Go to the lending institution, explain the situation and offer to take care of the remaining part of the debt. Banks don't like to be left with a loss when they repo a vehicle and the auction sales price does not cover the loan amount. Sometimes you can demonstrate your responsibility if you take care of their loss or even a part of it. Remember that you were the loan underwriter and as such you are responsible for the loan if the primary borrower failed to pay. That is the sad part of cosigning, the cosigners often get stuck with the remainder of a bad debt. Paying it off is often your only option if you want to protect your credit. You'll have to give them something if they are to be motivated to NOT file against your credit. I agree with the previous, but if your question is do you have the right to...something (I guess getting the car back?)...because you say the lender didn't inform you of primarys default. Probably not. As above notes, your the cosigner and it's your responsibility. Albeit the loan may have certain "rights to correct" terms. But what exactly would you want (that is possible)...compensation because the one you cosigned for defaulted? More than that I'll wager the bank attempted to contact you. Are you sure the address/phone on the paperwork for you isn't the same as the primary, who may have not wanted you to know what the bank was calling about?
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.
you are still liable for that loan. the lender may decide to not accept the bankruptcy charge and go after you for the money.
The other co-owner or cosigner will be responsible for the debt.
READ your contract you signed. Call a local attorney for state specific legal advice.
A disabled person's vehicle can be repossessed just as any other person's vehicle can be repossessed. You must make all payments on your vehicle if you want to keep it.
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
It depends on you locatily, but in general, yes, if you are behind on your payment, your vehicle can be repossessed.
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