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Can your cosigner repo your car if you are behind on your payment but not in trouble with the financial institution?


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2015-07-15 18:30:27
2015-07-15 18:30:27

Amanda, if you are behind on the payment, youare "in trouble' with the lender. you are in default and could be repoed by the lender at any time. they just havent pushed the issue YET. Co-signor can only 'repo" IF they are listed as co-owner on the TITLE.


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First things first; find out who's name is on the registration and title. If it is only in one of your names, you could be in trouble. I suggest you call a lawyer and fast if that is the case and your name isn't on either of them. A doubt very much if a lender will release a cosigner from any obligation if the collateral is not fully paid for. In this case the collateral is a car and its a repo mans dream. Remember to always know your cosigner.

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Normally the program does not take into consideration any cosigners of the loan or coownership of the vehicle: if the assets belonging only to you then it will count as an asset.

There is no law against it but you might have trouble finding a lending institution that will work with you.

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