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Repossession
Co-signing
Liens

Can a co-signer have a car repossessed if there is no lien?


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Wiki User
2015-07-14 16:08:39
2015-07-14 16:08:39

The only one who can "repossess" IS one who has a lein. NO Lein, NO repo. No Lein, NO CO-SIGNOR.

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

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You will also be liable for any deficiency balance

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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.

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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

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In that case there would be no one with the right of repossession.


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