answersLogoWhite

0


Best Answer
Copy

NO, that is the job of the leinholder. YOU dont want the responsibility of repoing it either. IF you are listed on the TITLE as co-owner, you can go get your car. Otherwise, sit back and enjoy the fruits of co-signing.

User Avatar

Wiki User

โˆ™ 2015-07-14 16:07:49
This answer is:
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0
User Avatar

Add your answer:

Earn +5 pts
Q: Can a co-signer have a car legally repossessed because of non-payments?
Write your answer...
Submit

Related Questions

If a car was voluntary repossessed and the cosigner was not notified is the cosigner still responsible?

Yes. If you signed the loan, you are still legally responsible for it.


When could women legally get a checking account on their own without a cosigner in the US?

women could legally get a checking account on their own without a cosigner in the U.S. in present day today.


How long before your vehicle can legally be repossessed?

WE'RE ON OUR WAY!!!!!


Is the cosigner of an auto loan responsible for the loan if the loan was refinanced by the buyer without the knowledge or consent of the cosigner?

No, the refinancing without the consent or knowledge of the original cosigner created a breach of the original lending agreement and the cosigner is no longer legally obligated for the debt.


What is the insurance liability for the cosigner of an auto loan?

None. A cosigner is entering into a legally binding contract to repay the debt if the primary borrower defaults on the lending agreement. The cosigner does not have any other obligation nor ownership rights to the property.


Can your federal tax refund be taken if you cosigned for a truck that was repossessed?

Legally, YES.


Can you legally go and take your car back after it has been repossessed?

NO,thats Grand Theft.


Does lender have to send notice of default or intention to repossessed before taking the merchandise?

Legally NO!


Owner of car stole it back from repossession company?

If it was repossessed legally then he is guilty of theft


Are you legally responsible to pay back the cosigner who signed for you on a rental lease?

No not unless you have an agreement that you had to pay the rent.


If you are the primary cosigner on a car and your son is the secondary cosigner can he legally have the car voluntarily repossessed without your consent?

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, there would be no "co" signor.


What is Georgia law against hiding car from being repossessed?

The only way to hide a car in Georgia if facing being repossessed is by filing chapter 13. If you have filed for chapter 13 it is legally ok to hide your car from being repossessed.


How much would it hurt your credit if the car you co-signed for gets repossessed?

Just the same as if it was your car repossessed. Legally, you hold the same liability as the primary buyer.


If you are getting your drivers license will you be able to take out a loan with a cosigner?

One has nothing to do with the other. The lender doesn't care if you have a license, he wants a cosigner because you don't have a good credit record. Just getting a DL says you are not quite old enough to legally borrow money unless you have COLLATERAL.


How many days after your car payment is due can your car be repossessed?

Legally, ONE.Actual practice?? 3-60


If you cosigned for a car and it got repossessed voluntarily what will it do to your credit and will you owe?

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.


Is the cosigner the only one responsible on the loan?

The primary borrower is responsible for making the payments and adhering to the terms of the lending contract. The cosigner is legally obligated only if the primary borrower defaults on the lending agreement or files bankruptcy (chapter 7).


Can a car be repossessed if you are two payments behind?

Legally if you miss 1 payment you are delinquent and they can start repossession proceedings on their vehicle.


If you file for bankruptcy and your car is repossessed can a friend take a loan out for you to purchase a car?

Of course, it won't legally be your car however.


What is the difference between a normal boat and a repossessed boat?

A repossessed boat is a boat that the bank or company has taken back from you because you neglected or were unable to make payments to legally own the boat. A normal boat would be a boat that's owned by a person who's either making the payments on time or already has it paid off.


If a cosigner is forced to make payments on the loan because the borrower has defaulted can the car be confiscated from the borrower by the cosigner?

No. The car is not your property, nor do you have legal authority to sieze property. It would be considered grand theft. As a co-signer, you agreed to be just as legally liable for the debt as the borrower. That's why it's a good idea to NEVER co-sign ANYTHING.


My car was repossessed and now they want me to pay for the remaining balance on the loan and I can not afford it. What can the lender do legally to get payments in the state of Pennsylvania?

no


What if you refuse to allow your car to be repossed?

If it is to be repossessed legally then you are guilty of an offence. The offence and the penalty would depend on the circumstances and the country in which you reside.


How long dues the Car dealer ship legally have to hold the repossessed vehicel before legally selling it?

is it true that a dealer have to hold a car for twenty one days before they can sell it after it has been repossed


What happens when you take a car out of state when it is being repossessed?

I can can be legally repossessed no matter where it goes in the USA. As long as the repossessor can find the car and identify it as the one to be repossessed. It may not be cost effective if it is a long distance unless the vehicle is of greater value than the cost of returning it and paying someone to do that. They can also wait until you return.