The cosigner is legally responsible for the debt if the primary borrower can't make payments. Any late or missed payments can negatively impact both parties' credit scores. Furthermore, the cosigner doesn't have any ownership of the vehicle.
A co-signer who is not on title to the car does not have legal right to possess the car. You could theoretically report it stolen to the police, if you don't mind having your mom arrested.
Unfortunately, any registered owner of a car may take possession without the permission of other co-owners. So, while you can not report it stolen, you can legally take it back if you find it on the street or in public.
If you do not pay her for the vehicle according to the agreement, she has the right to repossess the vehicle or demand that you return it. If you don't pay for the vehicle as agreed or return it upon demand, yes, she can report it as stolen. Most likely, the police won't do anything.
If you have loaned your vehicle to another person to drive and this person does not return the vehicle, certain documentation is required to report the car stolen. Since the vehicle is being operated with permission of the owner, this permission needs to be rescinded.
ANSWER: The answer to your question is yes. If the vehicle is titled in a person's name, no matter whether they make the payments or not, they can report the vehicle as stolen. I hope this information helps you. Please let me know if you have any other questions or need further clarification.
On average, in California, nearly 200,000 vehicles are stolen each year. Generally, a real vehicle owner would not be liable when their vehicle is stolen and used in some other negligent or intentional act that harms people or property.
He can not take it away from you. But, if you are both in the title & registration card, you are both co-owners too. If you are in the title alone, it is your car.
Reporting a car stolen when your spouse took it can have both legal and personal repercussions. Legal repercussions for your spouse: If the car is considered personal property and not marital, your spouse could face criminal charges.
If you're still making payments on your vehicle, you'll need to let the financial institution that holds the title know it's been stolen. Be ready with the police report and insurance claim in case they ask for further documentation.
Being a cosigner does not give you rights to the property. A cosigner has no title or ownership in the property secured for the loan. Additionally, a cosigner has no legal right to occupy a home as a primary or secondary residence, unlike the primary signer/borrower.
Can a cosigner repossess a car? It's important to know that taking possession of the car if the primary borrower defaults, or “taking matters into your own hands,” is not a legitimate substitute for legal action.
A co-signer applies for the home loan right along with you. However, they are not on the title of the home. The co-signers name is only on the loan, meaning that while they are financially responsible for paying back the mortgage, they do not have ownership of the property.
Request release from a co-signed loan
Co-signers can make a written request to the lender to be released from a loan. In certain cases, like some student loans, there may be a provision that allows a co-signer to take their name off a loan.
Reporting the car stolen would be filing a false police report which is a crime. It also would open you up to a successful lawsuit from the person who has the car if anything happened to them as a result of the report. That could be disastrous for you.
1. If the car is jointly owned, then the creditor has the right to foreclose on their lien, which would include a forced sale of the car; 2. This is the case even if your car is jointly owned with your wife.
Miller & Starr, the leading treatise on California real estate, explains that: “As between the cotenants, each has the right to enter on and to occupy the entire property, and no cotenant has the right to exclude another cotenant from any portion of the property.” Right to possession, 4 Cal. Real Est.
The answer to “Can I sue for a stolen car?” is yes, depending on the situation. The truth is that you can file a lawsuit for just about any theft. But it's important for you to understand the difference between a civil lawsuit and criminal proceedings.
For theft coverage for your vehicle, you must have a comprehensive insurance policy. This type of coverage will pay out for a stolen or vandalized vehicle. Comprehensive coverage pays for damages that are not related to a collision, which includes a stolen car.
If you think the car was stolen, report it to the police. The most convenient way to do it is online. You will be required to provide information about the make/model of the vehicle, its color, license plate number, and the car VIN.
Report the car as stolen because that is what it is if you did not give permission. Since you are only one on title, she cannot defend why she currently possesses it. Call them and repot it stolen. Tell them title is only in your name.