0
Can a cosigner coowner repossess a vehicle if the primary has not defaulted payment on the loan?
Wiki User
∙ 2005-08-30 03:38:28
A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.
Wiki User
∙ 2005-08-30 03:38:28
Add your answer:
Earn +20 pts
Who may Repossess on another persons property?
Whomever the lien holder has hired for that purpose. Providing you have defaulted on the payment terms of your contract.
How can you get your car back you leased to a former friend that defaulted on the payment?
Hopefully, you had the good sense to put a lien on that vehicle. You can have a recovery agent repossess the car.
When can a bank reposess a car?
A bank can repossess a car at any time the loan has defaulted. Many times a bank will wait until a payment is 2 to 3 months behind before repossession.
If you are late on your loan payment and are a cosigner on your daughters car can they repposses the car?
If you are late on your loan payment and are a cosigner on your daughters car can they repposses the car?
What do you do if you want to pay on defaulted loan?
Send in a payment.
What is the difference in a cosigner and a guarantor?
A cosigner signs the debt agreement and the lender can demand payment from both the debtor and the cosigner. A guarantor does not sign and the lender needs to go through the debtor before demanding payment from a guarantor.
How do I get payment on a defaulted personal loan?
foreclose the debtor assets...
Can you claim ppi on your credit card if you have defaulted on payment?
fat
Can the lender repossess your car if you didn't make the payments because they never sent a payment book?
They can repossess your car if you defaulted on the loan. You knew you owed the money and you knew you didn't receive a payment book. It was your obligation to contact the lender to arrange to make your payments. You should seek the advice of an attorney who may be able to negotiate with the lender on your behalf. Not making your payments for your debt on such a technicality is really dangerous.
Does a cosigner have to have a job?
No, a cosigner can be retired, or just in good standing with the federal credit bureau. They do not necessarily have to have a job. But the deal with a cosigner is that if the individual they are cosigning for does not pay the bill, the cosigner is responsible for the payment.
If primary owner and cosigner have both their names on the title and primary doesn't pay the payments can you repossess the vehicle The title says or on it.?
If there are two individuals listed on the title of a vehicle as primary and joint, they are both responsible for the payment of the loan. If the primary defaults on the payment, the joint owner is responsible for payment. If both parties default, the vehicle can be repossessed.
Why do it have to affect the co-signer when its your debt?
Because the cosigner guaranteed the to pay the loan if you do not. You fail to make a payment and the lender will be looking at the cosigner for the payment. You not only have an obligation to the lender who lent you the money but to the cosigner who also signed his name to the loan agreement.
