Promising to pay someone else's debt if that person does not make good on their obligations. Auto loans and mortgages often require a co-signer.
could be tires out of round,bent rim,out of balence wheel or wheel bearings. or it could be the u-joint is bad and it is off balancing your drive shaft
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If you have the key number code and can prove that the car is yours then yes. It is always better to try to go to the selling dealer.Some car companies will give you a REAL hard time if you do not have the key code.
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Call a reputable mortgage loan company to start the process of qualification for yourself and your daughter. Please do consider that, if you are doing this because your daughter does not have the credit rating to do this by herself, that you may end up owning the home or damaging your own credit rat…
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You do not have to go through a different lender. Many lending institutions have a program called "release of responsibility". They will require that you apply with them and will make sure that you are credit worthy and budget for the payment. If you do not qualify, you may want to try to re-finance…
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If you took posession of the car and signed the paperwork, then you have entered into a binding legal contract to purchase. Unless the dealer agrees to void the contract, you are bound by what you signed.
Hint:
Do not accept posession of the car (at least in Texas). There is not 3 day grace period…
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Cobuyer, cosigner, they are the same thing. Wherever you sign as co-signer you should be aware that if the primary borrower defaults on payments you will be held equally responsible for paying the loan.
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you sign off on it and then sign Mr. whatever your ex's name is. lolIt depends on how the title is worded. If both names are on it as "or", for example, john smith or jean smith, you do not have to have his signature to sell it. If it is john smith "and" jean smith, both are required to sign it in o…
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No standard company will write a separate policy for a 16 yr old driver. Youthfuls need to be experienced with their own credit and stability to obtain their own policy. It is not cost effective either. The rule is that until the age of 25, most drivers will not get a prefered rate.So in short, the …
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Do both the buyer and co-buyer have to be on same insurance policy even if one never drives the car?
As the cosigner has a financial interest in the property, meaning if something happens to the vehicle he can be made to pay "All" the bills, Then he should certainly be insured on the policy for any loss regardless of whether he is driving it. A cosigner is jointly and severally liable to the lien…
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It depends on your State's statute. Self-insurance usally requires posting a bond in the insurance amount, so just having it in the bank account isn't enough. But you probably could if you wanted to.
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This can probably vary from state to state. I was able to add a car registered in my bosses name on my insurance, but he had to listed as another driver. Sometimes the registered person will have to be added to your insurance policy. It may also vary by insurance carrier. your best solution is to ca…
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The debt and repossession will become part of the co-signor's
credit record.
The co-signer of any loan has the same financial obligations and
liabilities as the primary borrower. They can be sued and have
their wages garnished or bank account frozen. The co-signor has the
same responsibilities as …
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%DETAILS%
Yes, they can repo it it you have paid everything except one red cent. You put the car up for collertal. It doesn't matter if it's worth $100,000 and you borrow $100. If you don't pay, you lose it.However, in Mississippi, after the bank repo's it and sells it, they cannot make a profit.…
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After a judgment, a creditor can take other property of yours (even your house) in some states. Each state has different exemptions so the answer depends on the state you are in.
Input from FAQ FarmersThere's one asset they probably CAN get. If you have any deposits in the same bank - checking, sav…
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Cosigning a loan means that you are willing and able to ensure that loan payments are made in any situation in which the other party fails to pay. As a cosigner you are just as responsible for the loan as your adult child. If the bank repos and then auctions the car you are responsible for any bala…
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You can take possession ONLY if your name is on the TITLE. Otherwise, you should contact the OWNER(primary borrower) and attempt to work something out to get possesion AND talk to the LENDER about putting the loan in your name ONLY. Dont mess with it if your name is NOT on the title.BEFORE I SAY ANY…
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The lender must take both the primary and the co-signer to court and obtain a judgment lien. The judgment lien can then be used to seize any property that could be sold to pay the debt.
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They can only LEGALLY repo your car IF you are in DEFAULT of the contract. That could be no payments, no insurance, using the car for an illegal purpose, ect. Is there any requirements in your contract that you may have not met? If you are NOT in default of the contract, call an attorney NOW. Good L…
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%DETAILS%
Answer
Debbie, I'm sorry that you lost your brother.
Your parents are responsible for the balance due on the bike UNLESS there was life ins. on the loan to cover it.
Their best option is to (borrow the money to) PAYOFF the loan NOW. Avoid any more interest and/or FEES.
