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Lenders require a financed vehicle to have full coverage. However, many times it slips through the cracks and a person who has poor credit (who needed a co-signer) will allow the insurance to lapse. A co-signer should always make certain the car is insured against loss. If the car is involved in an accident and is not insured the co-signer is fully responsible for paying the loan.
This is a common problem with cars, people with poor credit and co-signers who fail to get informed regarding their responsibility and liability before signing. It is rare that the primary borrower will pay off the loan for a wrecked car.
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Will you owe taxes on a totaled car?
Not if you notify you local PVA that the car is totaled and not longer in service. You will pay taxes up to the day it was totaled.
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 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?
Can your daughter be on your car insurance if you are not cosigner on her car loan?
Yes: Your spouse/children can be included on your insurance policy regardless of who was/if there was a cosigner on the car.
What are the consequences if a cosigner on a car loan sells the car without the permission of the other cosigner?
Possible fraud charges.
How do you finance buying back a totaled car?
Home equity loan perhaps. No bank is going to finance a totaled car.
What if your car is totaled?
Get a new car. == If someone hit your car you will be paid the actual cash value of the car. If you totaled the car and had collision coverage you will be paid actual cash value, too.
If your car is totaled can you legally drive it?
No.
How do i totaled my car?
drink driving
Can you register a totaled car in Texas?
no
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.
When can cosigner attempt to sell car?
A cosigner can attempt to sell the car at anytime. However, in order for them to sell it, they have to have the other signer's signature.
