In general, a co-signer is jointly responsible for the loan and assumes equal liability for repayment. If the primary borrower fails to make payments or breaches the loan terms, the co-signer becomes accountable for fulfilling the obligations of the loan.
However, in the absence of any missed payments or default by the primary borrower, the co-signer generally does not have the right to take possession of the vehicle unless agreed upon in advance and specified in the loan agreement. The vehicle's title and ownership typically remain with the primary buyer until the loan is fully repaid.
It's essential to review the terms of the co-signed loan agreement thoroughly and understand the rights and responsibilities of both the primary borrower and the co-signer. If there is any ambiguity or questions regarding the co-signer's authority over the vehicle, consulting with a legal expert or the lender is advisable to ensure a clear understanding of the arrangements and potential consequences.
