It has the same effect on the credit.
Whether a repossession is done "voluntarily" by the primary or through the action of the lender, the primary borrower and the cosigner are still legally responsible for all the terms of the lending agreement. The affect the repossession has on the cosigner's credit history will depend upon the actions of the lender to recover the debt owed.
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.
Yes. If you signed the loan, you are still legally responsible for it.
You will also be liable for any deficiency balance
YES, read your contract.
Its NOT a matter of first or second, its who has the most assets that can pay. If the buyer doesnt pay, they will be on the cosignors steps the next morning. Vol or Invol, they want their money.
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
you are still liable for that loan. the lender may decide to not accept the bankruptcy charge and go after you for the money.