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If a car was voluntary repossessed and the cosigner was not notified is the cosigner still responsible?
Wiki User
∙ 18y ago
Yes. If you signed the loan, you are still legally responsible for it.
Wiki User
∙ 18y ago
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When a car is repossessed in Illinois do the police have to be notified?
no the police dont have to be notified
Do you need your cosigner present when you refinane and remove them from the loan?
No but you should let them know they are off the hook. They should be notified that the loan has been paid off and they are no longer responsible for it.
Will a cosigner on a mortgage be notified if a borrower files for bankruptcy?
They should be, however if the petitioner does not list, they may not be notified. However, there are ways to verify if a petitioner has filed for bankruptcy.
How should you be contacted if the car you cosigned on is being sold?
In a few states both the primary borrower and the cosigner must be notified by the lender through a "Right To Cure" notice before repossession action can occur. In Wisconsin a replevin order is necessary before a repossession can take place, but the cosigner is not always notified. In the majority of states the lender does not need to give either the primary or the cosigner notice of repossession action.
What has to happen before a creditor can have your care repossessed?
A car cannot be repossessed until the owner has missed several car payments and the owner has been notified of late payments. In most states a car can be repossessed after three months of non-payment.
Does the DMV get notified of a reposession if they have not found the car yet?
No. Only when the vehicle is repossessed and always once the licence plates are turned in.
How will you be notified if your car is going to be repossessed?
They will call you to pay the bill and after you ignore it for so long and do not turn your car in willingly they will come get it.
Shouldn't you been notified from a collection agency that they would charge off an telephone bill if you co-signed for it for someone else?
It would depend on the agency's established collection procedures. Usually the cosigner is notified after all attempts to collect from the original debtor have failed. The CA will then attempt to collect the debt from the cosigner before deciding whether to inititate legal action.
Can the primary on a car loan have the cosigner's name taken off the loan without the cosigner's permission or knowledge?
IF the primary has the credit score to satisfy the LENDER, YES. The co-signor will be notified they are no longer on the loan, which will likely make them VERY HAPPY.
You were notified the loan was not approved and you needed to return the car you never returned the car or had it registered in your name and it was never repossessed how do you get rid of it?
Return it to the dealer.
Must the lender notify the cosigner of intent to collect on a default?
The cosigner was probably "notified" that any funds held by the lender would be attached at the time the loan was signed. In order to garnish wages or place a lien on other property, the lender would have to go to court and obtain a judgment, in which case the cosigner would have received a summons from the court.
If you cosign on a loan and they don't pay the bill and the car gets repossessed are you able to go after the primary debtor in court to make them responsible for any outstanding debt?
No. You cosigned on the loan. You are the bank's back-up payment if the first person defaults on payment and you become responsible. That is why it is very important that you trust the person you cosign for or you have the funds to pay for the car if they default. If you pay for the car, it becomes yours. Before it was repossessed, the bank should have notified you in writing. Then you have the option to take the car and pay for it. Both credits will by hurt substantially.
