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If the cosigner and the primary borrower are on the car loan but the payment book is in the primary's name who owns the car?
The owner of the car is the person listed on the Certificate of Title.The owner of the car is the person listed on the Certificate of Title.The owner of the car is the person listed on the Certificate of Title.The owner of the car is the person listed on the Certificate of Title.
If car is paid in full does the primary owner need co-owner to sell car?
If the other owner is on the title then they are needed. If the other individual was just a cosigner on the loan then they are not needed to sell the vehichle. This information should be on the back of the vehichle's title.
Is there a way for the cosigner to be removed as cosigner if primary owner defaults?
No. The purpose of requiring a co-signer is that in the case of a default by the primary borrower, the cosigner has agreed to be fully responsible for the loan. Therefore, if the borrower defaults, that's what you're there for if you're the cosigner.
Can a cosigner take the primary borrower to court to get possession of the car that the primary has made all the payments on and the car is insured and registered to the primary?
No.
What happens when a cosigner declares bankruptcy-not the primary owner?
Nothing unless they filed on your loan.
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.
Is a cosigner on a car liable if the primary borrower is at fault in an accident?
No. A cosigner's only obligation is the debt incurred by signing the lending agreement.
If you get a cosigner for a new car and you crash it can they be held responsible?
If you're insured, the insurance company should take care of the damages, but to answer your question: You're responsible just for the car payments in case the primary owner can't make them.
How do you take a car from the owner if you are a cosigner?
Unless you are also on the title you will need to do it through a lawsuit.
Can a co-owner sell a car without the primary owner?
No, a co-owner cannot sell a car without the primary owner. Both people have to be present for the sale of this car to go through.
Can a primary owner sell the car without co owner?
No, a co-owner cannot sell a car without the primary owner. Both people have to be present for the sale of this car to go through.
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.
