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Can a cosigner register a car?
Yes, a cosigner can register a car, but they are not the primary owner of the vehicle. The cosigner is responsible for the loan if the primary owner fails to make payments.
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.
Can a cosigner register a car on behalf of the primary borrower?
Yes, a cosigner can register a car on behalf of the primary borrower if the primary borrower authorizes them to do so.
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.
Is it possible to buy a cosigner for a car?
No, it is not possible to buy a cosigner for a car. A cosigner is someone who agrees to be responsible for the loan if the primary borrower fails to make payments. They cannot be purchased or hired.
Can a cosigner take over a car loan if the primary borrower is unable to make payments?
Yes, a cosigner can take over a car loan if the primary borrower is unable to make payments. This means the cosigner becomes responsible for making the payments on the 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 it possible for a cosigner to become the primary borrower on a car loan?
Yes, it is possible for a cosigner to become the primary borrower on a car loan through a process called refinancing. This typically involves the cosigner applying for a new loan in their name only, which pays off the existing loan and transfers the responsibility solely to the cosigner.
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.
