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If the cosighner stops making payments on car loan but has the car and wont return it?
Wiki User
∙ 16y ago
both owner cosigners credit will be affected both owner cosigners credit will be affected
Wiki User
∙ 16y ago
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What happens if cosigner stops making payments?
The other signer must make the payments or the loan will go into default, the property will be taken and your credit will be ruined.
Can a cosigner repossess a car if the primary borrower stops making payments?
No. Only the lender can "repossess" a vehicle. You need to keep making the payments to protect your own credit. It is likely you would need to bring a court action, prove you are making the payments and petition the court to order a transfer of title.
Does the co signer have to have a job?
Most likely, but alot of it depends on the co signers credit score, also if they have sources of income other than a job. The purpose of a co signer is for the bank to have someone to go after for a debt if you don't pay.
Can a vehicle be repossessed if you allowed a military person to take over vehicle payments and he has not paid anything?
it doesn't matter if the pope takes over your vehicle payments. if he stops making them, your credit is damaged and the vehicle is repossessed.
Can a home be foreclosed if someone stops making payments on a second trust deed?
Yes. The second mortagee can foreclose and take possession of the property subject to the first mortgage.
If someone stops making payments on their car loan and you are the cosigner and your name is also on the title can you pay the loan off and take possession of the vehicle?
Possibly. Contact an attorney for a definite answer.
If your ex stops making payments on a joint car loan after taking the car to another state and has cut off contact with you what can you do to protect your credit and get removed from the loan?
Call a lawyer. ASAP
What does apa stand for in bankruptcy?
APA stands for "Automatic Payment Avoidance." It is a term used in bankruptcy to describe the process where a debtor stops making automatic payments to a creditor after filing for bankruptcy.
What will a lender do if someone takes their car overseas and then stops making payments?
The lender will have the right to pursue a civil judgment in court for the outstanding debt. If not paid, wages can be garnished or a warrant for arrest can be issued.
Is an authorized signer responsible for credit card debts if the card-holder stops making payments?
No but if something happens to the card-holder, like dieing or being arrested, the authorized signer will be made responsible.
What option do you have if the person you co-sign for stop making payment?
If you co-signed on a debt, you are not obligated. If that person stops making payments, you have no option other than to make the payments yourself. If you do not, you would be responsible for the debt. It will probably be sent to collections, which will destroy your credit, and eventually will probably lead to a lawsuit, so you're going to pay it one way or the other.
Can you take possession of the car if the borrower stops making payments even though they have been paying for a year?
Only if your name is on the title, and only if the primary borrower defaults and the vehicle is subject to being repossessed by the lender.
