Cars & Vehicles
Auto Loans and Financing
Repossession

If primary borrower gets behind in payments can you repo car?

012

Top Answer
User Avatar
Wiki User
Answered
2014-02-17 16:42:13
2014-02-17 16:42:13

If "you" are the lienholder then yes. If you're not the lienholder or their authorized agent (e.g. a repo man working for them), then no.

001
🙏
0
🤨
0
😮
0
😂
0

Related Questions


The primary must also be listed on the Certificate of Title in order to take possession of the vehicle. If not then the primary must sue the co-borrower to get possession of the vehicle. In fact, if the vehicle is listed in both names, a court will need to decide who gets what since the co-borrower has already made an investment in the car. The primary may need to buy her out in order to get title in her name alone. You should consult with an attorney who can review your situation and explain your options or take your chances in court by representing yourself.

If the borrower gets too far behind, the home will be foreclosed on. There are a lot of variables and considerations for this type of situation. 1. There can be significant financial expenses to the borrower. 2. The Borrowers credit will be hit hard. 3. The borrower may never be able to get another government loan and may no longer qualify for other government programs. Encourage the borrower to sell the home before the foreclosure happens.

I dont see why not. The dealership gets their money from the company that financed the car. You arent paying tge dealership, you pay the financial institution. Problem is, if you're behind on payments, that will not help you to get another vehicle.

No * In most cases, yes. Secured debts such as a vehicle are not dischargeable in BK. Therefore, the primary borrower is only temporarily avoiding action by the lender. If the cosigner is held responsible for the default he or she may sue the primary borrwer for damages incurred. ==ans == Yet another take: The cosigner is a co-borrower. By the primary defaulting he actually gets no more debt than he already had and agreed to be liable for. Whether he would have a claim for paying having to pay the debt he agreed to be liable for before the BK, instead of the primary, would depend on the (hopefully written) agreement between those two parties. While unlikely, it is possible that is noted in the loan document.

Yes, you are responsible If the person you co-signed for is behind in payments and the insurance coverage expires you are responsible to insure the car until it is sold or the person gets the payments caught up and pays the insurance.

A primary consumer gets energy from a producer.

Sorry, but when you co-sign for a loan you are solely responsible. He gets to keep the car and you get the bill! This is why co-signing is a very dangerous venture and no one should ever do it unless the co-signer know they may have to pay the loan off willing and able. Sorry Marcy If your name is on the title then you can go get the car anytime you want the car, but be advised that he/she can do the same thing no matter who is making the payments. Hope this helps! NEVER CO-SIGN!

A deferred balance is one possible method for a borrower to modify a loan. This normally would be done if the borrower is struggling with repayments, but there is a strong prospect that the borrower's financial situation will improve in the long term. Lenders typically will not insist that a borrower already be behind on payments before agreeing to such a modification. The other part of the balance effectively becomes an interest-free loan to be paid off as a lump sum at the end of the mortgage term. The effect is that the person's monthly repayments will be lower because the amount of the principal subject to monthly payments has been reduced. Whether he winds up paying more or less overall depends on whether the loan repayment period is extended for so long that even with a reduced balance subject to interest, the total interest charged increases. A borrower who gets a deferred balance should make plans to have the cash on hand to pay off this balance when the loan period ends.

a primary consumer gets its food by eating the producer (plants).

the secondary consumer gets 10% of the energy from consuming primary consumer.

Primary growth is when the stem or root of a plant gets lengthens, and secondary growth is when the stem/root gets thicker.

The primary reason for a delayed start lease is when you do not have budget dollars in the current year. The equipment gets installed and paid for in the current year and the lease payments begin in the following year when budget dollars are on hand.

In most circumstances the mother gets primary custody.

As steel gets harder, it also gets less flexible.

The lender sells the vehicle, sometimes at auction. They attempt to get whatever they can for it. Often the price the lender gets is less than the outstanding loan. If the lender gets less for the vehicle than the amount that is owed, the lender will seek the balance (the difference between what was owed and what they sold it for) from the borrower. So, lets say you bought a car for $1000. You quit making payments. You still owed $800 when the vehicle was repo'd. The lender sells the vehicle at auction and gets $500 for it. The lender will come after you for the remaining $300. That's pretty much how it works. Bottom line: make your payments. This is where aflac comes in handy.

Down Payment: Payment, which is a loan in advance with no securities for the borrower or the buyer. Advance Payment: Payment which is connected with respective responsibilities. That means that the borrower or buyer gets some securities from the lender or vendor.

Will the male gets behind the female and he does it

Player standing just behind baseline. Opponent's ball hits this player's foot. Who gets the point?

With regards to insurance, the acronym PMI stands for Private Mortgage Insurance. This is an insurace where the borrower of a mortgage pays a premium, but if the borrower defaults, the lender gets the money. This helps protect the lender in cases of larger mortgage values.

If his name is the only one on the deed then he owns the property. Since you signed the mortgage if he doesn't pay it the lender will come after you for the payments. If he gets behind on the payments it will affect your credit. What you describe is an exploitative arrangement.

The primary mortgage lender holds the first mortgage. If his mortgage is not paid, he sells the property. He gets paid. You may have a second mortgage. If the second mortgage lender is not paid, he can sell the property. If he sells the property, the primary mortgage lender gets paid first, then the secondary lender gets paid.

All states require that the borrower gets at least some notice before his house is sold. If it is a judicial foreclosure the borrower will get 15 to 30 days time to respond to the court complaint that states the foreclosure lawsuit. In some states notice of intent to begin foreclosure proceedings will be given to the borrower. When the foreclosure approved by the court and the order of sale is made, the notice will be published. Presale notices for non judicial foreclosures would be 20 to 30 days. It is only 15 days in Georgia and 4 months in Oregon and Utah. In some states like California two notices will be served on the borrower. One is to giving the borrower a period of time to make up the missed payments (cure the default) and a second one (notice Of Sale) giving the borrower a date of sale in case he hasn’t caught up on the payments. Debtor is always better to stay in the property even though he is in default. Otherwise the lender may consider that debtor have abandoned the property and start foreclosure procedure very quickly. Debtor can stay until he receives the notice of eviction after the sale of the property. He can also negotiate with the lender for debtors stay in the property even in default.

and gets cited for driving with a suspended license.

When a person gets behind on their mortgage payments the lender will file a public default notice, which will initiate the foreclosure process. In other words, it�??s a grace period,so,yes,your girl friend can buy.

Yes, the co-signer also gets a copy of 1099-c. The actual borrower also gets a copy as well. If the debt borrower who is the actual beneficiary of the forgiven amount fails to account for the 1099-c the burden falls on co-signer. One of the two parties is supposed to take this into their accounting. Hope this helps.


Copyright © 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.