You need to calol the LENDER and discuss this.
cant , once the cosigner has signed that contract its legal and will remain that way unlesssss you wait till the final of the repo and they have sold the car and are trying to collect a balance from you then you file bancrupcy
You give the repo man the keys to the vehicle and let him take the vehicle.
A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.
Only if the cosigner is also named on the vehicle title.
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
They will come to you for the money if they can't find him. It will be on your credit as a repo as well. As a co-signer, you sign that you will take over payments if the signer fails to make the payments.
Contact the lender and let them knoiw that if ANY case the debtor defaults to notify you so you can payoff the loan. Add that you will payoff after repo with NO repo reported on YOUR credit.
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.
Yes. That is the point of the lender asking for a cosigner. The cosigner will have a repossession showing on their credit as well as the primary lender.