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I co signed a car loan then found the vehicle was repossessed by looking at my credit score. I never received any info from the bank and can not get a hold of the primary borrower. What are my rights?
Wiki User
∙ 12y ago
You have the right to think before you decide to take full responsibility for another person's loan. Did the lender have your current address? Usually, the lender will try to make the co-signer pay if the loan goes into default. However, if the lender didn't have your contact information it could not notify you of the default. You should have been monitoring the repayment of the debt since you guaranteed it. You could consult with an attorney to see if you had any rights that were violated under your state laws.
You have the right to think before you decide to take full responsibility for another person's loan. Did the lender have your current address? Usually, the lender will try to make the co-signer pay if the loan goes into default. However, if the lender didn't have your contact information it could not notify you of the default. You should have been monitoring the repayment of the debt since you guaranteed it. You could consult with an attorney to see if you had any rights that were violated under your state laws.
You have the right to think before you decide to take full responsibility for another person's loan. Did the lender have your current address? Usually, the lender will try to make the co-signer pay if the loan goes into default. However, if the lender didn't have your contact information it could not notify you of the default. You should have been monitoring the repayment of the debt since you guaranteed it. You could consult with an attorney to see if you had any rights that were violated under your state laws.
You have the right to think before you decide to take full responsibility for another person's loan. Did the lender have your current address? Usually, the lender will try to make the co-signer pay if the loan goes into default. However, if the lender didn't have your contact information it could not notify you of the default. You should have been monitoring the repayment of the debt since you guaranteed it. You could consult with an attorney to see if you had any rights that were violated under your state laws.
Wiki User
∙ 12y ago
Wiki User
∙ 12y agoYou have the right to think before you decide to take full responsibility for another person's loan. Did the lender have your current address? Usually, the lender will try to make the co-signer pay if the loan goes into default. However, if the lender didn't have your contact information it could not notify you of the default. You should have been monitoring the repayment of the debt since you guaranteed it. You could consult with an attorney to see if you had any rights that were violated under your state laws.
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Who is held responsible for the loan on a repossessed vehicle?
The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.
Can you take possession of the car if the borrower stops making payments even though they have been paying for a year?
Only if your name is on the title, and only if the primary borrower defaults and the vehicle is subject to being repossessed by the lender.
If your daughter's car is in your name and she is not paying can you let it get repossessed without ruining you and your spouse's credit rating?
No. You are the primary borrower, and it will be entered as a repo. on your credit report.
Are a primary borrower and a secondary borrower on a car loan equally responsible for the loan?
Yes, the cosigner/co-borrower has the same legal responsibility to repay the debt/loan as does the primary borrower. If the primary defaults the creditor can attempt to collect from the co-borrower before the primary borrower.
Does the cosigner have to live with you?
. Generally, no. A co-signer on a loan does not have to reside at the same residence as the primary borrower. Once the co-signer signs for the primary borrower; he or she is as liable as the primary borrower. It should be noted that some lenders may have their own requirement that the co-signer live at the same address as the primary borrower.
How do you get out of being a cosigner on a bike loan?
The loan must be paid off and refinanced in the sole name of the primary borrower. Otherwise you are fully responsible for paying the loan if the primary borrower defaults or wrecks the bike.The loan must be paid off and refinanced in the sole name of the primary borrower. Otherwise you are fully responsible for paying the loan if the primary borrower defaults or wrecks the bike.The loan must be paid off and refinanced in the sole name of the primary borrower. Otherwise you are fully responsible for paying the loan if the primary borrower defaults or wrecks the bike.The loan must be paid off and refinanced in the sole name of the primary borrower. Otherwise you are fully responsible for paying the loan if the primary borrower defaults or wrecks the bike.
Is distributed inheritance from a deceased cosigner's estate subject to creditor action when the primary borrower cannot make the loan payments?
The bank can go after the granddaughter for repayment. * Monies belonging to any persons other than the primary borrower would not be subject to creditor attachment. If the primary borrower received monies from the estate, that would be viewed as an asset if the creditor decided to file suit to recover the debt owed.
Can a lender make you pay for a loan for which you co-signed if the borrower filed a Chapter 7 bankruptcy and is no longer making payments?
You guaranteed to pay the loan if the primary borrower does not. That is what a cosigner does. The lender is going to be looking at you for their money.
If there is a primary borrower and co-borrower on an auto loan do both get credit reported?
Yes.
Is someone who co-signs on a loan up a creek if the primary borrower no longer will keep in contact?
YES !!!!!!, You will be the next person they come looking for.
If the car was repossessed will the cosigner still be responsible for the loan if the primary borrower files for bankruptcy?
NO, as long as he co-signed the loan, he is standing good for the payment. They can get a judgment against him and garnishee his wages . Dont let that happen to your Dad.Take Care of Your Business.
Does the co-signer of a car loan need income?
Yes, since the co-signer is fully responsible for paying the loan if the primary borrower does not.Yes, since the co-signer is fully responsible for paying the loan if the primary borrower does not.Yes, since the co-signer is fully responsible for paying the loan if the primary borrower does not.Yes, since the co-signer is fully responsible for paying the loan if the primary borrower does not.
