If you are asking whether a co-buyer can take possession of a car the answer is yes a co-buyer can take possession of the car. The question of whether or not a co-buyer can take possession of the car is one that comes up often and there are a few things that you should know about this process.
First and foremost when you are the co-buyer of a car you have the same rights as the primary buyer. This means that you can take possession of the car drive the car and even sell the car if you so choose. The only thing that you cannot do is take out a loan on the car without the primary buyer’s permission.
Secondly taking possession of the car does not mean that you are the legal owner of the car. In order to be the legal owner of the car you will need to have the title in your name. The title is the document that proves that you are the owner of the car. If the primary buyer does not want to transfer the title to you then you will not be the legal owner of the car.
Lastly if the primary buyer defaults on the loan the lender will likely come after you for the balance of the loan. This is because you are listed as a co-buyer on the loan. Therefore it is important that you only agree to be a co-buyer on a loan if you are willing and able to make the payments.
In short yes a co-buyer can take possession of the car. However there are a few things that you should keep in mind before doing so. Make sure that you understand the implications of being a co-buyer before agreeing to anything.
What is a co-buyer?
A co-buyer is someone who signs the loan with the borrower to purchase a car.
Do co-buyers have to be related?
No co-buyers can be anyone the borrower chooses as long as they are willing to sign the loan with the borrower.
Can a co-buyer take possession of the car?
Yes a co-buyer can take possession of the car once the loan is paid off.
How does a co-buyer take possession of the car?
A co-buyer takes possession of the car by signing the title over to themselves.
Do co-buyers have to be listed on the insurance?
No but it is recommended so that they are covered in the event of an accident.
Can a co-buyer sell the car?
Yes a co-buyer can sell the car after they have taken possession of it.
How does a co-buyer sell the car?
A co-buyer sells the car by finding a buyer and transferring the title to them.
Can a co-buyer trade in the car?
Yes a co-buyer can trade in the car at a dealership.
How does a co-buyer trade in the car?
A co-buyer trade ins the car by turning in the car to the dealership and receiving a trade-in value towards a new car.
What if the co-buyer wants to keep the car?
If the co-buyer wants to keep the car they can make the payments on the loan and keep the car until it is paid off.
What if the borrower wants to keep the car?
If the borrower wants to keep the car they can make the payments on the loan and keep the car until it is paid off.
What if the borrower wants to sell the car?
If the borrower wants to sell the car they can find a buyer and transfer the title to them.
What if the borrower wants to trade in the car?
If the borrower wants to trade in the car they can turn in the car to the dealership and receive a trade-in value towards a new car.
What if the co-buyer wants to trade in the car?
If the co-buyer wants to trade in the car they can turn in the car to the dealership and receive a trade-in value towards a new car.
What if the borrower wants to give the car to the co-buyer?
If the borrower wants to give the car to the co-buyer they can sign the title over to the co-buyer.
