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.
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.
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!
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.