Once a creditor obtains a court judgment it can take other property of yours (even your house) in some states. Each state has different exemptions so the answer depends on the state you are in.
Input from FAQ Farmers:
There's one asset they probably CAN get. If you have any deposits in the same bank - checking, savings, or CD's - you probably signed a paper that said they could "offset" the loan with these assets. It's legal in all states that I know about and quite easy for the bank to collect. Of course, if you can't make the monthly payments, you probably don't have the payoff amount in your checking account either.
After your car is repossessed the bank can seek a court judgment against you for any balance still owed on the loan after the bank sells the car. If you trashed a new vehicle you may still owe a large balance after the car is sold. If successful in court, the lender can record the judgment lien in the land records and you cannot sell or refinance your property until the lien is paid. In states that have homestead protection the creditor cannot force the sale of your home to satisfy the debt. However, it can keep the lien on the property and get paid if you sell or refinance.
Your driver's license is an instrument issued to you individually by your state government. Your bank has no bearing in its status. What your bank has is a lien to your vehicle which essentially means that upon your failure to pay, they have the right to repossess the vehicle and sell it to recover the money that they are owed. So while your registration won't be suspended, your bank may send a tow truck to repossess your vehicle.
Only if the vehicle was used as collateral to secure the loan/debt. If the issue is strictly credit card account default, the bank cannot arbitrarily cease the vehicle. However the bank can file suit against the debtor and if awarded a judgment execute the judgment as a lien against any of the debtor's real or personal property, including a vehicle.
I don't think so. The co-signer is not the registered owner and has no claim to the vehicle. Only the bank or the loan company (which lends the buyer the money and holds the vehicle title until it's paid for) can repossess. The co-signer just guarantees the loan. If the buyer defaults, the bank will come after him to make payments.
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