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97

The registration (title too, right?) is in your name, the car is yours. You need to decide how to politely tell her this.


67

"Her solution to the problem is to take my car" - i.e. THEFT. If you are on the title, it is your car. A cosigner has no right to the item purchased - all he did was guarantee the loan in case the signer does not pay. Anything between the signer and the cosigner is a civil matter (i.e. the cosigner could ask for damages if the signer does not pay). But the ...


60

The car is yours, your name is on the title, and you are insuring it based on you being the driver (not her). You are responsible for parking tickets and toll evasion. Any arrangement you might do must account for these facts. Legally, you don't have to give her the car, and can report it stolen if she takes it. Socially, if your family is close enough ...


44

I've never heard of those services before, but from looking at one of the websites they don't have ANY kind of Ts and Cs, legal disclaimers, etc. which I feel certain they would need if they were legit. They ask you to pay $48 just to be a member on their site with nothing at all about how likely you are to actually find a cosigner through them, and not even ...


20

Having the money up front mitigates most of the risk. The main lingering piece would be if, as a cosigner, you are on the hook for damages in excess of the deposit (on all leases I've used/seen a cosigner shares full obligation for all amounts owed). So if she trashed the place or ran a meth lab, you could be on the hook for damages/remediation in excess of ...


16

You asked: In a unlikely case of my friend not paying the car, I suppose the bank will use the lien and will sell the car first and will ask me to pay any difference. No. If your friend does not pay the loan installments, the bank will come after you for the whole loan, or at least whatever part your friend hasn't paid off. The bank does not want a ...


12

From a legal standpoint this is your car and your mother is committing something in the direction of theft. From a human standpoint your mother helped you by cosigning and you owe her a favor. So my advice would be, to make it clear to her that it is your car, but she can borrow it if she asks you first to be sure you don't need it at the moment. (It might ...


10

Your question seems to be based on an incomplete understanding of the mechanics of how banks pursue loans when things go poorly. I'm saying this because of they way you described the situation here: In a unlikely case of my friend not paying the car, I suppose the bank will use the lien and will sell the car first and will ask me to pay any difference or ...


9

No. No lender is going to touch such a weird deal, because it breaks all their risk models. Further, it doesn't work like that. The usual bad outcome is blam, suddenly there's a rather bad mark on your credit report. It's completely out-of-the-blue. Some days later you'll get a nasty letter in the mail. The damage is done. It turns out your friend ...


8

"and I've now had a beautiful car for three months" The option is to go to the car place and switch the loan to two less beautiful cars in your name with the same total payments --- or even add a few thousand to the loan because your payments would increase by what, $50-$75? And if you do that you want a better rate for the two loans. Ideally they should ...


5

To expand upon MonkeyZeus's comment: Co-signing is not a formality, it is an agreement that the lender has legal recourse to go after all of the signers if payments are not made. Cosigning is not simply offering a character reference for the primary borrower. Cosigning is signing a contract with the lender that the cosigner will be fully responsible ...


5

I'm a little confused as to what your paperwork actually says, because on the one hand you state we have all the paper work that shows him as buyer but then you go on to ask how can I get my father listed as buyer instead of me? It sounds like perhaps you have been listed as the primary on the financing agreement and you father is listed as secondary ...


5

My question would be first, why did they change and list me as buyer, and how can I get my father listed as buyer instead of me? For the "why", it is because car dealers will do whatever they can to close a deal. Shady paperwork tricks and tactics are among them. There are at least 20 questions in the database of this site where people encountered similar ...


5

My rule is very simple: If you have the money and want to give it to your friend, give him the money. If you don’t have the money, or don’t want to give it to your friend, don’t give him the money. Never co-sign. It breaks your bank, and it breaks friendships. If you want to, you can give your friend a $2,000 loan. Or a present. Possibly with money you ...


4

This isn't really a personal finance question, you should ask either on Law@SE or Interpersonal@SE. However: The car is registered in your name, therefore it is yours. Your mother's cosigning is only a promise to foot the bill for the car if you are nowhere to be found. She has very little legal basis for taking your car. If she tried to take it anyway, you ...


4

I agree with the other answers that the car is legally yours, and your mother cannot just take your car. The Short Version of My Answer Is: Look into what her insurance company will pay your mother. It may be enough to buy a serviceable used car. Insurance on your mother's car. Even if she was at fault in the crash (as your wording implied), if her car ...


4

Now my father says if they can’t get it fixed, to where is name is listed as buyer, then they can give him his trade in back and give him back what he put in, and they can have the car back. This lack of knowledge of how sales works helps explain why your father's credit score is poor. You don't mention what State you are in, but in California, it is not ...


3

If you are buying the next house together, all your loans will be considered, so whether they are joint or sole will not matter. What will matter is that you may be considered able to service a larger loan if she co-signs, because your car payments will be lower. That won't be the case if your limiting factor is the Loan-to-Value ratio, which will not be ...


2

My kids have asked me once or twice to cosign for something, and the answer is an absolute NO. Under no circumstances will I ever cosign for anyone. If you followed this site, there are plenty of questions from people who made the mistake of co-signing and suffering the consequences. Legally, there is no such thing as "co-signing". In reality, it means ...


2

This is a tough situation. You CAN force your mother to give you your car back (untake it from you) but that would form a long-term rift between you. She co-signed your loan, and while that does not give her the legal or moral right to use your car as a backup for her needs, you will probably need her help on something in the future (not to mention a ...


2

Primary or secondary is a distinction without a difference. You both "co-signed." You both signed the loan, you both owe the money. You both agreed to the terms of the contract. Paying off the loan would remove your name from the loan. Perhaps your boyfriend can go get a different loan to refinance the car.


2

Your $ risk exceeds the cost of the car and may include your net worth and possibly future income. If your friend does something dumb while driving that car, injures someone, and is not properly insured you could be held liable. This was learned when someone close to me applied for an umbrella policy. Those that cosign a car are considered owners of the ...


1

The first cost is that until the loan is completely paid off the outstanding balance of the loan will be counted by lenders as a current debt. The required monthly payment of the loan will be considered as your responsibility, and if you are applying for other credit, for example a car loan for you, or a mortgage for you, then this car loan will be part of ...


1

What, I understand from the posts that this kind of arrangement does not exists. But if it exists there are lots of benefits to all the parties involved, I will try to explain. Benefit to Car Dealer: Dealership will be able to sell a car that is worth 12, instead of a car that is suppose 8K. Benefits to Loan Company( let us call bank): The bank will ...


1

If yours is the only name on the vehicle ownership documents, it's legally your car, your responsibility, and your choice who gets to use it. If all your mother did was co-sign the loan, she guaranteed to the lender that you will make all the required payments; all she has done is vouch for you; she has no legal rights to the car. Who was at fault when her ...


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