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Can you sue your primary for not paying the car loan as a co-signer?
Wiki User
∙ 11y ago
You need to consult with an attorney in your jurisdiction who is familiar with state laws. You may be able to sue for any payments that you have made but you will be held responsible until the loan is paid off.
You need to consult with an attorney in your jurisdiction who is familiar with state laws. You may be able to sue for any payments that you have made but you will be held responsible until the loan is paid off.
You need to consult with an attorney in your jurisdiction who is familiar with state laws. You may be able to sue for any payments that you have made but you will be held responsible until the loan is paid off.
You need to consult with an attorney in your jurisdiction who is familiar with state laws. You may be able to sue for any payments that you have made but you will be held responsible until the loan is paid off.
Wiki User
∙ 11y ago
Wiki User
∙ 11y agoYou need to consult with an attorney in your jurisdiction who is familiar with state laws. You may be able to sue for any payments that you have made but you will be held responsible until the loan is paid off.
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Does the cosigner have to drive the car?
No, the cosigner signs on to the loan. Usually, the primary signer owns the car and drives it. The cosigner is there in case the loan goes into default and needs to be paid for. After they sign on the car does not belong to them, but the person who took out the loan.
Can a cosigner who is on the title of a leased car be sued for not paying any payments on the car when the primary leasee is paying off the loan?
First of all it would not be possible to be on the title of a leased vehicle, as the leasor retains ownership rights. A cosigner is only responsible for the debt if the primary borrower defaults on the lending agreement.
What happens to a cosigner of a car loan when the primary loan holder files bankruptcy and the loan is discharged and they do a voluntary repossession?
They can still come after the cosigner, and it will still reflect poorly on your cosigner's credit history. You have been absolved of the debt, not your cosigner.
Will refinancing a car loan under the primary borrower's name remove the cosigner from the loan obligation?
Yes.
What should you do if you are the primary on your car loan but the cosigner has been paying and you cannot afford the payments any longer?
Sign off your interest in the vehicle to the primary, letting him/her have the right to sell or drive the vehicle. Either way, the primary needs to have control of the property that he/she is paying for.
Who pays for a car loan in Michigan if you're the cosigner and the primary stops paying?
The lending institution doesn't really care, they'll sue BOTh parties to get their money.
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.
What happens to the cosigner if you are in chp 7 bankruptcy and you default on your car loan?
If you default on your loan, the cosigner is stuck with paying it off. If your credit had been any good in the first place, you would not have needed a cosigner.
Can the primary on a car loan have the cosigner's name taken off the loan without the cosigner's permission or knowledge?
IF the primary has the credit score to satisfy the LENDER, YES. The co-signor will be notified they are no longer on the loan, which will likely make them VERY HAPPY.
What are the rights of the cosigner to sell a car?
None, unless the cosigner is also on the title of the vehicle they have no legal rights to the property. When someone cosigns a loan for any reason they accept the responsibility of paying the debt if the primary borrower defaults. The only option a cosigner has in recovering money paid out in connection with the loan is to sue the primary borrower in the appropriate court, in the city or county where the borrower lives.
What legal recourse is there for the cosigner when the person that was cosigned for has defaulted on the loan?
The usual legal recourse for the cosigner when the person named as the primary on a loan has defaulted, is to make the payments on the loan. Then, the cosigner can take the person who defaulted to court to try and recoup some of the money they are out. If the loan was for a car, some states allow the cosigner to take possession of the car and sell it to recoup losses also.
If you are late on your loan payment and are a cosigner on your daughters car can they repposses the car?
If you are late on your loan payment and are a cosigner on your daughters car can they repposses the car?
