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NOT unless the payments are delinquent and the cosingnor has POSSESSION of the boat. Call the Lender and work it out.

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โˆ™ 2015-07-14 16:08:07
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Q: Can a cosigner have a boat voluntarily repossessed?
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Related Questions

As a cosigner can you have a vehicle repossessed without affecting the cosigner credit rating?

Nope.


Can a cosigner have a car repossessed if the loan has been in arrears?

yes


Is the cosigner of a vehicle liable if the it gets repossessed?

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.


If a car was voluntary repossessed and the cosigner was not notified is the cosigner still responsible?

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


What happens when a car is repossessed and you are the cosigner?

You will also be liable for any deficiency balance


If you LEASE a car and have it voluntarily repossessed will you still owe money on it?

Yes


If you cosigned for a car and it got repossessed voluntarily what will it do to your credit and will you owe?

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.


Are you responsible for the balance of a loan after the collateral is voluntarily repossessed and auctioned?

YES, read your contract.


When a car is repossessed voluntarily will the lender still try to go after the cosigner first to collect the rest of what is owed on the car?

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.


How bad does it affect the cosigner's credit if the borrower has the car voluntarily repossessed?

It has the same effect on the credit.


How can the cosigner of a car immediately have possession of it after it was repossessed by the bank?

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


If you are a cosigner on a vehicle and the other person gets the vehicle repossessed then files for bancruptcy what happens to the cosigner?

you are still liable for that loan. the lender may decide to not accept the bankruptcy charge and go after you for the money.


What is the difference between a normal boat and a repossessed boat?

A repossessed boat is a boat that the bank or company has taken back from you because you neglected or were unable to make payments to legally own the boat. A normal boat would be a boat that's owned by a person who's either making the payments on time or already has it paid off.


Can a cosigner help you get an automobile if your other automobile was repossessed?

this is the main reason why people need someone to sign for them.(bad credit) the answer is yes


Is the owner responsible for any paperwork when voluntarily returning a repossessed vehicle to a dealer?

What state are you in??? Laws VARY by state.


If you are the primary cosigner on a car and your son is the secondary cosigner can he legally have the car voluntarily repossessed without your consent?

well, if you want the loan AND the car, go get it. Tell the bank that you will keep the car.The bank really doesnt want the car, they want money.Otherwise, the bank will let him give it up if he cant pay. THE co-signor is the one with GOOD credit. If the signor didnt need help getting the loan, there would be no "co" signor.


Why would a boat be repossessed?

Boats can be repossessed due to non-payment or maybe the boat does not meet the requirements needed to sail. I would think it would be just like a automobile as far as finance goes.


If you cannot pay loan on RV should you voluntarily turn the RV in to the lien holderor let the RV be repossessed?

It would look better on your record (For future loans) if you turned in the RV voluntarily.


If you have a car voluntarily repossessed can you get another car?

YES, usually you pay MORE down payment and/or higher interest rates.


When you cosign can you send the car back and pay the depreciation value so it won't reflect badly on your credit?

No. When a vehicle is repossessed either voluntarily or by the lender, it must be sold at public auction for the fair market value or as close to that amount as possible. Any deficiency between the sale price and the loan balance will be the responsibility of the primary borrower and/or cosigner.


How do you voluntarily let your car be repossessed?

You need to give the car to the lender - if they are too far away then you need to call them and tell them where it is and ask them how they want to get it.


What do I do with a car that was voluntarily repossessed and the finance company won't come and get it?

While most creditors will allow you to have your vehicle voluntarily repossessed, some lenders will not accept them. Your best resolution in this case is to contact the finance company and determine why they will not collect the vehicle. Ensure that they are indeed accepting the voluntary repossession. You will still be required to pay the remaining balance unless you are told otherwise.


What can a cosigner do after a car is repossessed Can they sue the primary signer?

Seems pointless to even consider. If the primary signer didn't have enough funds to make the car payments, they probably will not have enough funds to pay any lawsuit you charge them with. Fact is, if the primary signer defaulted on payments, then the cosigner would be responsible for making them - If repossession occured, then it was due to the fault of the cosigner .. can't sue yourself.


Is a cosigner liable for the balance of a repossessed vehicle if the loan company auctioned it without notifying them?

READ your contract you signed. Call a local attorney for state specific legal advice.


If you are being sued as a cosigner on a repossessed car for a bankrupt limo co in NJ will this lawsuit follow you if you move to a different state?

It would depend on why they are sueing you and also what the disposition of the bankruptcy is.