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If I am a cosigner on a car loan and it gets repo is the owner of the car responsible for the remaining balance after it is auctioned or is it the cosigner's responsibility?
Wiki User
∙ 16y ago
Both are responsible until paid in full. It will also be on both credit reports as well.
Wiki User
∙ 16y ago
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If the borrower doesn't make any payments will the bank sue or go after cosigners first to get payment or will they foreclose?
Notices of default will be sent to the borrower and co-signers, then notices of final opportunity to pay, then notices of foreclosure. Once the property is foreclosed and auctioned, the borrower and co-signer may be sued to cover any remaining deficit on the loan.
What is responsibility of a co-signer for an apartment?
Co-signers are jointly and severally responsible. That means that each is fully responsible for all the obligations under the lease and either could be sued for damages, unpaid rent, breaking the lease, etc. If one moves out without paying their share the remaining one will need to pay.Co-signers are jointly and severally responsible. That means that each is fully responsible for all the obligations under the lease and either could be sued for damages, unpaid rent, breaking the lease, etc. If one moves out without paying their share the remaining one will need to pay.Co-signers are jointly and severally responsible. That means that each is fully responsible for all the obligations under the lease and either could be sued for damages, unpaid rent, breaking the lease, etc. If one moves out without paying their share the remaining one will need to pay.Co-signers are jointly and severally responsible. That means that each is fully responsible for all the obligations under the lease and either could be sued for damages, unpaid rent, breaking the lease, etc. If one moves out without paying their share the remaining one will need to pay.
Who pays remaining principal on foreclosure?
Remaining principal (and interest on remaining principal unpaid) is the responsibility of the borrower, of course. The lender whose foreclosure sale did not net the full outstanding amount can place a lien on any other property of the borrower and sue to liquidate those possessions or receivables to satisfy the debt.
What happens if you cosign a car loan and the other party then files bankruptcy but secures the loan and will it be on the cosigners credit report or effect it?
The car lender would repossess the vehicle and sell it off, if there is a remaining deficiency, then the lender can go after the co-signer to be paid (so yes it would negatively effect the co-signer's credit rating)
If the debt is greater than the assets of the estate is the executor responsible to pay off the remaining debt?
Generally no. The estate is responsible for paying the sole debts of the decedent. If on the other hand the debts are owed jointly with the person who was appointed the executor then that person is still responsible for paying them.
I'm a co-signer on another car and I'm doing a voluntary repo on my car how does that effect me?
The primary borrower is responsible for this debt, but if they do not make arrangements to pay the remaining balance of this debt (once its auctioned off) then you will be fully responsible for the remaining balance.
If a car is repossessed from someone at a buy-here-pay-here lot then you take the car and it is given back who is responsible for the balance remaining?
Usually when your vehicle is repossessed it is auctioned off and the proceeds are applied to the balance of the loan after any commissions, fees or other charges are deducted. You are then responsible for the remaining balance.
If the borrower doesn't make any payments will the bank sue or go after cosigners first to get payment or will they foreclose?
Notices of default will be sent to the borrower and co-signers, then notices of final opportunity to pay, then notices of foreclosure. Once the property is foreclosed and auctioned, the borrower and co-signer may be sued to cover any remaining deficit on the loan.
If a tenant breaks his lease and writes last month's rent on his check if it is deposited is the tenant no longer responsible for the remaining months on the lease?
He is responsible for the remaining months. Neither party can terminate unilaterally - they have to agree. However, after the tenant leaves, the landlord has a responsibility to try to rent the unit.
If the lien holder reposses the vehicle and sells it are you legally responsible for any remaining balance?
Yes. That's a common misunderstanding by a lot of people. You are responsible for the entire loan amount. The vehicle title is held as security for the loan but any amount that is not covered when the vehicle is auctioned off is still owed.
What physical characteristics of the bedrock are responsible for the oldest rock remaining at the highest elevation?
What physical characteristics of the bedrock are responsible for the oldest rock remaining at the highest elevation
When a primary insurance pays more than the secondary allowable is the remaining balance the patient's responsibility?
Yes it is patient responsibility
What physical characteristics of bedrock are the characteristics responsible for the oldest rock remaining at the highest elevation?
What physical characteristics of the bedrock are responsible for the oldest rock remaining at the highest elevation
After the car is auctioned can you make payments for the remaining balance?
ONLY if the lender agrees to doing so. After all, you agreeded to make make payments on the car once before.
Do I get money for car being auctioned off?
Yes, if you own the car being auctioned, you get the proceeds of the sale, minus the auctioneer's commssion. No, if your car was repossessed and auctioned by the lender, it would be rare that the proceeds, minus the auctioneer's commission would exceed the amount you owed on the loan. However, if it did, you would get the remainder. On the other hand, if the auction doesn't cover your loan, then you could still be sued for the remaining payments.
What will happen if your car is repossessed in NC?
Either you'll get your payments current plus repossession fees, or your vehicle will be auctioned off, and you'll still be liable for the remaining balance after the auction.
When a car is repoed and i get a letter where it is at do they have to notify me if they take it somewhere else?
They really do not have to notify you at all. The only notification at the end is the remaining balance that you owe once the vehicle has been auctioned off.
