Yes. If you signed the loan, you are still legally responsible for it.
You will also be liable for any deficiency balance
If you have no lien on your vehicle then no one has a legal right to repossess it. If you're not behind on the payments there would be no reason for the lender to reprocess the car in the first place. It is hard to believe you have a loan on a car without a lien. The car stands behind the loan. If there's no lien on the vehicle then the car is not involved in the loan and cannot be repossessed.
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
In that case there would be no one with the right of repossession.
As long as there is a lien on the vehicle the lienholder has the right to repossess the property
If it's the owner of your car loan and you defaulted then the car can be repossessed. If you have a judgment against you for any other debt then yes, if you own a car it may be seized by your creditor to cover the cost of your debt.
CitiFinancial will not place a lien on your home if they have your car as collateral. They will place a lein on your car and you risk them having your car repossessed.
Only if the 'co-signer' also has an ownership interest in the car.
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.
A paid in full receipt from the mechanic/garage with the lien.
If it goes into impound, the car can be repossessed. If the car is not retrieved from impound, then the agency which put it there files their own lien, which takes precedent over any other lien already existing on the vehicle.
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.
not in the U.S. don't know about other countries It can't be repossessed as far as I know, but the mechanic can place a mechanic's lien on the car in most, if not all U.S. states.
The owner of the car listed on the insurance policy.
IF the loan is perfected, it can be repossessed. If you have signed a loan contract with the vehicle specified as collateral for that loan, it can be reepossessed if the loan is in default.
No, what will happen is this: the finance company will pay off the mechanics lien (usually) and tack that on your loan balance, it would be considered a repo fee.
Check out this link: http://www.texascollections.com/collecting_judgments.htm