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How can the cosigner of a car immediately have possession of it after it was repossessed by the bank?

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2005-11-15 20:17:24
2005-11-15 20:17:24

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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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.

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.

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.

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.

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

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

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.

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.

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.

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.

These entities regularly auction off repossessed cars. Places and times vary by bank and region, so call the banks in your area to get started.

Does the bank have your current address and/or phone number? They will be calling on you.

It is possible to work out a deal with the bank after it is repossessed. However, a new loan or legal agreement will have to be signed.

My belief is that as long as the mortgage is paid on time by the borrower, there would be no reason to go after the cosigner estate.

If a bank is on the brink of taking possession of a company, chances are the company is in financial trouble. When the bank does take possession it usually means that the company has gone into foreclosure. They will then sell the property and the company owners will need to settle their financial issues.

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.

Repossessed tractor trailers can be purchased from some tractor trailer dealers. If the rig was previously financed by a bank, the bank repossessing it will try to sell the tractor trailer to a dealer before selling it to the public.

One could search for repossessed cars for sale online at the websites provided by the companies Repo Direct, Auto Bid Master, Repos 4 Sale, Cars for Sale, Bank Repossessed cars and Repossessed Cars Sale.

Maybe, if you have the original, but, it is ultimately up to the bank.

He had seven cars, but the bank repossessed five of them. He had a cookie, but someone ate it.

Yes you can make profit on the car if you buy it from the bank.


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