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.
You will also be liable for any deficiency balance
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.
READ your contract you signed. Call a local attorney for state specific legal advice.
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.
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.
No, it has to be settled before you can close it.
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.
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.
A cosigner is the person who agrees to pay off the full balance of the loan if the primary borrower fails to pay. A cosigner signs the loan documents and guarantees payment of the loan even if they have no ownership in the property covered by the loan.
IF the lender obtained a judgment for the balance due, YES.
THE VEHICLE WILL BE SOLD. IT IS USUALLY THE HIGHEST OF THREE BIDS AND THE AMOUNT IS OFTEN BELOW WHAT THE AUTO IS WORTH. THIS AMOUNT IS DEDUCTED FROM THE BALANCE OF YOUR LOAN. THE AMOUNT THAT IS LEFT OWING WILL HAVE TO BE PAID,IF YOU DO NOT PAY,YOUR COSIGNER IS RESPONSIBLE FOR THE BALANCE OWING. GOOD LUCK ROD.
I would think most lenders would be hesitant to loan you more money when you have a delinquent outstanding balance on an old debt. You would be considered a poor risk. Usually when your vehicle is repossessed it is auctioned off and the proceeds are applied to the balance of the loan after any commissions, fees or other charges are deducted. You are then responsible for the remaining balance.
Call the lender, and make some kind of arrangements. Do not let your car get repossessed. You will be responsible for the balance on the loan. no
no, they will sue you for the balance owed after the sale
Usually when your vehicle is repossessed it is auctioned off and the proceeds are applied to the balance of the loan after any commissions, fees or other charges are deducted. You are then responsible for the remaining balance.
yes, unless the co-signer claims bankruptcy
When a vehicle is repossessed, it is usually put up for auction. If the monies recovered from the auction is not enough to cover the outstanding balance on the loan, the person the vehicle was repossessed from is expected to pay the difference. It's a bummer, but that's how it goes.
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
No. They will sell the truck at auction and it will bring what it will bring. You are then responsible for the balance.
NO, there are no more "DEBTORS PRISONS".
YES. Read your contract.
u have no choice now. What state?
Pay the current balance, plus repossession and storage fees.
When a vehicle is repossessed, it will eventually be sold at auction. Occassionally, the amount received from the sale is greater than the balance owed. On these occassions, the excess is sent to the debtor.