If I cosign for a friend's car loan, that means the car is partly mine right? So if they miss payments I can take the car?
IF I was to cosign for my friend on a small car loan and that friend doesn't make the payments, can't I go take their car without warning because it's my car too? You can't steal your own property right?
Does the co-signer have legal rights to the car?
Anyone whose name appears on the title has rights to the vehicle, that is why Leinholders always have their information on the title. If you have the car as collateral, the loan company will take the car. The co-signer is not automatically put on the title, that would be between you and the co-signer. My father co-signed a loan when I was younger, and my name was on the title, not his. If you are not making payments, but your co-signer is... it would be the right thing to do to transfer the title over to his/her name and give them the car. If you are not making payments, keeping the car and sticking your co-signer with the payments and bad credit due to missing payments, you are a bad bad person.
Can the cosigner on my car loan come take my car away from me?
If his name is on the title, he is a co owner of the vehicle, and has as much right to the car as you do. If he just co-signed the loan, and his name is not on the title to the car, if he tries to take the car, he is committing grand theft, and can be arrested and jailed. Assuming that the car is in just your name, you may want to consider getting a restraining order against him, prohibiting any contact. This does not mean that you do not have to pay the car payments, but as a co-signer, he has no rights, just the liability for the loan. As long as you are current on your payments, he can do nothing to force you to refinance and have him removed from the loan.
Can i repossess a car if i am the cosigner and the other person is not making payments?
My ex and I bought a car together when we ere together... He left me 6 months ago... in that time he has only made 1 payment right after we bought the car... I only just found out in July... i have since been catching up and making payments... is it possible i can put a repossession on the vehicle? we are going to court... i have a replevin against him for it... my name is on the loan, title and registeration... this is in maryland
How to get cosigner name off a car?
I cosigned a car with my former best friend in early March so that he could have a car. Unfortunately we had a falling out this month and I now have a ppo on him. I want to take his name off of the car so that he no longer has a right to drive it or have keys. I am the primary on the title/registration, all of the bills come to my address and the address is also on the title and registration. I have also made all of the payments thus far and have bank statements to prove it. I was told if I refinanced the vehicle I could take him off as a cosigner. But would this also take his name off the title and registration and void his ownership and rights to the vehicle?
Can a cosigner take control of your vehicle?
The name on the registration is the owner of the car. If the co-signer is on the registration, they have a right to operate the vehicle. if not, not without the owner's permission. Worse case: "taking control" could be considered theft. This would be a criminal matter, not just a civil law question. Are you a minor and is the co-signer a parent? If so, that brings in issues of parental rights as well as property rights. I'm guessing that the title is held by a loan company. If so and the loan goes into default, the loan company can take the car, sell it, and go after any or all of those who signed the loan for the balance, plus costs. Details vary by state. Also, do you have a written agreement (a contract) with the co-signer? Does it give the co-signer any right to take or operate the vehicle? I recommend you get things straightened out before you wind up in court or with a bad credit record. Good luck.
Can a cosigner take my car from me and sell it if both names are on the title and loan?
N is the closest. The Co and you or the Co or you. If it's and you the co can't sell it without you signing. The title is another story. If there's a lien on the car then you or the Co don't have access to the title. The co signer has equal rights to the car. If the co signer is making the payments I suppose he wants use of the car. If the o is not making the payments the bank will send a repo man out to get it, also without any notice. Insurance in both names? Registration in both? No use for a lawyer. Ask the Co if he will bring the car back if you catch up on the payments. He wants to sell it to be rid of this obligation, but he can't.