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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

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.


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

Nope.


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.


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


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 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.

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