Need Answers Fast!!!

[JLHollowX13]

i need to know what kind of authority a co signer on a vehicle has. can they take the car from the primary owner (person paying the debt and the one that bought the car)? do they have any say into what happens to the vehicle in respect to where it goes, when, anything like that?

can a co signer legally do ANYTHING, other than pay the debt if the primary fails to?

thanks for any help everyone!

[Speedklix]

thats one of those things that I once knew

I guess more important than the loan/finance agreement, what is on the title?
your name? both? a lean to the other person?

The title is the right to ownership...

[Hocrest]

I'd imagine that this is something that varies from state to state??

[subi-crosser]

Originally Posted by JLHollowX13

i need to know what kind of authority a co signer on a vehicle has. can they take the car from the primary owner (person paying the debt and the one that bought the car)? do they have any say into what happens to the vehicle in respect to where it goes, when, anything like that?

can a co signer legally do ANYTHING, other than pay the debt if the primary fails to?

thanks for any help everyone!

I would be willing to BET that the only thing a co-signer has going is that IF you don't make the payments, they can take the car. (since they are obligated to Guarentee 'recourse' so the lender doesn't have to hunt you down and break your knees if you default on the loan)

IF you have made the payments for 6 months to a year and have had NO late payments, you have ESTABLISHED credit and may be able to re-finance the note without a co-signer. Check with the lender.
Once the contract is paid off, the co-signer is off the hook and has NO say!

Most co-signers will 'flex their muscles' and brow beat you as long as that condition exists. It is to your advantage to get it over with as soon as possible!
They don't want you to quit your job and move in with a girlfriend in another state, as long as THEY have their neck on the chopping block!

Does this HELP????

[NapaBavarian]

Originally Posted by JLHollowX13

i need to know what kind of authority a co signer on a vehicle has. can they take the car from the primary owner (person paying the debt and the one that bought the car)? do they have any say into what happens to the vehicle in respect to where it goes, when, anything like that?

can a co signer legally do ANYTHING, other than pay the debt if the primary fails to?

thanks for any help everyone!

Depends...

What is their reason for trying to take the car?

[JLHollowX13]

subi-crosser, we went to the bank to try and get the co signer off, but they will not take them off, payments have been made for 10 months, paid up until october as of now. no late payments, always on time or way ahead of the due date.

not sure what is on the title, as this isnt my deal. its a whole big mess that im just trying to help with. i think it says the primary person, the one that actually uses the car and pays for it, then i think it says something like c/o name of co signer. im guessing that means co-owner. if so, can you get that person's name taken off the title? do they have to agree to it? i know if they are a co-owner then they have say, but as i understand it, the only thing a co signer is for is saying that the person who has no credit, watever, is good for the money.

this wouldnt be a big deal, except the co signer is trying to keep the truck. they keep telling the owner that if they dont pay it off before college they are keeping it (college starts NEXT month, a balance of about 2600 is still owed from an original balance of about 4k). the loan was started january of this year, so it hasnt been very long. it is nearly impossible to pay off the debt of 2600 in one month working a minimum wage job, especially with the cost of gas, insurance, maintanance, etc. does a co signer have legal authority to keep the truck? if they are in fact the co owner can they do this? i dont think its right if they are the co owner, since they have not paid a cent towards it. the co signer cant even afford the truck payment, and it seems to me like the co signer is trying to make the actual owner pay for the truck, but they want to keep it. im just trying to figure out the legal aspects of this because neither i, nor the owner know and they want to have full ownership over the vehicle, whether they need to get the co signer off the title or they have it now and just dont know it.

[JLHollowX13]

one more thing i should mention, i read somewhere about the title stating and/or between the names on the title, what if there is neither of these? the original title is in possession of the bank, since there is a loan of course, but we have a copy. ive only seen it once, and briefly, but im almost positive it was set up like this (fake names of course):

jane doe
c/o john doe

as far as i can remember, there is no and/or. we will get the copy today and look it over also.

