Question by  kioussis (24)

In the repossession of a vehicle, what rights does the cosigner have?


Answer by  Samhane (703)

The cosigner is obligated to make all of the payments if the orginal signer fails. Additionally, the consigner has the right to take possession of the vehicle if the orginal signer fails to make payments. If the cosigner fails to make the payments then they will also receive back credit just like the orginal person who signed for the loan.


Answer by  champaign9497 (11977)

Usually if someone doesn't make the payments and the vehicle is either reposessed or the bank will contact you. Either way in the end if they don't make the payment you are going to have to make them or it will go on your credit score against you. Contact an attorney they may be able to give you better advice.


Answer by  kory88 (109)

If a vehicle is repossed, the cosigner has the right to own the car. Not only do the have the right to own the car they would have to take over the payments of the car as well.


Answer by  Patrick1968 (80)

Unfortunately the cosigner does not have any legal rights,because when the buyer fails to make payments,the bank will go after the cosigner and even if the cosigner makes the payments,the buyer still gets to keep the car!


Answer by  diamond90 (309)

I think that the consigner has the right to pay of the debt due on the vehicle, so that it will not effect their credit, because a repossession, on a cosigner's credit report can prevent from obtaining another vehicle.


Answer by  Steven (309)

The cosigner has no rights in the case of a repossession. If the buyer they cosigned for does not pay, they are now responsible for the loan.


Answer by  heather88 (1897)

I don't think the cosigner can do anything about it. But I think if you pay what is owed on it, then they would give the car to you.

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