Auto Loans and Financing
Repossession
Liens

If the car was repossessed can the lender refuse to allow the cosigner to make the payments and insist that the full amount be paid?

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2011-09-12 21:32:32
2011-09-12 21:32:32

Most loan contracts have a 'right to accelerate the balance due" clause to cover the LENDER if they don't think the signors can make the payments in a timely manner.

This is very true, however if you ever find yourself unable to make the full payment on anything, the best thing to do is contact your lendor. Most lendor's would prefer to receive some payment rather than repossess and try to resell, they WILL loose money. So if you make arrangements with them they will most likely be willing to work with you. However, I really do NOT suggest making such arrangemtns and then not paying, because the lenders will NOT be happy, they WILL repossess and you WILL owe them the whole amount before they let you have the property back.

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I'm sure you won't like this answer, but only the lender can repossess the collateral. If the cosigner is also a co-owner and listed on the title, he could insist on taking his turn driving the car. But essentially, the only right a cosigner has is the "right" to make the payments if the primary borrower does not.

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No. A cosigner is not a co-owner of the property simply by signing the loan contract. They must specifically insist that they be added to the title. Otherwise they have promised to pay for property they do not own if the primary borrower fails to pay.No. A cosigner is not a co-owner of the property simply by signing the loan contract. They must specifically insist that they be added to the title. Otherwise they have promised to pay for property they do not own if the primary borrower fails to pay.No. A cosigner is not a co-owner of the property simply by signing the loan contract. They must specifically insist that they be added to the title. Otherwise they have promised to pay for property they do not own if the primary borrower fails to pay.No. A cosigner is not a co-owner of the property simply by signing the loan contract. They must specifically insist that they be added to the title. Otherwise they have promised to pay for property they do not own if the primary borrower fails to pay.

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The lender will probably insist that all names on the title also be on the loan, but not the other way around.

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The lender can require just about anything, but it is more likely that they will want every name on the title to be on the loan, not the other way around. If anyone should insist the cosigner's name be on the title, it would be the cosigner himself. That will give him a right to take possession of the vehicle if he is stuck with the payments.

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Pay all the payments that are in arrears for starters. The lending company may insist on re-writing the loan at a higher interest rate as you are now an "at risk" borrower. Bottom line, pay what is owed on time, every time ... if you are going to be even one hour late in any payment, notify the lender - usually something can be worked out.

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If you have renigged on paying your portion of the car bill, yes.It doesn't matter who he is. The fact is...he cosigned for you. But, you can contact your consumer affairs bureau and see if they have a brochure on vehicle repossession. Ps Your ex bf sounds tons nicer than any of mine. He can't "repossess" because he is not the lienholder. If he is listed on the title as a co-owner, he has the same right of possession that you have and could insist on "taking his turn". But if he is only a co-signer on the loan, the only "right" he has is to make the payments if you don't. If he has had to make some of the payments for you, he could sue you for reimbursement.

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Insisted is the past tense of insist.

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If your car was repossessed, you can't really keep it, since you no longer have it.If you act very quickly (I'm suggest calling the lienholder the instant you know the car is gone), you might be able to recover it before it's sold to someone else. At the very least you should expect to have to make any missed payments good immediately; if it wasn't a simple case of one missed payment in an otherwise spotless repayment history, the lienholder might well insist that you pay off the loan in its entirety.In other words: it's possible, it's just not terribly likely.

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After it's been repossessed once, it's not your car anymore, so... once? If it's repossessed and you're able to bring the loan current and redeem the car before it's sold so that you get it back, there's no limitation on the bank repossessing it again should you again fall behind. This could theoretically happen every single month of the loan, though in practice most lenders would insist that you either pay off the loan in full or give up the car on the second or at most third repossession.

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They insisted their friend to go with them. It is an example of sentence using insist.

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If you insist on that, wear a condom!

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the truth of democracy


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