[RSVX]

Basically, check with the financial institution and ask who's name is on the title. If the co-signer's name is not on the title, get a lawyer.

You know what? Just get a lawyer, most will consult you for 30 minutes for free...

[lhopp77]

Is the co-signer the parent of the owner/driver? That makes a bit of a difference also.

Lee

[JLHollowX13]

yes, the co signer is the parent of the owner/driver. she had to be the co signer and also i think the co owner because the owner wasnt 18 at the time of purchase of the vehicle. but what difference does being the parent have to do with whose vehicle it is?

the parent is constantly talking about how she wants the truck, she has a brand new avalanche of her own that is payed for because she sued someone, she has no job, hasnt had one in years, she is a disabled vet, but she is just lazy, she could get a job. but thats why i said she couldnt afford the payments on the truck, she doesnt get enough money to afford that on top of everything else. i just think she is trying to make the owner pay for it, and then she is just going to keep it after all is said and done. or at least make the owner pay for most of it then she would just pay the rest off somehow and keep it. she could sell her avalanche to pay the remaining balance.

the only reason the parent is on the title is because the owner was not 18 at the time, but since that has changed can the parent be taken off the title?

[RSVX]

Originally Posted by JLHollowX13

yes, the co signer is the parent of the owner/driver. she had to be the co signer and also i think the co owner because the owner wasnt 18 at the time of purchase of the vehicle. but what difference does being the parent have to do with whose vehicle it is?

the parent is constantly talking about how she wants the truck, she has a brand new avalanche of her own that is payed for because she sued someone, she has no job, hasnt had one in years, she is a disabled vet, but she is just lazy, she could get a job. but thats why i said she couldnt afford the payments on the truck, she doesnt get enough money to afford that on top of everything else. i just think she is trying to make the owner pay for it, and then she is just going to keep it after all is said and done. or at least make the owner pay for most of it then she would just pay the rest off somehow and keep it. she could sell her avalanche to pay the remaining balance.

the only reason the parent is on the title is because the owner was not 18 at the time, but since that has changed can the parent be taken off the title?

Let me restate this, for emphasis...

Originally Posted by RSVX

Basically, check with the financial institution and ask who's name is on the title. If the co-signer's name is not on the title, get a lawyer.

You know what? Just get a lawyer, most will consult you for 30 minutes for free...

[lhopp77]

I also agree that you should get a lawyer. But--you may actually be talking about two different things. The lawyer will need to know some information before he can give you advice also.

Is this a really a case of "co-signer" or actually a case of "co-owner"? If both are on the title--they are co-owners. If it is simply the "lien" that is co-signed then that is different and should not be a problem if payments are being made in a timely manner and the person is now an adult.

But--like RSVX says--best to talk to a lawyer, but at least find out the particulars about whose name is on the title versus just the lien before contacting the lawyer unless you want to pay him to do the research.

Lee

[TomsSVX]

Co-signers can do nothing along the lines of possession of the vehicle. Co-owners can. Check with the financial institute in which the loan has been issued and check the title. Right now it is a lean so the bank "owns" the car" and the owner is next in line and co-owner next still... Its tricky, and I agree you should get all the info you can from the bank and then try to speak with a lawyer with all this info present.

Tom

[JLHollowX13]

we have a copy of the title now, and it looks as if the mom is the co owner. but the only reason being is that the owner was 17 at the time of purchase like i said. with this in mind, can the co owner be removed from the title? with or without consent? thanks!

[TomsSVX]

Originally Posted by JLHollowX13

we have a copy of the title now, and it looks as if the mom is the co owner. but the only reason being is that the owner was 17 at the time of purchase like i said. with this in mind, can the co owner be removed from the title? with or without consent? thanks!

Doubtful unless she is removed as cosigner as well, meaning the car in question would need to be refinanced in the persons name alone.

Tom