What r my legal right as a co-signer to a car. pls help me.
When you co-sign on a loan for someone else you are putting yourself at risk. Hopefully, the person you co-signed for is reliable. However, if the owner is not keeping up with the payments, you are responsible and it will eventually look bad on your credit if you have missed payments or if it is repossessed. So first of all, if this person isn’t paying the payments, you have every legal right to sell the vehicle and try to regain your money and to keep your credit from going down the tubes. However, you may want to consult the loan officer at your bank to see if he/she has a better alternative. It is obvious that this person either didn’t have any credit to purchase the vehicle or has terrible credit in the first place. So be very cautious in who you co-sign for. Best of Luck!
I would say that if you have not already co-signed for a car loan for some one else, then please do not do it. I only say this since it can really mess up your own credit.
If you have, then you may want to call the finance co. where the car was financed through, ask them what rights you have.
If the person isn’t paying the car note, I would say repossess the car if you can. And you may want to either pay off the car or start making the payments, so that your credit isn’t ruined.
Then you can always sell the car out right and try to recover your money to pay off the car loan. If you sell it out right and it and the money doesn’t quite pay off the car, then you can take the person to small claims court to try to get the rest of it. You must keep in mind how much does your state allow for in recovery in small claims court, it may only be five thousand or less. Or you can keep the car and pay off the loan.
I don’t think that there is really much else that you can do. But please do check with the finance co. You may also want to consult with a lawyer for more information.
If the other doesn’t pay………You do.
You have got to make sure that the other party is paying on time, and also that they are keeping up the proper insurance on the vehicle.
If this person would wreck the vehicle and not have insurance, and then stops paying for the car, you pay for it.
If you are doing this for a friend……”DON’T”
All co-signing is, is that the bank wants someone, anyone when the loan isn’t paid.
By asking for a co-signer, the bank is saying that the party applying for the loan already isn’t in great financial position to fulfill the debt.
If they default, are you able to take the debt?
If your answer to that is “no”, then your answer is, “NO”.
Co-signer means if they don’t pay, you do.
They need a co-signer because their credit and income are poor. You can not use the car, only right you have is to PAY and PAY you will.
Don’t do it. If it is too late, worry.
Do not do it. There is a reason why the bank wants a co-signor. It’s because they think there’s a chance the person won’t pay. If that person doesn’t pay, guess who they come after – you. Guess whose credit rating gets hit – both of you.
If you have already become the co-signor and there’s a problem then get out your check book. You are responsible.
what happened? did you cosign for someone and now they aren’t paying their payment? that sucks. i think as a co-signer you agreed that you would cover payments for this person if they became delinquent when you signed.
hopefully it wasn’t a crappy boyfriend.
Your legal right is to pay for the loan if the primary reneges. ~
You may be able to exert rights to the car though.