http://www.lawhelp.org/documents/127641Creditors%20and%20Debtors.pdf?stateabbrev=/FL/
The creditor wil try to get the debt from the cosigner as well.
The obligation of a cosigner is discharged by a borrower securing a loan to the satisfaction of the creditor. Paying off a loan will also discharge the obligation of a cosigner.
Yes. Even after the vehicle is sold, you'll still owe them the remaining balance of what you borrowed, and they'll continue to call.
The answer is yes, if the creditor brings you to court on the matter.
No you don't still owe; once the motorcycle has been repossessed, it is no longer your concern. Whether the creditor sells it or fails to sell it is the creditor's problem, not yours.
Sure.
The cosigner can be held responsible for the loan if the original signer does not repay. Thus, the creditor has another means of access to the money, similar to collateral, and thus the presence of a cosigner lowers the interest rate.
Yes, your truck can be repossessed even if you are using it to earn an income, however, you can tell your creditor that you are earning money with your truck, and that if the creditor does not repossess the truck you will use that income to make payments on your loan. Of course, if you are not making payments, and spending all of your income on other things, then the creditor has no motive to let you keep the truck.
Yes, in the event the court orders it.
No, the law allows for only one garnishment action by a creditor to be in force.
Absolutely. The whole point to having a co-signer is the creditor wants assurance that the debt will be repaid.
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.