WAS it stolen from YOUR possession? IS your name on the TITLE as co-owner? If you are NOT on the title, it cant be stolen from you or the lender. Best thing you can do is help the repo company find where it is hidden. Most states have laws prohibiting "Hindering a Secured Creditor". Check the g/f house, the gramma house,the coke dealers house and the "best" friends house. Cars dont just fall off the face of the earth.
Can you report it stolen if your name is on the title but the other co-signer on title has possession of it and will not give a physical address of where the vehicle is and has left the state and is trying to hide the car from repossession. You have no addresses or phone numbers to reach the party in possession of the vehicle and friends and family of that party will not give you any information. What can you do in that case?
question-
i have the same problem as the statement above me^^^^ the credit people will not give me any information about the owner of the car i co signed for, and do not know what to even call it -that kind of case- to get a lawyer. the girl is still in the state, but i have no information at all.. and she's 3 payments behind for 2 years, i want to surrender the car, and do not know if i can sue her for the collateral bill afterwards just to be compensated for the destruction of my credit. you may need to reread this a few times, its one big problem, and then an option for a solution in question. please thank you
Sometimes its easy and sometimes not. Dont go out of your way to do it. It will get found.
No. You are the primary borrower, and it will be entered as a repo. on your credit report.
If you aren't hiding it and they didn't repossess it then it has been stolen. Call the police and report that your truck has been stolen.
They stay on your report until the loans are paid off.
If it's repossessed, it's repossessed... there's nothing to report. As long as there's a lien on that vehicle, the lienholder is the rightful owner of it, and can reclaim their property.
By being a co-signer you become a co-debtor. Therefore if the primary borrower defaults it can reflect on your credit report. There isn't much you can do about it, except try writing a dispute letter, that's a longshot.
yes you do so the bank or dealer wont report it to creditors. When a vehicle is repossessed it must be legally sold for the fair market value, or as near as possible to that price. The amount obtained by the sale is applied to the remaining balance of the loan. The borrower is responsible for any deficit amount plus applicable fees. A repossession is almost always entered on a credit report.
The time frame depends upon the lender. Regardless of whether the repossession is voluntarily done by the borrower or a forced repossession by the lender the consequences remain the same. The borrower will be responsible for any deficiency between the amount that the repossessed vehicle is sold for at public auction and the remaining balance on the loan agreement including added fees and penalties. The respossession will also remain on the borrower's credit report for the required 7 years. Be advised, a lender has no legal obligation to recover the vehicle but can instead file a lawsuit against the borrower for the entire amount of the loan plus legal and other associated costs.
No, because you have your own separate credit report.
Report it stolen.
This should not show up on your personal credit report, but if you jointly apply for a loan (it is usually required that both spouses be on real estate transactions) it will be listed as one of his obligations and possibly reduce the amount that will be approved. And if the cosigned loan is in default or has been charged-off or repossessed, it could make it difficult to get a joint loan.
If you have a bad credit report from a loan in default a lender wouldn't want your guaranty that the primary borrower's loan will be paid by you if they default.If you have a bad credit report from a loan in default a lender wouldn't want your guaranty that the primary borrower's loan will be paid by you if they default.If you have a bad credit report from a loan in default a lender wouldn't want your guaranty that the primary borrower's loan will be paid by you if they default.If you have a bad credit report from a loan in default a lender wouldn't want your guaranty that the primary borrower's loan will be paid by you if they default.