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Does co-owner and secondary owner mean the same thing for the purpose of repossession?


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Wiki User
2015-07-15 18:46:20
2015-07-15 18:46:20

YES, owner/buyer/maker:::co/owner/co/buyer/co/maker....anyone else is 3rd party possession....

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No. Namely, because the car wasn't stolen - it was taken back by the rightful owner (the financier), via a repossession agent. It's not the financier's fault - nor the repo agent's - that you neglected to make your payments.

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Repossession is when something is returned to its original owner. An example would be when a car payment is not made, and the owner of the car's title repossesses (takes back) the car.

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If it was repossessed legally then he is guilty of theft

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When a car is repossessed it usually means the owner is no longer able to make the payments. It is repossessed by the dealer or the bank in which to owner has the loan through.


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