Next option.…
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Chad, read your contract where it deals with DEFAULT and what makes you in default. Seems that for some reason, the lender did NOT believe the wire transfer was gonna make it. So to be sure they had something, they repoed. have you done anything to make them doubt that you would do whatever you tell…
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Jason, you are just as responsible as the signor. Think about it, you knew the signor's credit wasnt good or you wouldn't have needed to co-sign. When you co-sign, you are saying "if they don't pay this loan,I WILL". Make sure the lender knows where the the whereabouts of the signor and how to get …
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Patrick, the B/K proces hasn't started until you get the magic "case #". be sure to tell your B/K attorney about the car loan. S/he can give you more info on the process. Good Luck
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You will probably never know the truth. looks like you "assumed" the notes from the owner and NOT the lender. Chances are that the owner was behind on the notes and that's why it was repoed. NO, $600.00 is DUMB for getting your PP back. Get away from this "deal" ASAP.
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You certainly can have it repoed in any manner you like. Vol or invol, not much difference. Its BAD for your credit any way you go. You will be responsible for any balance due after the van is sold. Any way to make the van "conducive" for a disabled senior???
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Ask the LENDER can they remove the non-paying signor from the title and the loan so you can take custody of the car. Otherwise, unless you are listed on the TITLE as co-owner, NO.
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It has the same effect on the credit.
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Don, IF your name is on the title as co-owner, you would just be taking possession of your own car. If its NOT on the title, you cant take possession legally.Why not go to the person in possession and tell them to give up the car??
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The debt is NOT forgiven. See link below. ArizonaRevisedStatutes
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ONLY if your name is on the TITLE as co-owner or leinholder can you "repo" the car.
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IF you have paid ALL charges due and the LENDER has released the car to you, then you should have it. If not, contact a local attorney ASAP.
this just happened to me. my truck was repossessed for being 3 weeks late(463.00) i paid it off the following day and didnt get the vehicle back for 5…
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YES. Read your contract. Does it call for you to maintain ins???
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Joce;yn. your Dad is probably doing his best to protect your's and your Mom's credit. He has an interest in your Moms credit , you know. If you don't get to drive the car anymore, your best option is to get Dad to put the loan in HIS and your Moms name. That clears up your credit, such as it may be…
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Bill, ONLY if the co-signor is listed ON THE TITLE as CO-OWNER. Co-signors only responsibliity is to make the notes if the signor doesnt. Signor is just USING co-signors creditworthiness.
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Doug, you are not 'repoing" as such. you are only taking possession of collateral you are responsible to pay for. GO GET IT and have the lender take her name off the loan IF yours is the best, strongest credit. Rem that taking her off the loan is up to the lender.
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Good news and BAD news. It WILL be discharged for him. It WONT be discharged for YOU. You will be expected to pay the WHOLE debt.
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VERY MUCH affected. You AND Pop will be expected to pay the balance due after the lender sells the truck. Try to sell it yourself.
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NOT sure on this, but it seems that until they give up the right to repo by getting a judgment for the amount owed, they could still repo. Once they get the judgment, they would not have the car for security for the loan. Ill check on it and post again in a couple of days.
They may let it…
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sure can except in a couple of states. IF you are in default, you can be repoed. Its even more attractive to the lender that you ONLY oew 2 notes. Better chance they will get their money when they sell it.
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as long as you are in DEFAULT of the contract, they can repo the car. Dont forget the time element involved between you paying up and the repo co. being notified that you did pay. Have your reciept ready to show the repopeople that you DID pay and WHEN.
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If you were in DEFAULT of the contract when the car was repoed, the car is in possession of the leinholder and NO, they do NOT have to tell you anything except HOW much you must pay to redeem the car. AFTER you pay whatever amount they specify, then they will make the arrangements for you to pick up…
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Can a creditor list your car as repossessed on your credit even if they have not repossessed it yet?
Looks like 2 choices here..they made a mistake and listed the wrong account OR they have more faith that they CAN and will repo it than you do...LOL
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Both the finance company such as G.M.A.C. or Ford Motor Credit keep record of the key codes in a folder on the sale. Contact the finance company, get the key codes, go to the selling dealership where the service department can cut the keys for about $5.00. If the vehicle is in default, the finance c…
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The repo will effect your credit. The judgment the lender will get will effect your obligation to pay the deficiency balance. the letter wont effect anything UNLESS the car WAS stolen.
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%DETAILS%
Answer
http://www.interstatesocal.com/Interstate.htm
PIRATE AUTO RECOVERY, INC RA 1297
603 B East University Dr, PMB 287
Los Angeles
Phone : 310.532.3772
Fax : 310.532.3734
call CALR for refernces to more companies
John Heinkel
Talon Auto Adjusters
San Diego
(619) 588-5…
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YES, they can LEGALLY. This is more often used by collectors as a scare tactic than actually done.
