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Anyone can sue anyone for almost anything. Winning and collecting any judgment is another thing.

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โˆ™ 2011-09-12 14:41:12
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Q: Can a co-signer pay the balance of the loan off to save credit history after a repo and then sue the owner of the car for half the loan?
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If I am a cosigner on a car loan and it gets repo is the owner of the car responsible for the remaining balance after it is auctioned or is it the cosigner's responsibility?

Both are responsible until paid in full. It will also be on both credit reports as well.


Is withdrawals a debit or a credit?

it is a debit balance because it decreases owner's equity, which has credit balance.


Does owner's capital account have a debit or credit balance?

Debit


Who owns the house the owner or co signer?

Check your title paperwork. If the cosigner is listed on the title then you are co owners. If the cosigner is not listed on the title then you are the only owner. More times than not a cosigner is also listed on the title.


Who do you contact for a cosigner information to show up on their credit report?

You don't have to contact anyone. The lender will report information on the primary borrower, cosigner, joint owner, guarantor, and other relationships.


Is owner capital credit or debit?

owners capital is liability of business that's why it is credit balance.


How do you know if you are a cosigner or co owner?

A "Cosigner" is a "Co-owner." Cobuyers and buyers are equally responsible for the note they signed.


Is common stock a credit 0r debit balance?

Common stock is a portion of capital of company and capital has a credit balance that's why common stock also has a credit balance and shown under owner's equity portion under liability side of balance sheet


Can a person take a car out of state without permission of cosigner?

No they can not because then the cosinger can report te car being stolen. YES YOU CAN AS LONG AS YOU ARE THE PRIMARY OWNER OF THE VEHICLE. THE COSIGNER IS JUST A PERSON WHO HAS MADE AN AGREEMENT WITH THE BANK THAT IF FOR SOME REASON YOU SHOULD DEFAULT ON THE LOAN THE BANK CAN PURSUE THE COSIGNER. BECAUSE THE COSIGNER PRESUMABLY HAS BETTER CREDIT AND STRONGER WORK HISTORY, THUS THE ABILITY TO REPAY THE LOAN. OF COURSE YOU HAVE TO BE OF AGE AND FOLLOW ALL OF THE LAWS WHEN DRIVING.


Does owner inverstment go on the Income statement?

No, Owners investment has credit balance and these are liabilities for business that's why it is gone to balance sheet


Which account would normally have a credit balance?

The Liablilities, the revenue, the accumulated depreciation, the Owner's equity.


Will the credit of the co-owner but not cosigner of your car be affected if you file bankruptcy?

No, because the co-signor is not file a bankruptcy with you and the creditor will go after the co-signor instead of you.

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