The co-signer has every right to take possession of the car. In state law they can call the police and hire a tow truck…sorry that the down side to having a co- signer The co-signer has every right to take possession of the car. In state law they can call the police and hire a tow truck…sorry that the down side to having a co- signer The co-signer has every right to take possession of the car. In state law they can call the police and hire a tow truck…sorry that the down side to having a co- signer The co-signer has every right to take possession of the car. In state law they can call the police and hire a tow truck…sorry that the down side to having a co- signer The co-signer has every right to take possession of the car. In state law they can call the police and hire a tow truck…sorry that the down side to having a co- signer
No you cannot remove a repossession off your credit report if your cosigner has a judgement on the repossession.
In a few states both the primary borrower and the cosigner must be notified by the lender through a "Right To Cure" notice before repossession action can occur. In Wisconsin a replevin order is necessary before a repossession can take place, but the cosigner is not always notified. In the majority of states the lender does not need to give either the primary or the cosigner notice of repossession action.
Yes. That is the point of the lender asking for a cosigner. The cosigner will have a repossession showing on their credit as well as the primary lender.
legal rights of cosigner on mortgage
When you cosign for an automobile purchase you are typically liable for an automobile repossession in Michigan. The reason why is because you are responsible for car payments as a cosigner if the primary debtor cannot pay.
No, the cosigner will not have rights to the car after its paid off because the purpose of a cosigner is to pay off the notice if you fail to do so. Being a cosigner does not give them to any rights to the car.
They can still come after the cosigner, and it will still reflect poorly on your cosigner's credit history. You have been absolved of the debt, not your cosigner.
The car company generally has to give you notice before going through with a repossession. Also, they should give you the opportunity to pay the outstanding bill before resorting to a repossession.
Not many.
no
You HAD the right to keep an eye on collateral that you were standing good for and to make sure it was being paid for in a timely manner. Now you have the right to PAY for that collateral after it sells at auction.
Whether a repossession is done "voluntarily" by the primary or through the action of the lender, the primary borrower and the cosigner are still legally responsible for all the terms of the lending agreement. The affect the repossession has on the cosigner's credit history will depend upon the actions of the lender to recover the debt owed.