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
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, 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.
It has the same effect on the credit.
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.
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.
this is the main reason why people need someone to sign for them.(bad credit) the answer is yes
What state are you in??? Laws VARY by state.
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.
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.
It would look better on your record (For future loans) if you turned in the RV voluntarily.
YES, usually you pay MORE down payment and/or higher interest rates.
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.
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.
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.
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.
READ your contract you signed. Call a local attorney for state specific legal advice.
It would depend on why they are sueing you and also what the disposition of the bankruptcy is.