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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?

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โˆ™ 2006-04-26 15:13:11
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Q: Does a cosigner have any recourse if a vehicle was repossessed and sold without them ever being informed?
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As a cosigner can you have a vehicle repossessed without affecting the cosigner credit rating?

Nope.


Is the cosigner of a vehicle liable if the it gets repossessed?

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.


If you are a cosigner on a vehicle and the other person gets the vehicle repossessed then files for bancruptcy what happens to the cosigner?

you are still liable for that loan. the lender may decide to not accept the bankruptcy charge and go after you for the money.


Is a cosigner liable for the balance of a repossessed vehicle if the loan company auctioned it without notifying them?

READ your contract you signed. Call a local attorney for state specific legal advice.


What happens if one co-buyer of a vehicle lets the car get repossessed and moves abroad without paying the deficiency?

The other co-owner or cosigner will be responsible for the debt.


Can a disabled person's vehicle be repossessed in Florida?

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.


Can a cosigner coowner repossess a vehicle if the primary has not defaulted payment on the loan?

A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.


If the cosigner has had possession of vehicle 15 months paying the payments does the primary have the right to the 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 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


Can your vehicle be repossessed if you are awaiting to be paid by the federal government?

It depends on you locatily, but in general, yes, if you are behind on your payment, your vehicle can be repossessed.


Can a cosigner in California take possession of a vehicle if the primary borrower is not making the payments in Georgia?

Only if the cosigner is also named on the vehicle title.


Can a bank repossess if the borrower defaults and there is a cosigner on the vehicle?

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.


Can a cosigner come and take your vehicle for personal reason?

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


Is the cosigner of a vehicle responsible for the negligent operation of the vehicle?

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.


Does a cosigner have rights to a vehicle?

No, a cosigner only has the legal obligation to pay the debt if the primary borrower defaults on the lending agreement.The exception to this would be if the cosigner is a joint title holder of the vehicle.COSINGER!Does a consignor have rights to the vehicle if the people who is buying the car never missed a payment?


Can a cosigner take possession of a car if the primary signer is not paying the payments?

Not unless the the cosigner is on the vehicle title. If not on the title the only entitlement the cosigner has is to pay the bill.


Can you get your vehicle possession after your vehicle was repossessed?

by paying the bill or rebuy it at an aucton


Is it typical for the bank not to notify you of repossession?

They would normally send you statements reminding you that your balance is past due, and the vehicle could be repossessed if the matter isn't settled. The creditor normally won't inform you of when the order for repossession actually is sent out, and you won't normally be informed that your vehicle is being repossessed until the repo man shows up to claim it.


Can a cosigner on an auto loan get insurance on the vehicle?

Yes


Can a vehicle be repossessed if you allowed a military person to take over vehicle payments and he has not paid anything?

it doesn't matter if the pope takes over your vehicle payments. if he stops making them, your credit is damaged and the vehicle is repossessed.


After cosigning on an auto loan and that car is traded in are you still the cosigner on the new vehicle?

No. You are only cosigner on the one vehicle you signed for. All bets are off once the car is traded.


In Texas do they have to inform you before they repo your vehicle?

It is probably stated in your finance or lease agreement that if you don't make your payments on time that the finance company has the right to repossess the vehicle. Consider yourself informed. Long story short, if you don't want your vehicle repossessed you need to make your payments.


Can you sue a cosigner on a auto accident?

No, the cosigner has no legal liability in such a case, unless, of course, he or she was the driver of the vehicle at the time of the accident.


If primary owner and cosigner have both their names on the title and primary doesn't pay the payments can you repossess the vehicle The title says or on it.?

If there are two individuals listed on the title of a vehicle as primary and joint, they are both responsible for the payment of the loan. If the primary defaults on the payment, the joint owner is responsible for payment. If both parties default, the vehicle can be repossessed.


Is the borrower responsible for repayment of a vehicle loan two years after the cosigner filed bankruptcy and the vehicle was repossessed?

Yes, that's exactly how it works. If you'd paid for the vehicle at the time of the co-signers bakruptcy you could have kept the vehicle and improved your credit. The creditor wants you to either pay for the remainder of the note or file bankruptcy yourself. * A loan for a vehicle is considered a secured debt and is not dischargeable by the primary borrower(s) or cosigner(s) in bankruptcy action. All parties named on the loan agreement are responsible for the debt unless the SOL for the state in which the vehicle was either purchased or the debtor resides has expired.


Does a cosigner have the right to take possession of the car when the primary borrower has made all the payments and has not defaulted on the loan?

No, a cosigner has no legal rights to a vehicle unless his or her name appears on the vehicle title.