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Can you sue someone you cosigned on a car loan that you had to pay for after it was repossessed?
Wiki User
∙ 16y ago
Most likely yes, in a small claims court - if the amount is low enought. You need a lawyer to go above the small claims court and the defendant needs some assets if you hope to collect your money and the lawyer fees.
Wiki User
∙ 16y ago
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Who pays the loan if a car is repossessed?
The one who BORROWED the money and/or the on who COSIGNED the loan.
Is there any way to get your name off of a loan if you cosigned for a car loan while you were married and then you got divorced?
The loan has to be "secured" by someone with good credit. Call the lender for their loan qualifications.
If you cosigned a car loan for your daughter and the car got repossessed do you both have to file for bankruptcy?
Having a car or other item repossessed does not mean anyone has to file for bankruptcy. Bankruptcy is to protect you from creditors and should be sought if you owe more than your net worth and have no reasonable prospect of being able to pay what you owe.
If you file for bankruptcy and you cosigned for someone can the car loan be included in the bankruptcy if the person is not making their payments?
YES, you can include it whether the payments are current or not.
Can you repossess a car that you cosigned for if the primary has not defaulted on the loan?
To repossess something, you must have had possession of it at one time or it must be collateral on a loan that you are the lender on. To co-sign only means that you agree to pay the notes if the primary buyer doesnt. Collateral for a loan that is NOT in default cannot be repossessed by the lender.
Who pays the loan if a car is repossessed?
The one who BORROWED the money and/or the on who COSIGNED the loan.
If your car is repossessed and the person who cosigned for you files bankruptcy are you still liable for the repossession?
Yes. If you default on your car loan you will remain liable for the debt.
Is there any way to get your name off of a loan if you cosigned for a car loan while you were married and then you got divorced?
The loan has to be "secured" by someone with good credit. Call the lender for their loan qualifications.
If you cosigned on a car loan and car was repossessed 5 yrs ago and now the creditors are harassing you but you don't work and have no way of paying can your husband be held liable if he did not sign?
The spouse cannot be held liable, however it is quite possible that the debt is no longer valid for collection. The person who cosigned the loan should find out what the SOL is in the state in which the contract was signed.
The person you cosigned for on a car loan passed away am I still responsible for the loan?
Yes
If you cosigned a car loan for your daughter and the car got repossessed do you both have to file for bankruptcy?
Having a car or other item repossessed does not mean anyone has to file for bankruptcy. Bankruptcy is to protect you from creditors and should be sought if you owe more than your net worth and have no reasonable prospect of being able to pay what you owe.
Sister cosigned a car loan but they registered the car in her name is that legal?
Its half hers.
When someone is a cosigner on the loan of your car does that mean he owns any part of it?
when you cosign on any kind of loan you dont have to pay anything unless the person you cosigned for does not pay the loan, then you are responsible for that the remaining balance on the loan
If you file for bankruptcy and you cosigned for someone can the car loan be included in the bankruptcy if the person is not making their payments?
YES, you can include it whether the payments are current or not.
Can you repossess a car that you cosigned for if the primary has not defaulted on the loan?
To repossess something, you must have had possession of it at one time or it must be collateral on a loan that you are the lender on. To co-sign only means that you agree to pay the notes if the primary buyer doesnt. Collateral for a loan that is NOT in default cannot be repossessed by the lender.
If you are the primary on the car note for an auto loan you got with someone else who pays when the car is repossessed?
As the primary, you are the first one they go after.
If you have cosigned for your mom how can you get your name off of the car?
I assume you mean how do you get your name off the car LOAN! The only ways to do that would be to either pay off the loan or have your mom refinance it under just her name (or get someone else to cosign THAT loan)
