If a vehicle is repossessed is a cosigner responsible for 100 percent of the balance?


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2015-07-16 18:06:02
2015-07-16 18:06:02

Jason, you are just as responsible as the signor. Think about it, you knew the signor's credit wasnt good or you wouldn't have needed to co-sign. When you co-sign, you are saying "if they don't pay this loan,I WILL". Make sure the lender knows where the the whereabouts of the signor and how to get in contact with them. good luck


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Absolutely not ! If the card is not i your name - you have no legal responsibility for any outstanding balance. HOWEVER - IF you are named on the account as a joint card-holder - you're legally responsible for fifty percent of the balance, regardless of who ran up the debt. Additionally, if you have a second card on the same account - YOU are liable for the expenses occurred on your and the account-holder is also liable for fifty percent of the balance.

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There are a couple companies that offer a 0 percent balance transfer. Some of these companies are Discover, BankRate and Nerdoffer. 0 percent balance offer isn't something that is recommended.

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Yes, if you don't comply with the terms of the lending agreement.

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It means they want 10 percent of the outstanding balance they claim you owe. For example, if the balance is $800, they want only $80.

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