If the cosignatory is willing to take over the payments, and the creditor agrees. But if the primary borrower rufuses to cede posession then yes.
This is a very unlikely scenario. Firstly, the individual must attempt to clean up their credit by raising their credit score- or by having a cosigner who is willing to accept all responsibilities of late payments and non-payments.
If the lender is willing to reaffirm the loan with the borrower then the vehicle can be returned. A vehicle is a secured debt and is not subject to chapter 7 bankruptcy laws.
If you can prove the ability to make the monthly payments or have collateral then yes. It is most likely that you would have to either own a large amount of paid for property that you could sell if you werent able to make the payments, or you would need a cosigner who would be willing to accept responsibility for the debt.
The question cannot be answered without speculation. The only way to find out what the lender would be "willing" to do is to contact them and negotiate a deal. When you filed for bankruptcy, you should have filed a document called a Debtor's Statement of Intention. You have 3 and sometimes 4 options: (1) return the vehicle; (2) reaffirm the debt and keep the vehicle by making the payments; and (3) redeem the vehicle by making a cash purchase for the fair market value (even if less than the amount owed). Some jurisdictions have a fourth option that allows you to simply keep the vehicle and make the payments without reaffirming the debt. If you kept the vehicle and failed to make payments, they would have every right to repossess the vehicle. They just couldn't go after you for the deficiency balance after selling it at auction. If you offered them enough money, they might be willing to you purchase the vehicle now.
Get a death certificate and get him off of the loan. He is the secondary on the loan, not the primary so you are o.k. if you keep the payments current. Y-THINK-Y * The vehicle would not be subject to probate procedure. However, it would be the lender's decision as to what should be done concerning the loan. The lender could repossess the vehicle if another cosigner is needed and there is no one willing to take the responsibility. The other option for the lender would be to require the primary borrower to refinance the car in their name only. Many lending contracts will include clauses that relate to such situations, (death, divorce, etc.) that allow the lender to take almost any type of action to insure the security of the property.
No. The co-signer would need to take all that evidence and sue in court to get title to the car transferred unless the owner is willing to sing over the title.
IF they have JUDGEMENT, THEY CAN GARNISH YOUR WAGES OR ATTACH OTHER PERSONAL PROPERTY.
Yes. It is called a mechanic's lien and they can maintain possession of the vehicle until the balance owed is paid in full. They may be willing to enter into an arrangement whereby you would make payments to them, but they are not required to do so.
In the loose sense anyone over 18 years of age who would qualify for such (per the institution) and is willing to do so.
you have the choice to keep (reaffirm) a rental contract or to cancel it. The lender might be willing to negotiate with you to reduce the rent. Any past due rent payments will de discharged.
A cosigner cannot be removed from the debt obligation except by a refinancing of the loan without the original cosigner's participation.
If your parents are willing to be a cosigner, they may want to check into the new Wells Fargo Student Loans for Parents. With this, they would be fully responsible for repayment of the loan.
I doubt they will to jail for non-payment of child support -especially if they are willing to make payments on arrears and continue current payments. Sounds like they are starting to do the responsible thing.
Many places are willing to provide that service, but the interest rates are ridiculously high.
NO. You no longer have collateral to secure the loan. Unless you are willing to use real estate or another vehicle that is fully paid off and owned for security.
A collection agency is not hired to get the amount paid in payments they are paid to get the amount in full. At this point the place you originally owed the money to and did not pay may or may not be willing to take payments being that they have now hired the collection agency to get the money from you. YOu can call the original creditor and tell them you are willing to pay and if they say no then you must pay the collection agency, I have never heard of any of them taking payments. When they get hired they try to collect as much as possible of the owed amount so they can get a higher commission. They dont want payments they want money in full....
(note I am NOT a legal professional) I believe co-signing a loan only means that person promises to make the payments if the primary loan signer fails to make the payments. The co-signer has no ownership of the vehicle. I personally would talk with the company that gave the loan in the first place. IF you have been making payments consistently they may be willing to remove the co-signer from the loan, at which point the father would have no legal connection to the vehicle.
He has the right to make the payments or have his credit ruined. DON'T cosign a loan unless you are willing to make the payments if (when) the primary borrower defaults.
are u referring to a lease? its not unusual for them to not honor it, but they usually do 4 a retail contract
You'll need to find someone who is willing to pay your debt if you fail to pay the loan. That's asking someone to place a lot of trust in you.
That's why the bank required a co-signer, so that they could be protected. They didn't TRUST the primary to be able to maintain the payments. You may have to go to court to get title transferred, then just take over the payments and sell the asset yourself. This is where a lawyer might be helpful. You might also contact the lending institution and make a deal directly with them. Tell them that you'll take over the payments, but you want them to repossess the asset. If you talk to them you can often find a helpful person who is willing to give you the information that you need.
You should speak with the manager of the finance company and explain that you are willing to pay the car off and keep your credit in good standing.
If you are one of the Americans out there who have no credit whatsoever, know that there are things that you can still purchase. Car dealers who accept payments at their dealership will approve you for a vehicle as long as you have a down payment and you can provide proof of income. This will also give your credit a boost if you make the payments on time. Furniture stores that accept monthly payments will accept customers who have no credit. Find a store that is willing to work with you on a down payment as well as payment options in order to start a credit rating.
Why would you want to let the vehicle get repo'd if your X is willing to take it? This is exactly why everyone hates their X, It has nothing to do with the relationship, Or, the break up, It Has to do with someone doing everything they can to SCREW the other. If He KILLS you for this, Then when you are at the point that you know you are about to DIE, Remember what I said. Just break ALL ties that you can, AND, Let bigons be bigons, You should be happy that you are free,