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If the cosigner was not notified of the bank's intent to sell the repossessed car can he fight the bank over the delinquent balance?
Wiki User
∙ 8y ago
It depends on what state you are in that you chose NOT to post.
Not sure I understand reply. I co-signed loan with ex, whom lives in other state now. Car was reposessed in that state and I was not notified by ex. I did not know car was sold at auction since bank sent me its notice of intent to sell to an out-to-date address ( I found this out after contacting bank upon learning of repo). I can prove the bank had a current address on me. Can I fight the deliquency balance since bank knowingly sent notice to wrong address.
Wiki User
∙ 8y ago
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What happens when a car is repossessed and you are the cosigner?
You will also be liable for any deficiency balance
What is a delinquent account?
A delinquent account is any account that has a past due balance. It will remain in delinquent status until the account has a zero balance.
Is a cosigner liable for the balance of a repossessed vehicle if the loan company auctioned it without notifying them?
READ your contract you signed. Call a local attorney for state specific legal advice.
Can someone garnish a cosigner for a car and garnish the primary also?
In the State of Texas, the answer would be "YES" as both parties signed for the car loan and both are responsible for the balance due. I was the primary signor but the cosigner had the car and was making the payments. Then she stopped making payments after owning the car for 3 years and the car was repossessed.
To get back a car that was repossessed do you just have to pay the delinquent balance?
depending on where you live and your bank or finance company, you will either have to pay the entire balance or just catch up on the payments and late fees plus all repo fees. Call your lender and I'm sure they would be happy to answer your questions.
How can you close a credit card that has a delinquent balance?
No, it has to be settled before you can close it.
Can your car get repossessed if you are not 30 days late with payment?
Yes. Most lenders give customers 10 to 15 days grace to make a payment or for a payment made to post. However, by the language of most car notes, anything past a certain period of time (usually two weeks) is considered delinquent, and the balance of the loan is owed. The lender at this point is not required to accept anything less than payment of the remaining balance. And, the vehicle can be repossessed at any time to secure payment of the remaining balance.
Can your driver's license be suspended for not paying the balance of a loan after the vehicle was repossessed?
No. Absolutely not. Your driver's license cannot be suspended for not paying a loan or the balance of a loan, repossessed or not even if you get threats from the loan company.
Can you get sued for the balance of your car loan after the car is repossessed and sold?
Yes.
If your veh is repossessed in OKLAHOMA can you be garnisheed for any unpaid balance after auction?
Yes.
What happens when the cosigner dies and the loan is in default?
If the account was secured by what ever was purchased, then it is likely to be repossessed, and regular collection procedures will begin to collect any remaining balance. If the account is unsecured, collections will begin against the guarantor or primary on the account. It is possible that the guarantor may be able to get all or part of the debt covered by any funds available from the cosigner's estate, but this would likely require the assistance of an estate attorney.
Do you have to pay the balance after the car was repossessed and sold 3 yrs ago?
IF the lender obtained a judgment for the balance due, YES.
