The lending institution doesn't really care, they'll sue BOTh parties to get their money.
Yes, if you defaulted on the loan.
Yes.Yes.Yes.Yes.
Yes, you can sue the borrower and receive a judgment if they defaulted on the loan. They can also sue the cosigner.
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.
A cosigner can only sue if the primary borrower signed an agreement for the cosigner to pay the debt and then be reimbursed. The consignor can not sue if they, at their own liberty, decided to just pay the debt.
A minor cannot enter into a legal contract. Any loan they are a party to is invalid.
Sue them, you have already taken pitty on them, so if they dont show signs of paying ( take your warning) sue them
I'm almost afraid to ask....for what?You really aren't thinking you can sue the co-signer for your failure to pay your debt are you?You understand, the cosigner isn't there to protect the primary...he is required by and there to protect the lender!
Yes, the cosigner can sue the primary borrower if they can prove the money paid on the exisitng loan was a loan to the borrower and the person had knowledge of and agreed to the action.
No. The co-signer would need to take all that evidence and sue in court to get title to the car transferred unless the owner is willing to sing over the title.
If you're not on the title then you only agreed to pay the loan if the person buying it doesn't. This doesn't give you any right to the car. However, you can sue the primary borrower in civil court if they defaulted on the loan and you made the payments. The judge may order the primary to sign the title over to you.