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Can you sell a vehicle if the cosigner refuses to sign off on the loan?
Wiki User
∙ 12y ago
The loan must be paid before you can transfer title to the car.
The loan must be paid before you can transfer title to the car.
The loan must be paid before you can transfer title to the car.
The loan must be paid before you can transfer title to the car.
Wiki User
∙ 12y ago
Wiki User
∙ 12y agoThe loan must be paid before you can transfer title to the car.
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Can a cosigner on a car loan sell the car without approval from the other?
No, both parties would have to be in agreement and sign off to sell or trade the vehicle.
What legal recourse is there for the cosigner when the person that was cosigned for has defaulted on the loan?
The usual legal recourse for the cosigner when the person named as the primary on a loan has defaulted, is to make the payments on the loan. Then, the cosigner can take the person who defaulted to court to try and recoup some of the money they are out. If the loan was for a car, some states allow the cosigner to take possession of the car and sell it to recoup losses also.
What should you do if you are the primary on your car loan but the cosigner has been paying and you cannot afford the payments any longer?
Sign off your interest in the vehicle to the primary, letting him/her have the right to sell or drive the vehicle. Either way, the primary needs to have control of the property that he/she is paying for.
If the cosigner on a car loan gets the loan refinanced in her name can she then sell the car or does the primary have to sign the title over?
Any title holder must relinquish ownership by signing the title release
What can happen if car loans are not paid when there is no vehicle do to a wreck?
Then they will repossess the wrecked vehicle, sell it for what they can get, apply that to the loan balance, and you will be responsible for the balance on the loan. They will sue you in court to get it and will win. Now if you continue to make the loan payments, then none of this will happen. Did you not have insurance on this vehicle?
Can a cosigner on a car loan sell the car without approval from the other?
No, both parties would have to be in agreement and sign off to sell or trade the vehicle.
What legal recourse is there for the cosigner when the person that was cosigned for has defaulted on the loan?
The usual legal recourse for the cosigner when the person named as the primary on a loan has defaulted, is to make the payments on the loan. Then, the cosigner can take the person who defaulted to court to try and recoup some of the money they are out. If the loan was for a car, some states allow the cosigner to take possession of the car and sell it to recoup losses also.
Who has control of company vehicles with a cosigner?
Control in what sense? Sell them, transfer title? The cosigner guarantee's the loan on the vehicles and would need to agree to selling them and sign the title. You can use them for any purpose, do anything with them including burning them. You will still be responsible for the loan and if not you the cosigner will have to pay the loan off.
What are the rights of the cosigner to sell a car?
None, unless the cosigner is also on the title of the vehicle they have no legal rights to the property. When someone cosigns a loan for any reason they accept the responsibility of paying the debt if the primary borrower defaults. The only option a cosigner has in recovering money paid out in connection with the loan is to sue the primary borrower in the appropriate court, in the city or county where the borrower lives.
You are a cosigner on a vehicle and now the primary signer wants to sell the car. If you write a notarized letter giving her permission to sell or trade in the vehicle will this remove the cosigner?
Before, or at least as part of the process of, selling the car, the original loan will need to be repaid. The lienholder will not release title to the buyer until this has happened. There's no need for any letter, notarized or otherwise. This will effectively remove you as cosigner, since that loan will no longer exist. If something other than a straightforward sale is going on, then you should contact the finance company to find out what procedure to follow to ensure that you're no longer on the loan.
What should you do if you are the primary on your car loan but the cosigner has been paying and you cannot afford the payments any longer?
Sign off your interest in the vehicle to the primary, letting him/her have the right to sell or drive the vehicle. Either way, the primary needs to have control of the property that he/she is paying for.
What rights does a cosigner have to gain possession of the vehicle if his name is on the title in Pennsylvania?
It depends on what the title says. The title can say "The owner of the vehicle is Name 1 or Name 2." If the title says this then the cosigner has limited rights to get the car. Whoever has the vehicle can sell the car without the cosigners signature. Now if the cosigner has the car, the cosigner can sell the car without the main owners signature. If the title states Name 1 and Name 2, then you have same rights as the main owner of the car. This means if Name 1 trys to sell it, they can't sell it without your signature.
Does the cosigner on your vehicle need to sign the title for you to sell your vehicle?
The co-signer will usually only have to sign if they are listed on the title as a co-owner.
Can a cosigner sell a vehicle?
No. Both must sign if both are on the title. Unless the Primary Signer is dead, the cosigner cannot sell the car. Also, having a power of attorney specifically for selling the car will give you the right. Let's say he is overseas and you want to sell the car, you have the right when he signs it over to you (power of attorney). A co-signer is only a guarantee on a loan, not the owner of property. If the owner of the car is still of sound mind and body, only he or she can sell the property.
What happens to a loan on a car when the loan holder dies and there is no cosigner or insurance on the loan?
The loan must be paid out of the estate (sell of home, life insurance policy, etc...) Otherwise, the estate will be held up in litigation and will not be closed or the beneficiaries will be forced to pay the loan.
If the cosigner on a car loan gets the loan refinanced in her name can she then sell the car or does the primary have to sign the title over?
Any title holder must relinquish ownership by signing the title release
When can cosigner attempt to sell car?
A cosigner can attempt to sell the car at anytime. However, in order for them to sell it, they have to have the other signer's signature.
