Does the person who cosigned for you have the right to take a vehicle even if the payments ARE being made on time?

A cosigner doesn't have any legal rights to the car they've cosigned for, so they can't take a vehicle from its owner. Cosigners have the same obligations as the primary borrower if the loan goes into default, but the lender is going to contact the cosigner to make sure the loan gets paid before this point.

1. Can a cosigner legally take the car?
2. Does a cosigner have ownership of a car?
3. Can a cosigner be removed from a car loan?
4. What rights does cosigner signers have on a car?
5. What happens if I cosign for a car and the other person doesn't pay?
6. Does a cosigner go on the title?
7. Does cosigner mean co owner?
8. Can the owner take the car from the co owner?
9. How do you take someone's name off a car loan?
10. How do I get my name off a joint car loan?
11. Can I sue the person I cosigned for?
12. Can I return a car if the cosigner has not signed?
13. Can a cosigner be garnished?
14. How long is a co-signer responsible?

Can a cosigner legally take the car?

Cosigners Can't Take Your Car

Cosigners don't have any rights to your vehicle, so they can't take possession of your car – even if they're making the payments. What a cosigner does is “lend” you their credit in order to help you get approved for an auto loan.

Does a cosigner have ownership of a car?

Generally, co-signing refers to financing, not ownership. ... Even if the co-signer makes the payments, they're still not the owner if their name isn't on the title.

Can a cosigner be removed from a car loan?

Simply put, it is possible to remove the cosigner, but you'll need to refinance, sell the car and pay off the loan, or take advantage of cosigner release options that exist for your loan.

What rights does cosigner signers have on a car?

A cosigner doesn't have any legal rights to the car they've cosigned for, so they can't take a vehicle from its owner. Cosigners have the same obligations as the primary borrower if the loan goes into default, but the lender is going to contact the cosigner to make sure the loan gets paid before this point.

What happens if I cosign for a car and the other person doesn't pay?

Usually, when you cosign a car loan, you agree to be responsible for the debt if the primary debtor doesn't make payments or otherwise defaults on the loan. If the primary debtor defaults on the loan, then the creditor has the right to repossess the car and sell it.

Does a cosigner go on the title?

Cosigners aren't on the vehicle's title, even if they're on the loan documents. You don't own and aren't entitled to ownership of the financed vehicle; you've simply guaranteed the loan in which the car serves to “secure” the loan.

Does cosigner mean co owner?

A co-signer on a car loan is obligated to pay the loan if the other person defaults on their payment obligation while a co-owner of a car has an ownership interest in the vehicle itself.

Can the owner take the car from the co owner?

He can not take it away from you. But, if you are both in the title & registration card, you are both co-owners too. If you are in the title alone, it is your car. Just don't miss a payment.

How do you take someone's name off a car loan?

This can be done by refinancing the car loan and making either one of you the sole owner of the vehicle. Refinancing is the only way to remove a co-borrower from an auto loan.

How do I get my name off a joint car loan?

Typically, the only way to get your name off the loan is for your spouse to refinance it in his or her name alone. If your spouse can't qualify for an auto loan by him or herself, or if he or she refuses to refinance the auto loan, it's worth the time to speak with a lawyer about your options.

Can I sue the person I cosigned for?

Cosigning for someone doesn't mean that you give away your legal rights, so you can sue the borrower to recover the money you spent to pay their loan. ... Even if you win, your court costs may be more than the cost of the loan.

Can I return a car if the cosigner has not signed?

If you got the loan without the co-signer there is no issue.

Can a cosigner be garnished?

Lenders can garnish the wages of co-signers.

If the borrower and co-signer cannot repay a loan, the lender can sue the co-signer to garnish wages and even property in order to satisfy the repayment.

How long is a co-signer responsible?

As a general rule, unlike so many things in life, co-signing is pretty much forever. In the case of a lease, this means that the co-signer is responsible for the lease for the duration of the agreement, whether it's a six-month lease, a yearlong lease or for some other period.