Can my cosigner report my car as stolen?

The co-signor on the loan that you have where you have the main repsonsibility for making payments on it does not have the contractual or legal right to report the vehicle stolen if in fact it was not unless you have a separate agreement in writing allowing such.

Can a cosigner take possession of the car?

Can a Cosigner Take Possession of the Car? A cosigner doesn’t have any legal rights to the car they’ve cosigned for, so they can’t take a vehicle from its owner.

How to report a stolen car to the police?

Tell the officer that your car has been stolen, and provide the location where the car was last seen. Let the officer know of any efforts you’ve made to ensure the car was not towed or repossessed. Give the officer as much information as you have about your car.

Can you change the VIN number on a stolen car?

Just a headsup. They’ll also change your VIN number to one starting with AAP. This will make it quite difficult to sell the car as dealerships know that an AAP VIN means the vehicle was stolen and recovered. Click to expand… They’ll only do this if the original VIN number was removed by the thieves or a chop shop.

What happens when a cosigner defaults on a car loan?

When someone agrees to cosign a car loan, they agree to share responsibility with the primary borrower. This means if the primary borrower stops making payments on the vehicle, the cosigner is responsible for making payments so the loan doesn’t default and end in a repossession.

Can a cosigner of My Car take my Car?

Cosigners don’t get any rights to the vehicle they signed the loan for. However, if the cosigner is trying to take your car, it may be time to take some action. Cosigners can’t take the vehicle they cosigned for because their name isn’t listed on the title.

What happens to a co signer when a car is repossessed?

Depending on your relationship with the primary borrower, you may be able to work out a deal. You could try to demand that they turn over ownership of the car while you make the remaining payments. Once the car is paid in full, you could sell it and recover some of your money.

How can I remove my cosigner from my car loan?

If things are dicey with your cosigner, then it may be time to consider removing them from the auto loan. The easiest way to remove a cosigner is by refinancing. Refinancing is when you replace your current loan with another one. You can work with your current lender or another one, but most borrowers look for another lender to refinance with.

What happens to the cosigner of a car loan in bankruptcy?

After you file bankruptcy, the co-signer becomes liable for the debt. At that point, the co-signer must either pay the debt off or can file for bankruptcy themselves to no longer be liable for the loan on the vehicle. If you are the co-signer of a loan and you file bankruptcy,…