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The only one who can "repossess" IS one who has a lein. NO Lein, NO repo. No Lein, NO CO-SIGNOR.
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%DETAILS%
Answer
Likely, you will be sued for the amount owed after the car is sold. IF they get a judgement, they will have the option to garnishee your wages and/or attach other property that you own. YOU will have the option to try again to work out a payment schedule that you CAN afford on …
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NO, a co-signor cant repo anything. IF your name is on the TITLE as co-owner, you can take possession. NO name on the title, all you can do is work with the lender and take care of it that way.
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To take possession, you MUST be named on the TITLE as co-owner. the LINHOLDER will wanting to be sure the car has the required ins. coverage. IF you are on the LOAN as co-buyer, you will have to make the loan CURRENT if in default. It would work out better if you contacted the LEINHOLDER for state s…
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well, if you want the loan AND the car, go get it. Tell the bank that you will keep the car.The bank really doesnt want the car, they want money.Otherwise, the bank will let him give it up if he cant pay. THE co-signor is the one with GOOD credit. If the signor didnt need help getting the loan, ther…
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The co-signor IS liable for the debt if the car is repoed. The bank can get a judgment against the co-signor as well as the signor. They can garnishee wages and/or get leins against BOTH signors other property. Anything that has a prior lien on it will be subject to the PRIOR leins being satisfied f…
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Read the contract again. What part of it are you in DEFAULT on? There is a clause in most contracts that says the lender can accelerate the balance due for a number of reasons.
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LENDERS repo cars. Co-owners on the TITLE, take possession. NOT co-signors on the loan, but CO-OWNERS ON THE TITLE.
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IC 35-43-4-5 Defenses Sec. 5. (a) An owner in possession of encumbered property does not commit a crime under this chapter, as against a person having only a security interest in the property, by removing or otherwise dealing with the property contrary to the terms of the security agreement, even if…
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You can always make an offer, but its up to the lender whether its accepted.
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VERY possible. reporting repos is up to the LENDER(of course, they usually do). It was very much repoed from you sooo. Nothing you can do about the co-signor having or not having a repo on their credit.
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On what grounds??? Forcing you to co-sign?? NOT
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CALL THE LENDER. They can advise you and work with you.
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EITHER/OR. they both signed and agreed to pay.
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How can you take back a truck you bought in your name for someone else if he has not made a payment?
""I bought a truck in my name,""Then its YOUR truck, so go get it."""sold it to him""" How can you 'sell" something you don't own???Did you give him a TITLE to it, so he can REGISTER it in his name??? I wouldn't want anyone driving MY truck in MY name. I am LIABLE for anything that happens.
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ANY time you are in default, they can repo the car.CALL the bank about the problem, dont create another problem to be dealt with.
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IF you were NOT in DEFAULT, then it was a wrongful repo and you shouldn't have to pay. Call a local attorney NOW.
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%REPLIES%
Answer
YES> IF the lender determines that your credit score meets their requirements for the loan. Is your credit GOOD enough to got the loan without a co-signor?
Answer
Yes..In most cases prime lenders will remove if you refi or re-qualify with your credit. No...In the case that …
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Read the contract you co-signed. It should relate the info you want. USUALLY, lenders dont notify the co-signor until the car is sold at auction and its time to PAY UP.
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IF and only IF, the co-signor is listed on the TITLE as co-OWNER, it is NOT a repossession. They are taking their own car. IF they are NOT on the TITLE, its GRAND THEFT. Police or not. CALL a local attorney for state specific advice ASAP.
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No "magic" answers here. CH7? did you re-affirm or just assume everything would be OK?? continually paying? well, why does the lender want to cut off their cash flow by repoing? OIC now, what does "i ended up on public assistance while waiting for disability to kick in" have to do with the question?…
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Read your contract. Likely the answer is YES. As long as you are in DEFAULT, they can repo.If You're Behind On Your Car Payment, Facing Auto Repossession "Repo", Trying To Sell Your Car, No Title... CAR DEBT SOLUTIONS WILL BUY YOUR CAR TODAY!! CASH!!visit us at: car debt solutions dot com or call to…
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As long as the contract is in DEFAULT, the collateral CAN be repossessed. One dollar or one day. Its a GAMBLE you take when you are in default.
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Whomever is named on the TITLE has equal rights to the possession of the car.
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The proper and best way is to talk with the co-signor FIRST. A repo will affect their credit as much as yours. Talk to them about selling the car yourself. You should get much more for it than the CU will so it will cut your losses somewhat. This will have to be done in agreement with the credit uni…
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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 ho…
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The lender will tell you the balance due to payoff the loan. YES, it wil most likely include interest. Read your contract.
