WAS it stolen from YOUR possession? IS your name on the TITLE as co-owner? If you are NOT on the title, it cant be stolen from you or the lender. Best thing you can do is help the repo company find where it is hidden. Most states have laws prohibiting "Hindering a Secured Creditor". Check the g/f house, the gramma house,the coke dealers house and the "best" friends house. Cars dont just fall off the face of the earth.
Can you report it stolen if your name is on the title but the other co-signer on title has possession of it and will not give a physical address of where the vehicle is and has left the state and is trying to hide the car from repossession. You have no addresses or phone numbers to reach the party in possession of the vehicle and friends and family of that party will not give you any information. What can you do in that case?
i have the same problem as the statement above me^^^^ the credit people will not give me any information about the owner of the car i co signed for, and do not know what to even call it -that kind of case- to get a lawyer. the girl is still in the state, but i have no information at all.. and she's 3 payments behind for 2 years, i want to surrender the car, and do not know if i can sue her for the collateral bill afterwards just to be compensated for the destruction of my credit. you may need to reread this a few times, its one big problem, and then an option for a solution in question. please thank you
Sometimes its easy and sometimes not. Dont go out of your way to do it. It will get found.
No. You are the primary borrower, and it will be entered as a repo. on your credit report.
If it's repossessed, it's repossessed... there's nothing to report. As long as there's a lien on that vehicle, the lienholder is the rightful owner of it, and can reclaim their property.
If you aren't hiding it and they didn't repossess it then it has been stolen. Call the police and report that your truck has been stolen.
They stay on your report until the loans are paid off.
By being a co-signer you become a co-debtor. Therefore if the primary borrower defaults it can reflect on your credit report. There isn't much you can do about it, except try writing a dispute letter, that's a longshot.
yes you do so the bank or dealer wont report it to creditors. When a vehicle is repossessed it must be legally sold for the fair market value, or as near as possible to that price. The amount obtained by the sale is applied to the remaining balance of the loan. The borrower is responsible for any deficit amount plus applicable fees. A repossession is almost always entered on a credit report.
No, because you have your own separate credit report.
The time frame depends upon the lender. Regardless of whether the repossession is voluntarily done by the borrower or a forced repossession by the lender the consequences remain the same. The borrower will be responsible for any deficiency between the amount that the repossessed vehicle is sold for at public auction and the remaining balance on the loan agreement including added fees and penalties. The respossession will also remain on the borrower's credit report for the required 7 years. Be advised, a lender has no legal obligation to recover the vehicle but can instead file a lawsuit against the borrower for the entire amount of the loan plus legal and other associated costs.
Report it stolen.
Start with some type of vehicle history report, such as Carfax.
It is up to the LENDER to report a repo. Usually they DO report it and it stays on your CR for 7 years.
This should not show up on your personal credit report, but if you jointly apply for a loan (it is usually required that both spouses be on real estate transactions) it will be listed as one of his obligations and possibly reduce the amount that will be approved. And if the cosigned loan is in default or has been charged-off or repossessed, it could make it difficult to get a joint loan.
A co-borrower has an ownership interest in the property. A co-signer guarantees the repayment of the loan although they do not own the property. If the primary borrower defaults, the lender can (and will) go after the co-signer for payment. The loan will usually not show up on his credit report, unless the borrower defaults.
By mistake. Waste no time contacting the credit reporting companies, and demand that this entry be removed from your credit report.
talk with the ones who repossesd it to change there remark, try to make a deal,like promise to pay out early,pay on time for a period of time,what ever it is get it in writing for evidence
If the borrower formally assumes the note, another words the bank gives the ok to the new borrower, the bank can notify credit bureaus to delete that entry in credit report. If new buyer takes title "subject to" without the banks permission the original borrower will still show up in their credit report. because as far as the bank is concerned you are still responsible, no matter who pays the note.
You can sue for anything if you can find a lawyer to take the case, but collecting would be something else. You cosigned, promising the bank that you would make any payments that the borrower did not. THERE IS NO AGREEMENT THAT SAYS THE BORROWER WILL REPAY THE COSIGNER. IOW, you are SOOL. After months of unsuccessfully trying to get the person I cosigned the loan for to pay his bill - I sued him. He got scared because he knew I would get the judgment because he agreed to pay this bill and that's why I cosigned in the first place. He knew a judgment on his credit report would cause him lots of problems. So after he received the court summons and we appeared before an arbitrator he agreed to pay an extra $125 per month to settle the loan faster in exchange for me not requesting a judgment. I also received a signed document by him and the court that if he missed even one payment again - it would go into an automatic judgment on his record for the balance due on the loan plus $500. I'm glad I didn't wait for the loan to go into default and ruin my credit before I took action.
I am not sure it is possible but my only suggestion is to call your local Police Department and find out
No. There is no legal obligation for the lender to notify the cosigner that the primary borrower is in default.
Absolutely. Once the car is considered repo'd it is all paperwork, otherwise you could just hide the car from the lender.
Yes, they can. And then they can have charges filed against the borrower, the most likely suspect in the theft. They can also file for a replevin, a court order for the borrower to surrender the vehicle, and failing to do so can result in the arrest of the borrower on charges of contempt of court.
You don't have to contact anyone. The lender will report information on the primary borrower, cosigner, joint owner, guarantor, and other relationships.
The family went into hiding when Margot Frank got an official letter ordering her to report 'for resettlement in Eastern Europe'.