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Auto Loans and Financing
Repossession
Co-signing

Can the bank take things that the cosigner owns or has financed if the car is repoed?


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Wiki User
2011-09-12 16:02:40
2011-09-12 16:02:40

The co-signor IS liable for the debt if the car is repoed. The bank can get a judgment against the co-signor as well as the signor. They can garnishee wages and/or get leins against BOTH signors other property. Anything that has a prior lien on it will be subject to the PRIOR leins being satisfied first.

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Anything that you might need a bank loan to get.

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The cosigner becomes the target next. If you default, it is up to the cosigner to pay the bill or both of your credits are ruined and the bank takes their usual steps to repossess a vehicle.

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VERY possible. reporting repos is up to the LENDER(of course, they usually do). It was very much repoed from you sooo. Nothing you can do about the co-signor having or not having a repo on their credit.

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if you take it to your personal bank and ask them how much you need to have paid already they can indeed refinace you and remove the cosigner

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A co-signer is jointly and severally liable on the note, but doesn't have any security interest in the vehicle. In other words he has no rights to the vehicle, other than to pay off the note if you fail to do so. A cosigner can ask that his name be added to the title, which means he has equal ownership. When the note is paid he can then have his name removed But as a co-signer, it also means you have the responsibility to ensure that the owner of the property is able to pay on time for the financed car. If you have any doubts you can call the bank where the car is financed; they will give you a clear answer.


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