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IF the lender will accept it. they dont always pick them up, it depends on the condition of the car, VALUE of the car, amount owed, time of sunrise in New Zealand, ect.
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Yes, as with most retail contracts, once you the borrower has defaulted on the contract, the full balance owed is due. The lender no longer is bound to take partial payments of any kind. The lender may elect to reaffirm the contract, but in doing so, it is in the best interest of all parties to resi…
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If you care to email me, I will help you.
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Yes, but remember they have the same rights to the car as you do, so you can take there car when ever they anger you, but they can also take it right back....might be better to talk it out.dont worry about cops they will just say it's a civil matter and stay away from it.
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YES, IF YOU ARE ON THE CONTRACT. but that also means you have rights to the car as well as the ex spouse....if he lets the car get repossessed it will also effect your credit.... we have live consultants that can help you with this specific situation ...so try our website www.stoptheREPOman.comDO NO…
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It would depend on why they are sueing you and also what the disposition of the bankruptcy is.
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ONLY if the lender agrees to doing so. After all, you agreeded to make make payments on the car once before.
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NO
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"threaten" and inform you you of their other legal options is not the same thing. Making arrangements with the co-signor and attempting to collect from you is part of the process of actually getting MONEY paid on the account. YOU as primary debtor are just as responsible as the co-buyer to make the …
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It might be harrassment, but I would say its a "non updated" computer program. Give them a week or two.
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A repo is a repo is a repo, credit wise.
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You pay the balance due, get a new g/f, and know what she is doing at all times.
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Making Payments After Returning a Car No, you do not have to make payments HOWEVER.....once they sell the car you still owe the left over balance. Just because you don't have the car anymore DOSEN'T mean you didn't borrow the money #2 No you do not have to make payments after returning a car as lo…
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Car Loans Specialist in USA offers a variety of car finance for your new or used cars with no co-signer. Credit doesn't matter if you have good credit, bad credit or limited credit!
Getting a Loan Without a Co-Signer - Save up for a larger down payment. The more EQUITY you have in the purcha…
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A cosigner is obligated as long as the loan exisists. The loan must be paid off or refinanced into the primary borrower's name only to release the cosigner.
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You can try to re-finance the car with a different lender without the cosigner if you've established enough good credit.
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YOU ASKED:"Can the Lease Holder Take the Auto from my possession or is that against the law if the payments are made regardless?"ANSWER:Yes, the leaseholder can (and should) re-take possession of the vehicle. The person who leased the car is dead. The lease agreement, too, is dead, save for the clau…
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It depends on the state you are in and the laws of that state. I had the exact same issue in Georgia. I am a co-signer. In most states it depends on how the two are listed on the title. Are the two borrowers list as Joe Doe AND Jane Doe? Are they listed as Joe Does OR Jane Doe? Which name is first? …
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I believe you need to go with the current owner of the vehicle to the current bank that the vehicle's current owners is an affiliate of. Best bet is to get with the other party and then try to get ahold of the bank and go from there. .
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The only way to be sure is to make the payments. Even if the court orders your ex-husband to make the payments, that doesn't mean that he will.You should consider getting some other credit going on your own now, while you still have good credit. This will help if you have to re-build your credit on …
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With some banks, yes. With others, they will require you to obtain a new loan.Find out what car dealers don't want you to know at www.dealertricks.com
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You will own the car once it is paid off and you can take the co-signer off once you pay it off. The co-signer is only someone the bank falls back onto to make the payments in case you dont. In turn if the co signer doesnt pay either it affects both yours and the co signers credit negatively.
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Yes, but the more loans they are on the more risk they are taking on and there by, lowering their own borrowing ability.Find out what car dealers don't want you to know at www.dealertricks.com
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Maybe small claims court. Check with a local attorney. the best protection is DONT CO SIGN.
Generally anyone who causes financial damages, which non payment of the debt as promised would seem to be, can be sued to have those damages recovered from.If one can pursue it in small claims court …
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most times the person backing......rules of the road will dictate that the person backing must use a higher degree of care......nearly all claims I've worked where one is backing and other vehicle is moving forward, and certainly if stopped the backing party will be found fully or higher percentage …
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yes. My parents did it and the only financial loss was job problems.
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Please allow me to confirm that it CAN effect your credit. The apartment community typically, but not always, turns the accounts over to a debt collection agency. Once the agency has the account, they start sending letters, calling etc. The account is typically reported to the bureaus between 90-120…
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Your question reads, "Is a creditor REQUIRED.." If you mean "by law," the answer is mostly no, but it varies from state to state. If you mean "by common decency," then I should answer Yes. Most times, if the co-borrow is a wife or significant other, the creditor will not bother to notify the co-borr…
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