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Repossession
Boats and Watercraft

Can a cosigner have a boat voluntarily repossessed?

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2015-07-14 16:08:07
2015-07-14 16:08:07

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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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.

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

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You will also be liable for any deficiency balance

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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.


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