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Who is responsible for making monthly payments when there is a primary buyer and a co buyer?
Wiki User
∙ 19y ago
either OR both
Wiki User
∙ 19y ago
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Can you take possession of a car that you co-signed for if the primary is making the payments?
NO. Cosigning means the person is promising to be responsible for the debt if the primary borrower defaults.
Does the lender on a car loan have to notify the cosigner before they repossess the car in TN?
They should since they are just as responsible for making payments as the primary.
Can a mechanic put a mechanics lien on your car as long as you are making monthly payments of some kind?
If you fail to pay the mechanic for services then they can put a lien on your car and this has nothing to do with you making the monthly payments on time.
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 someone garnish a cosigner for a car and garnish the primary also?
In the State of Texas, the answer would be "YES" as both parties signed for the car loan and both are responsible for the balance due. I was the primary signor but the cosigner had the car and was making the payments. Then she stopped making payments after owning the car for 3 years and the car was repossessed.
What is a cosigner responsible for on a car loan?
The co-signer will be completely responsible for paying the loan if the primary borrower defaults on the payments even though the co-signer will have no ownership interest in the vehicle. A co-signer should always be completely informed about the consequences of co-signing. They are guaranteeing that you will pay. If you miss payments it will affect their credit record. If you default it will also wreck their credit. In short, co-signers are responsible in making sure that the primary borrower is able to make the payments on time, and if not, will be their responsibility to continue and settle the payments if the primary borrower fail to do so.
How come a monthly statement is not sent by the collection agency when making monthly payments?
Because they don't. It is a lot of agency's policies.
Does a co buyer have rights to the auto loan payments?
The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.
I bought a truck from someone and was making monthly payments. This person was not making payments to the bank. The truck is in the process of being reposed by the bank. Can I put a lien on the truck?
nothing you can do without a title in your name
Is an amortization loan worth it?
Amortization is just another name for the monthly payments you will be making. It is not a type of loan.
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.
What can a cosigner do after a car is repossessed Can they sue the primary signer?
Seems pointless to even consider. If the primary signer didn't have enough funds to make the car payments, they probably will not have enough funds to pay any lawsuit you charge them with. Fact is, if the primary signer defaulted on payments, then the cosigner would be responsible for making them - If repossession occured, then it was due to the fault of the cosigner .. can't sue yourself.
