Best Answer

No. Not unless the co-borrower paid the vehicle off and does not have possession of the vehicle. If the vehicle was repossessed both parties are responsible for any outstanding debt.

User Avatar

Wiki User

โˆ™ 2006-08-08 18:37:17
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: Does the co-borrower have any legal options to recoup losses against the other co-borrower when they default and they have to sell the car?
Write your answer...
Related questions

Does the co borrower have any legal options to recoup losses against the other co borrower when they default and they have to sell the car?

Nope, when you cosign the bank doesnt care who the money comes from. If the money doesnt come in your both equaly at fault.

Can you apply non-capital losses against dividend income?

No you cannot apply for non-capital losses against dividend income. Capital losses only offset capital gains up to 3K a year capital losses may be used against ordinary income.

Can a minor trade binary options?

yes a minor can trade binary options using his father's name. His father can deduct losses from his investment gains and use up to $3000 of losses to offset his income.

Can you subtract stock losses against ordinary income?

You must first take them against stock gains (of the same type, long or short) and you may take up to 3,000 a year losses against ordinary income after that. Any unused losses can be carried forward to the next year.

Can stock losses be written off dollar for dollar agains capital gains?

Stock losses are capital losses. They can be taken against capital gains. (There are some matching rules - like long and short term, but generally yes). In fact, up to K a year of unused cpaital losses can be applied against ordinary income. Unused losses are alos able to be darried forward.

How can you claim relief from losses on sale of shares?

Not against earnings (from your income tax), but you can offset losses against future capital gains and thereby reduce your capital gains tax (UK tax law).

How many years can personal capital losses be carried forward?

until the losses have been used up against current income

Did Muhammad ali have a fight record?

amateur record = 100 wins against 5 losses pro record = 56 wins (37 ko's) against 5 losses (1ko) 3 of those losses he avenged, and the last two were his last two fight.

What is Steve spurrier's record against Georgia as a player?

4 losses

Are binary options real?

Binary options are "synthetic" options or digital options. These options are real in terms of validity of transaction, meaning that if you are in the money you will be paid your earnings for sure, and if you are out of the money, you will certainly lose some of your investment. The reason they are called synthetic is that you don't actually have to buy / sell the asset at the end of the trade, you just collect your earnings or pay your losses.

What was the braves record against the mets in 2008?

The New York Mets had 7 wins and 11 losses against the Atlanta Braves in 2008.

What is bank loan exposure?

The amount which the bank may lose in case of losses incurred due to risks taken, e.g. in case of a borrower's or counterparty's default.

How much of a loss from your investments ie stocks can you claim on your taxes?

You need to match long term and short term, and then there are some crossovers allowed...but within that framework, losses are available against gains. Then if you still have losses left, 3K a year against ordinary income. And the balance is carried forward, usable as above (carried losses will offsett future gains), incl the 3K a year against ordinary each year, for 20 years.

What was woody Hayes record against Michigan?

16 wins, 11 losses, 1 tie

What is the rock's record against Triple H?

3 wins and 2 losses and 1 tie

What Russian czar stood up against napoleon despite heavy losses?

Tsar Alexander

What coverage protects the person who was at fault in an accident against losses when someone is injured?

Liability insurance.

What is the University of Alabama's record against Texas A and M University?

The University of Alabama has 3 wins and 2 losses against Texas A & M University.

Is the purpose for life insurance to provide protection against financial loses?

Life insurance policy covers protection against loss of lives only and not against any financial losses incurred whatsoever.

What is Peyton Manning's record against the packers?

1 win and 2 losses (In actual season play)

Who has a winning record against Brazil in soccer?

France. 3 losses, 4 ties, 4 wins

How many wins did the Boston Red Sox have against the New York Yankees in 2009?

In 2009, the Red Sox had 9 wins, and 9 losses against the Yankees.

Do you deduct all investment looses on your 2008 tax return or am i limited to 3000.00?

First..."realized" losses...not just a drop in value, a loss at must realize the loss. Capital losses are available against Capital gains...(ther are short & long term holding considerations too), and then $3000 are available against oridinary income. Any amount of losses not used can be carry forwarded and used as above, incl the $3000 year, until used up. Hence, your not limited...and if you make some good gains this year (or next) the losses will be available against an unlimited amount. It is the excess that is limited.

What did the Japanese American Citizens League speak out against?

Japanese American property losses during their wartime internment.

What was Frank Lary's win loss record against the New York Yankees?

28 wins and 13 losses

Study guides

Create a Study Guide