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If you are a co-signer on a car loan and the car is repossessed are you given the option to buy the car yourself before it is taken to auction?
Wiki User
∙ 18y ago
no you do not get to puchase the vehicle before it is auctioned the loan company will have tried to contact you to make the payment it would then be up to you to get the car from the other person by way of repossessing it yourself through small claims court
Wiki User
∙ 18y ago
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If your a cosigner and want to remove your name before the loan is paid off will this affect your credit in any way?
A cosigner cannot simply remove their name from the contract. The cosigner is obligated equally with the primary borrower until the loan is paid. A cosigner's credit history will be affected, hopefully in a positive way.
What is forfeiting?
It means when you can't pay for something , you surrender it before it is repossessed.
What has to happen before a creditor can have your care repossessed?
A car cannot be repossessed until the owner has missed several car payments and the owner has been notified of late payments. In most states a car can be repossessed after three months of non-payment.
Is a lender required to evaluate whether a cosigner should be allowed to cosign?
The lender will evaluate the cosigner's ability to repay the loan. As long as the cosigner is mentally competent, his health is not normally an issue. If the family had gone to court to have a conservator or guardian appointed for the grandfather BEFORE the loan was signed, it would not be valid.
Does the cosigner have the legal right to have the tenant move out before lease is expired due to no rent paid?
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Where are repossessed cars sold?
Repossessed cars are generally sold at auctions, so look out for car auctions in the local press. Make sure that you ask for a catalogue before the auction and do some research before you go to bid.
Does a lender need to notify you before they sell your car they repossessed?
Yes, they also have to send you official letter from auction at the price they sold it to deduct from the amount you own to the bank.
What is the catch in buying repossessed cars?
The biggest turn-off when buying Repossessed Car:As you already know, Repossessed Car Auction is a great way to buy your new car or other types of vehicle (boat repo auction, RV repo auction, ...); however, it seems almost too good to be true, because the price is very low. The catch lies in the fact that Repossessed Cars were taken from their previous owners by the government, so they are basically used cars. Therefore, you must take all the steps necessary to find out about the history or the damages of the repossessed car yourself.Why you should still go for Repossessed Car:The easiest answer is: because it is very cheap. Normally, you can find one at as low as $200. Furthermore, even though repossessed cars have been used, they were taken away because their owners couldn't pay the bills, not because they were damaged or got into accidents. Thus, most of the times you will find very good repossessed cars that are perfectly normal and usable. Still, remember to check its history and VIN number! Also, remember to visit websites like www.vehicleshq.com to prepare your knowledge before going to a real repossessed car auction.
Repossessed Cars Offer Great Value?
In today’s tough economy many car buyers are looking for ways to save a buck. Repossessed cars can offer good value on high quality vehicles for low prices. Because of the rough economic times there are currently more repossessed cars up for sale or auction than ever before. Repossessed cars are not to be confused with seized or abandoned vehicles that are typically sold by police departments. These are vehicles that have been taken back by banks or loan companies after the buyer defaulted on the payments. Many banks are simply looking to collect the balance due and may even be willing to take a slight loss. It’s better for them to recoup some money than nothing at all. Because of this there are plenty of bargains to be found. Many of the vehicles are only one or two years old. Finding repossessed vehicles is as easy as searching online. You can also check local newspapers and community bulletin boards. Call your local newspapers and ask them if they print local car auction information. Be sure to fund out what days the information is published on. Another method is to call local banks and loan companies to ask them about their repossessed cars. Check online or your local yellow pages for nearby auction companies that deal with repossessed cars. They’ll be happy to give you a list of auction times if you give them a phone call. With a little bit of effort you can usually get them to give you a list of vehicles that will be up for auction right over the phone. Last of all, look for small banks and institutions with repossessed cars they wish to sell directly. You may even be able to negotiate a cheaper price than they initially ask for. When searching for bargains it pays to do some research. Get yourself an up to date copy of Kelly Blue Book and the N.A.D.A. Guide. If you can find out the make, model, and year of the vehicles up for auction, you can find their value before making a bid on them. Find out in advance if you can get any guarantee or warranty on the vehicle before you commit to buy.
If property has been seized before filing bankruptcy does stay apply to said property?
It depends on the nature of the seizure. A repossessed vehicle has to be returned i it has not been auction to a 3d party. If money was seized by a tax agency, maybe.
What is the difference in a cosigner and a guarantor?
A cosigner signs the debt agreement and the lender can demand payment from both the debtor and the cosigner. A guarantor does not sign and the lender needs to go through the debtor before demanding payment from a guarantor.
Do you have a right to have a repossession letter before my vehicle is repossessed?
no
How and where do you add a cosigner on a loan?
The cosigner must be present at the time the contract is signed. Before a cosigner is accepted by the lender him or her must meet the lender's requirements which will include a check of their complete credit history, employment status, etc.
What is the status of bank repossessed cars?
If a bank was to repossess a car then your car would be put up for auction. You may get the car back at any time before the auction by making the lost repayments up. Many people wait till the auction and buy the car back at a very low price according to one of the websites on the internet. This way they pay less than the repayments were costing and have got their car back.
If your a cosigner and want to remove your name before the loan is paid off will this affect your credit in any way?
A cosigner cannot simply remove their name from the contract. The cosigner is obligated equally with the primary borrower until the loan is paid. A cosigner's credit history will be affected, hopefully in a positive way.
How do you the cosigner sue primary borrower?
The cosigner can sue the primary borrower by taking legal action in a court of law. This typically involves filing a lawsuit against the primary borrower for failing to make payments as agreed upon in the contract or agreement. It is advisable for the cosigner to consult with a lawyer to understand their legal options and the process for suing the borrower.
How long before your vehicle can legally be repossessed?
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