terms of the lending contract. The cosigner is legally obligated only if the primary borrower defaults on the lending agreement or files bankruptcy (chapter 7).
Can the co-signer repossess a car deliquent in payments?
It wouldn't be a repossession, but if he has had to make the payments, he could sue the primary borrower and might get possession from the court.
Can the cosigner be taken off the loan if the primary borrower has made over a year of payments on time?
The only way for a co-signer to be taken off the loan, would be for the primary borrower to refinance the account.
Cosigner repo a vehicle?
If you are a co-signer of a repossesion, and the primary borrower has not made an attempt to make their payments then you are fully responsible for this debt.
Will a bank repossess a car from co signer if primary goes bankrupt?
Only if the primary has said s/he will surrender the property in the bankruptcy and/or if the cosigner does not make the payments due.
