hello, if someone were to co-sign a loan for me, that makes them responsible for the payments if i default right? does the co-signer have any legal rights to the vehical? do they automatically get placed on the title? lets say you make all the payments but things dont work out between you and the cosigner, can they take the car back?
2006-08-07 06:22:58 · 19 answers · asked by MiaDiva28 6 in Cars & Transportation ➔ Buying & Selling
no i plan on making all the payments. but if our friendships doesnt work out and he wants to take the car out of spite, can he do that? if both of our names are on the title of course he has some rights but we are both equally entitled to the car. basically i would be putting the half the money down and making the monthly payments.
2006-08-07 07:16:48 · update #1
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.
2006-08-07 06:29:56 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Co-signers don't automatically have their names on the car's title, but they are still liable for the loan just as is the party they co-sign for. My question here is, are you planning on defaulting and trying to make sure you end up with the car? If things don't work out between you and the co-signers, they can only take the car if they have their names on the title. If they refuse to pay for the loan, the financing agent can repossess the car because it will be used as collateral for the loan. The legal rights to the car are determined by whose name is on the title. The loan agency will have its name their in the form of a lien, meaning that you owe money and the agency has the right to take the car if the money isn't paid. Unless anyone has his/her name on the title, you will be the sole owner.
2006-08-07 06:33:33 · answer #2 · answered by quietwalker 5 · 0⤊ 0⤋
Yes the co-signer will be responsible for the payments if you don't make them. I am pretty sure that the co-signer has all rights to the vehicle and I think they are on the title until it's paid for. If your the one that made all the payments, it will be put into your name. If you didn't, then the co-signer has it in his name. If you are giving the payments to the co-signer, make sure you get a receipt or give him a check so if he/she goes back on their word, you have proof that you paid for that car. If you or the co-signer does not pay the payments, then it will be repossessed. I don't think the co-signer can take the car back if your making payments. You may want to write a agreement up on the car and get it notorized and signed by you and the person that is co-signing. That way you can take them to court if you have to. If you have all this proof, they will be less likely to fight with you over it.
2006-08-07 06:33:22 · answer #3 · answered by Xena 3 · 0⤊ 0⤋
I had a co-signer on an auto once and I found out that if I didn't make the payments then the co-signer was liable. As long as you make the payments then you have the car. They are just a back-up if you don't make payments.
2006-08-07 06:27:59 · answer #4 · answered by Shar 6 · 0⤊ 0⤋
Ok heres the deal: if you default: YES
Co-Signer legal rights: YES
Automatically on title: YES
Things don't work out: YES
You and the Co-Signer are legal owners of the car
Example: If you were to call the police and say my co-signer stole my car the police will ask for the title or registration which will have both of your names on it so in reality the car now belongs to both of you.
2006-08-07 07:17:35 · answer #5 · answered by Keanetha R 1 · 0⤊ 0⤋
Yes. If they are the co-signer of the loan then they have legal rights. You have to go to court or the the loan company and request he be taken off the loan and start making the payments on your own.
2006-08-07 06:28:11 · answer #6 · answered by Vero 3 · 0⤊ 0⤋
no, the co signer in basic terms has the criminal accountability to pay the month-to-month fee if the perfect signer does not pay. additionally if the vehicle is repo'ed the co signer may be held legally in charge to pay any and all of the debt. they are in a position to be sued in court for the debt and have a garnishment taken from thier pay to pay for the debt.
2016-09-29 00:18:37 · answer #7 · answered by lavinia 4 · 0⤊ 0⤋
I don't think the co signer can take the car away unless you default on the loan.. But before you do anything you might want to just check into it.. Ask whoever does the loan for you they will know!
2006-08-07 06:28:23 · answer #8 · answered by DeeDee 4 · 0⤊ 0⤋
the co-signer has equal rights to the car. their name will be on the title. if you fail to make the payments the co-signer is then equaly responsible for the missed payment.
2006-08-07 06:27:53 · answer #9 · answered by puzzle55usa 3 · 0⤊ 0⤋
it takes more than just saying "I want my name off the car" or "Im taking over the loan..". With a loan, the bank you financed with actually owns the car until you pay it off. If you forego your payments, the co-signer is legally responsible for them, and they can surrender the car and sue you! Be careful!
2006-08-07 06:27:15 · answer #10 · answered by carolinagrl 4 · 0⤊ 0⤋