NO. IF the co-signor is also listed on the TITLE as co-owner, they can take possession. If not listed on the title they would need to bring a civil suit and bring enough evidence to convince the court to render a judgment transferring the title to the co-signer. Crucial evidence would be proof the co-singer paid the loan.
Yes. If you signed the loan, you are still legally responsible for it.
You will also be liable for any deficiency balance
When you cosign for anyone you are taking 100% responsibility for the payments on that car. If the person that gets the car doesn't keep their payments up it will be repossessed by the bank with an option for the cosigner to take over payments or sell the car and pay back the loan. Marcy
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.
In the State of Texas, the answer would be "YES" as both parties signed for the car loan and both are responsible for the balance due. I was the primary signor but the cosigner had the car and was making the payments. Then she stopped making payments after owning the car for 3 years and the car was repossessed.
Seems pointless to even consider. If the primary signer didn't have enough funds to make the car payments, they probably will not have enough funds to pay any lawsuit you charge them with. Fact is, if the primary signer defaulted on payments, then the cosigner would be responsible for making them - If repossession occured, then it was due to the fault of the cosigner .. can't sue yourself.
if i get my car repossessed, can they put a llien on the house?
Your car was probably repossessed by the lender who owns the car until you pay for it. Call your lender and they will be able to tell you how to locate your repossessed car.
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.
NO...NO...AND...NO.Dont let this person scare you there blowing hot air keep your payments current and dont worry about it and if this person touches your car in the wrong way call the law.
It would depend on why they are sueing you and also what the disposition of the bankruptcy is.
The other co-owner or cosigner will be responsible for the debt.
No, a car can not be repossessed due to having no registration. A car can be repossessed for non payment. The police can have a car towed to an impound lot if there is no registration.
No, but your car can be repossessed if you don't make the payments.
If you are late on your loan payment and are a cosigner on your daughters car can they repposses the car?
Yes: Your spouse/children can be included on your insurance policy regardless of who was/if there was a cosigner on the car.
Possible fraud charges.
if the car dealership does not pay for the car in full or pay their bills then the car would most likely be repossessed
YES! Just wondering how you know that? What would the crime be? What if the person had a cosigner?
When a car has been repossessed the person paying the insurance should cancel it.
No, the cosigner signs on to the loan. Usually, the primary signer owns the car and drives it. The cosigner is there in case the loan goes into default and needs to be paid for. After they sign on the car does not belong to them, but the person who took out the loan.