yes
Yes. If you signed the loan, you are still legally responsible for it.
When a loan is in arrears (past due), the creditor has the legal right to contact the cosigner unless the loan is included in bankruptcy. The Fair Debt Collection Practices Act states this fact. The sole purpose of a cosigner/guarantor is to guarantee the loan, hence it is likely if no payment arrangements have been made by one, they will collect from the other.
It is possible to work out a deal with the bank after it is repossessed. However, a new loan or legal agreement will have to be signed.
Not only that, but you are expected to pay the arrears payments, too. The loan is still outstanding and the lender has every right to collect from the borrower what was promised (in writing) by them to pay.
They can still come after the cosigner, and it will still reflect poorly on your cosigner's credit history. You have been absolved of the debt, not your 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.
A cosigner can only be relieved of the financial obligation through refinancing of the loan without the current cosigner's participation.
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
will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle
If you default on your loan, the cosigner is stuck with paying it off. If your credit had been any good in the first place, you would not have needed a cosigner.
No.
The only option is for the loan to be refinanced without the particpation of the present cosigner.