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When you cosign for anyone you are taking 100% responsibility for the payments on that car. If the person that gets the car doesn't keep their payments up it will be repossessed by the bank with an option for the cosigner to take over payments or sell the car and pay back the loan. Marcy

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โˆ™ 2005-11-15 20:17:24
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Q: How can the cosigner of a car immediately have possession of it after it was repossessed by the bank?
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Does the bank still collect from a deceased co signers estate if the property was sold?

The bank has a lien on a mortgaged property that is not affected by a transfer of the property. The bank will go after the decedent's estate and the cosigner for payment of the mortgage. If the mortgage isn't paid the bank will take possession of the property by a foreclosure.The bank has a lien on a mortgaged property that is not affected by a transfer of the property. The bank will go after the decedent's estate and the cosigner for payment of the mortgage. If the mortgage isn't paid the bank will take possession of the property by a foreclosure.The bank has a lien on a mortgaged property that is not affected by a transfer of the property. The bank will go after the decedent's estate and the cosigner for payment of the mortgage. If the mortgage isn't paid the bank will take possession of the property by a foreclosure.The bank has a lien on a mortgaged property that is not affected by a transfer of the property. The bank will go after the decedent's estate and the cosigner for payment of the mortgage. If the mortgage isn't paid the bank will take possession of the property by a foreclosure.


If your car was repossessed but redeemed by the cosigner can the bank report a repossession on your credit but not on the cosigner's?

VERY possible. reporting repos is up to the LENDER(of course, they usually do). It was very much repoed from you sooo. Nothing you can do about the co-signor having or not having a repo on their credit.


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 YOUR car be repossessed when you object?

Yes. the title to car car remains with the bank or finance company. Legally they can take possession for lack of payment at any time regardless of your wishes.


What should a person do if their Chapter 7 Bankruptcy has been discharged but a vehicle that was to be surrendered has not been repossessed by the bank?

A person immediately contact their lawyer to assist on issue.


If you are the primary cosigner on a car and your son is the secondary cosigner can he legally have the car voluntarily repossessed without your consent?

well, if you want the loan AND the car, go get it. Tell the bank that you will keep the car.The bank really doesnt want the car, they want money.Otherwise, the bank will let him give it up if he cant pay. THE co-signor is the one with GOOD credit. If the signor didnt need help getting the loan, there would be no "co" signor.


Can you refinance your car without a cosigner if your current loan has a cosigner?

if you take it to your personal bank and ask them how much you need to have paid already they can indeed refinace you and remove the cosigner


How can you buy a repossessed truck?

Go to bank or other place that repossessed the truck. Pay cash for it etc


How can you buy a repossessed vehicle directly from the bank?

Banks often keep repossessed vehicles in their parking garages. or in an appropriate storage area a reasonable distance from the bank. Walk into the bank and ask for the person in-charge of repossessed vehicles. Once onto the right department, state that you wish to purchase a particular repossessed vehicle when the title has cleared with the bank...and don't be intimidated into thinking you can't bargain, you can. Good luck.


Does Bpi Savings Bank have repossessed cars for sale?

yes


How much does a repossessed car affect your credit if you are only a cosigner?

Hello, Jamison here, On credit score==EXACTLY THE SAME You CAN try to explane it to the lender, They will listen but they wont care too much,, If its NOT REPO'd Yet put A foot in someones Behind side!!!!!!!!!!!!! If its REPO'd== MAKE THEM PAY IT OFF!!!! This is what the bank wants, And this is the real reason they want A cosigner in the first place.


What happens when a car is to be repossessed and the bank doesn't repossess it?

Nothing. Just because a bank is legally entited to reposess a car doesn't mean they have to do so immediately. They can choose to wait and see, and reposess it later if you're still delinquent on the loan.

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