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Do you have the right to sell a car after repossession on a cosigned loan?
Wiki User
∙ 18y ago
Yes, but only if you are the cosigner. When you cosign it is usually for these reasons: The person the loan is for is a minor The person has a poor credit rating The person doesn't have collateral When you cosign you are 100% responsible for that debt. All the banking institution is interested in is getting their money, so if the car was repossessed the cosigner has two options ... take over the payments or sell the car and hope it pays off the total loan. It's a smart thing to do so it doesn't ruin one's credit rating. If you aren't the cosigner, but the person the loan went too, shame on you! If you can afford to continue to make payments now, then you could have made those payments on the loan cosigned by someone who was nice enough to do it.
Wiki User
∙ 18y ago
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How do you get out of a car loan that you don't want anymore?
Pay it off, voluntary repossession, sell the car and pay it off.
In North Carolina if you have cosigned for an auto loan and the loan is in default and the auto is damaged is the cosigner responsible for the damage?
No - just the loan. BUT! The seller may repossess and sell the damaged car for $500.00 to apply to the loan rather than maybe $2000.00. So it's about the same anyway. You lose.
How can you get out of a car loan without a repossession?
Sell it for what you owe if it is possible. Pay off the loan, get the title and sign it over to the new buyer. If you cannot get what you owe, then get as much as you can. Get a personal loan from the bank to pay of the remaining balance. The personal loan is better than the amount you owe on the car.
What happen if you sold your car after you took the car loan?
After your vehicle is repossessed by the lender, they can put it up for sale, but, you have a time period to redeem it, paying the amount in arrears, plus collection costs.Upon repossession, you have the right to recover any personal items in the vehicle.The lender can sell on the bank lot, or at auction, and then sue you for the remainder of the loan and costs, not collected at sale. The repossession will go on your credit rating (for 7 years).Time periods for actions in a repossession vary by jurisdiction, and, as I am not a lawyer, only a repossession agent in the past, you should consult an attorney or your state Department of Motor Vehicles by phone or visit their website!
What legal recourse is there for the cosigner when the person that was cosigned for has defaulted on the loan?
The usual legal recourse for the cosigner when the person named as the primary on a loan has defaulted, is to make the payments on the loan. Then, the cosigner can take the person who defaulted to court to try and recoup some of the money they are out. If the loan was for a car, some states allow the cosigner to take possession of the car and sell it to recoup losses also.
How do you fight a repossession on your car?
The best way is to try to negoitiate with whomever holds the lien on the car or try to refiance the loan if possible. These people don't usually want your car, they want the loan to be repaid. It's not legal to sell a car with a lien upon it, but you might be able to sell it in order to repay the loan and perhaps end up with something.
Do you still owe for car returned before repossession?
Unfortunately yes what the bank or creditor will do is sell the car most likely at auction for "X" amount. you end up liable for the difference between what they sell it for and the remaining balance of the loan.
How do you sell a personal financed car?
repossession
Is there an alternative to repossession or bankruptcy on the 15000 you owe on your car?
If you have equity in it, sell it. If you have a relative who wants the car and has 15k, take the money, pay off the loan and sign the car over to the relative.
What can you do if you cosigned on a car title and you want to sell the car?
You cannot sell the car as you do not own it. The only thing you can do is try and persuade the owner to sell the car.
Can you just give your vehicle back to the lender if you can no longer afford payments and are totally upside down on the loan?
Yes, it is called a voluntary repossession. It is not much different then when they would come take it except you will save on the costs associated with a normal repossession. You will still owe the difference between your loan balance and what they dispose of the car for, so you are much better off trying to sell it privately if you can.
What happens when you give an upside down motor home that you can't afford the payments on back to the bank?
The bank will sell the motor home for whatever they can get. You will then be responsible for the balance left on the loan. For instance if the payoff is $10,000 on the motor home and they sell it for $$7,500 then you will still have to pay the bank $2,500 plus any fees associated with the sale and loan. Your credit will then be ruined for 7 years. But this is better than a repossession where you would have to also pay repossession fees. Sit down with a loan officer at the bank and see if you can work something out. They do no want to repossess it anymore than you want to loose it.
