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No, only the lien holder of the car can repossess it. If the primary on the account can't make the payments, the co-signer becomes leggaly responsible for the debt. No. You have to go through the legal processes and sue for the car. If the primary owner of the car is not making payments and you can prove to the court that you have made the majority of the payments, then you may be able to get the car. You should never co-sign in the future, too much is at stake when you do. If your name is the only name on the registration, then you can take the car from the primary owner - call it in stolen if they refuse to give it up. Technically, the owner is the person on the registration - no matter who pays for the car.
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Can a cosigner coowner repossess a vehicle if the primary has not defaulted payment on the loan?
A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.
Can you as cosigner repossess your child's car when payments aren't made?
ONLY if your name is on the TITLE as co-owner or leinholder can you "repo" the car.
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 bank repossess if the borrower defaults and there is a cosigner on the vehicle?
The cosigner becomes the target next. If you default, it is up to the cosigner to pay the bill or both of your credits are ruined and the bank takes their usual steps to repossess a vehicle.
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.
Will my car be taken if my cosigner dies?
Not as long as you make your payments on time. A co-signer guarantees that you will pay your loan off. If your co-signer dies and you don't make your payments the lender will repossess the car and go after you for any deficiencies.
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.
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.
Is a cosigner's spouse responsible for the loan if he dies?
No you are not responsible but if your step daughter does not pay the loan they can still repossess the vehicle.
When in the state of PA if one party cosigns for the vehicle and the cosignee divorces a daughter can the cosigner repo the car if there is suuficient proof that the ex-son in law has lost a job?
I'm sure you won't like this answer, but only the lender can repossess the collateral. If the cosigner is also a co-owner and listed on the title, he could insist on taking his turn driving the car. But essentially, the only right a cosigner has is the "right" to make the payments if the primary borrower does not.
If a car is in your name as the primary but your cosigner has been making payment for the last year and many of those payments have been paid late can you legally take that car from the cosigner?
Since the cosigners isn't paying, unless you start paying instead, and catch up on all late payments, the dealer or the bank will repossess the vehicle shortly anyway, so your question is moot.
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?
