If you are a co-signer of a repossesion, and the primary borrower has not made an attempt to make their payments then you are fully responsible for this debt.
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
Nope.
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.
A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.
A cosigner of a vehicle loan is typically equally responsible for the debt if the primary borrower fails to make payments. However, the cosigner does not have ownership rights to the vehicle unless specifically stated in the loan agreement.
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.
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
Only if the cosigner is also named on the vehicle title.
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.
The cosigner is not able to come and obtain your vehicle for personal reasons or any other reason. A cosigner is not claiming ownership of your vehicle, they are simply vouching for your credibility and agreeing that if payments aren't made that they will uphold the responsibility.?æ
No. A cosigner is just responsible for paying it off if the negligent driver wrecks it and and can't work to make the payments.