Repossession
Personal Finance
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If the loan is in your name with a stepson as cosigner but he is not making payments on time can you repo the car?

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2005-10-19 05:06:26
2005-10-19 05:06:26

Only the LENDER can repossess the vehicle. Is this stepson a minor? If so, you have parental authority to tell him he cannot drive the car. Even if he is over 18, if you are the primary on the loan, I'll bet your name is also on the title and if it is you can just take YOUR car.

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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.

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They should since they are just as responsible for making payments as the primary.

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The cosigner can ask but I seriously doubt they will be successful. The cosigner knew the risks when they signed the loan application. The cosigner knew, or should have known, the borower's history of successful loan payoffs were questionable at best. The cosigner assumed the responsibility when they signed on.

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A cosigner basically is a guarantor for the repayment of a loan or value and serves as cosigner of the debt. If the debtor fails to make payments or defaults, the cosigner is obligated to pay off the debt. No benefits for the cosigner, but cosigner benefits the debtor.

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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.

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Did you help make payments? If all you did is to cosign, then no.

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A cosigner is a person who signs with another person for a loan of some sort due to credit issues or financial reasons. A cosigner unfortunately does not have as many rights as the person who is first listed on a loan. For example, if you purchase a car and your boyfriend/girlfriend cosigns for you and you two break up, they cannot take the car away from you. However, if you are late on payments, the cosigner will then be responsible for the payments.

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The usual legal recourse for the cosigner when the person named as the primary on a loan has defaulted, is to make the payments on the loan. Then, the cosigner can take the person who defaulted to court to try and recoup some of the money they are out. If the loan was for a car, some states allow the cosigner to take possession of the car and sell it to recoup losses also.

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Not if the cosigner has been making the payments on time. But often the cosigner doesn't know the loan is in default until it is past due 30 days or more, so if you have received two or three (depends on state laws) Right To Cure Default letters, the bank can foreclose.

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It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.

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will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle

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not if you make your payments like you should a cosigner is only called upon if you default on your loan

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Something is not right here. If you are the primary, then why is the cosigner making payments and why does the cosigner have possession of the vehicle? The is back-wards of what it should be. And why in the world would you put the cosigners name on the title? You have a mess on your hands, because you went about this all wrong. You need to contact a lawyer ASAP.

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No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't paying then the cosigner must pay or their own credit record will be ruined and the lender can go after them for payment.No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't paying then the cosigner must pay or their own credit record will be ruined and the lender can go after them for payment.No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't paying then the cosigner must pay or their own credit record will be ruined and the lender can go after them for payment.No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't paying then the cosigner must pay or their own credit record will be ruined and the lender can go after them for payment.

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The primary borrower is responsible for making the payments and adhering to the terms of the lending contract. The cosigner is legally obligated only if the primary borrower defaults on the lending agreement or files bankruptcy (chapter 7).

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You have the right to pay the loan. When a cosigner enters into a loan agreement he is promising to assume responsibility for the debt should the borrower ever default on the loan. This means simply that if the borrower stops making payments the cosigner will have to take over the payments. You may even be responsible for the full payment of the loan in the event that the borrower dies or is disabled. The cosigner, or in many times, the co-borrower is equally responsible for the debt. The debt will be reflected on the co-signors credit report and may negatively impact the person's credit should the debt become delinquent. If the primary borrower cannot pay the debt, the lender will pursue the co-signor just as equally as the primary borrower. In some cases the lender may only go after the cosigner. If you cosign on a auto loan and the borrower does not make his payments, you will be responsible for making the payments even though you do not have posession of the vehicle. The borrower will be driving around in a vehicle that you are paying for, and it can be a nightmare to extract yourself from this situation. You will not only be responsible for any arrears of the loan; you will also be responsible for any late fees, additional interest, and collection fees.

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Pay the loan off and then collect payments from the person you cosigned for.

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You guaranteed to pay the loan if the primary borrower does not. That is what a cosigner does. The lender is going to be looking at you for their money.

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AnswerIf you have already been the cosigner on the loan, you will remain so until the loan is refinanced or paid in full. It doesn't matter if the cosigner has lost their job or not. As long as the person is making their payments, the cosigner isn't affected at all.Good luck job hunting cosigner! :)

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Yes! The whole point of cosigning a loan, from the lender's perspective, is that they have 2 people on the hook for the loan in the event it goes sour. If the person stops making payments (bankruptcy or not), they will come after the cosigner, making the cosigner wish he/she had never, ever cosigned.

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The cosigner is responsible for the loan and payments if the signer does not pay or keep up the payments. Your credit rating can be affected.

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The LENDER will have to remove any co-signor from the loan. Your only option is to have your daughter refinance the loan in her name only. She might be able to do this, given enough positive credit history on the existing loan and proof that it was her making the payments on time.

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Yes. They must be able to pay the loan if the primary borrower stops making their payments.Yes. They must be able to pay the loan if the primary borrower stops making their payments.Yes. They must be able to pay the loan if the primary borrower stops making their payments.Yes. They must be able to pay the loan if the primary borrower stops making their payments.

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NO! He is only guaranteeing the loan. He has no legal right to take the car.


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