Often, when a person purchases a car, particularly a new car, he requires a loan to afford it. Sometimes, if the person has a short credit history or poor credit, he will have another party cosign the lease, making him partly responsible for paying it. However, even if a person cosigns a lease, this does not mean that he has the right to take possession of the car at a later date.
Car Loans
When a person takes out a car loan, he is essentially making a deal in which he agrees to pay back a lender the money that the lender loans him to buy the car, with interest, and to use the car as collateral. While this loan is tied to the vehicle in the sense that the car can be seized by the lender in the event that the loan is not paid, taking out the loan does necessarily entail ownership of the car.
Cosigner
Generally, a lender for a car loan will require that at least one of the parties taking out of the loan is going to be buying the car. Lenders do not typically offer loans to individuals who are not buying cars themselves. However, all signers to the loan do not need to be buying the car only one does. So, a cosigner to a loan may not own the car it is paying for.
Co-Buyer
If the cosigner is also a co-buyer of the car, then he does have the right to take possession of the car when he chooses, as he owns the car, too. State laws vary on whether a person has the right to seize ownership of a car in the event that the car has two owners or more than one name on the title. If there is a dispute, it may need to be solved in court.
Considerations
Being a cosigner on a car that a person does not own does not allow the cosigner significant power in seizing the car, even if the payments of the car are not being made. While a cosigner may wish to take over the car if the other signer of the loan the car's owner isn't paying up, merely agreeing to pay a loan gives him no legal right to do so.
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