If you are a co-signer on a car loan and the car is repossessed are you given the option to buy the car yourself before it is taken to auction?

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no you do not get to puchase the vehicle before it is auctioned the loan company will have tried to contact you to make the payment it would then be up to you to get the car from the other person by way of repossessing it yourself through small claims court
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What happens to the co-signer if a car is repossessed?

The debt and repossession will become part of the co-signor'scredit record. The co-signer of any loan has the same financial obligations andliabilities as the primary borrower. They can be sued and havetheir wages garnished or bank account frozen. The co-signor has thesame responsibilities as the s ( Full Answer )

Where can you buy repossessed cars?

Here is a variety of advice: . If I were you I would check out your county for repossessions to be sold they generally sale for 2/3 of the loan value. . I would NOT buy a car that has been repoed. Simple logic tells me that the driver was NOT doing ANY repairs or even oil changes, before it got ( Full Answer )

Where can you get a loan to buy back your car that was repossessed?

Answer . Mike, that depends on how great your credit is. A repo on your record is NOT going to help. Any interest rate you get will be HIGH because of your credit rating.\nWith a decent down payment you can always get a ride at a buy-here-pay-here car lot. Good Luck.

Shouldn't you get a letter from the finance company giving you the option of paying of the loan before your car is sold at auction in Virginia?

Answer . NO...but you can CALL the lender and ask to pay it off..\nVirginia\n. \nTITLE STATE: Yes\nSECURITY INTERESTS: Shown on title held by lien holder.\nLICENSE REGISTRATION: Virginia Department of Motor Vehicles, P.O. Box 27412, Richmond, Virginia 23269-0001. Tel.:(804)367-0063.\nRECOVERY RE ( Full Answer )

If a car is repossessed what are the options to pay this debt?

3 or 4 options.1. Pay it off completely after it is sold and the lender tells you "PAY US NOW".2. tell Lender you are financially embarrassed and will pay it in installments. (IF you would do that, you would pay them now and not get repoed)3. Pay the lender what you can IF they agree to it.4. Wait u ( Full Answer )

How do you buy a repossessed car?

If you are trying to buy a specific car, you can contact the bankor whoever holds the lien on the vehicle for more information. Youmay also start online with a free directory search for banks andother financial institutions who are selling repossessed cars. There are also other alternatives. You ca ( Full Answer )

How hard is it to get a new car loan after a bankruptcy repossessed car has been taken?

Answer . I have friends that have had cars repoed and they and went bankruped and got a car,new in less than a year. I guess they figure you owe no one any money and they have 7-20 years before you can file again.. Answer . \n. \nIt's not hard at all. The only thing is you will pay a higher ( Full Answer )

Can a co-signer have a car repossessed?

NO. IF the co-signor is also listed on the TITLE as co-owner, they can take possession. If not listed on the title they would need to bring a civil suit and bring enough evidence to convince the court to render a judgment transferring the title to the co-signer. Crucial evidence would be proof the c ( Full Answer )

Can you buy another car before your car gets repossessed?

O' yea, that is a brilliant idea. If you can afford to buy another car, then you can afford to pay for the one you agreed to pay for. Make the payments on the car you now own, and your problems will disappear. Stop being stupid and trying to work the system. They loaned you money in good faith. You ( Full Answer )

Can you buy another car after a repossession?

Answer . \nYes, you can. My father did this. The thing is, you get a really high interest rate. You could try to have someone co-sign to get the interest rate down a little.. Answer . Yes but why would you want too??save your money and buy a used car outright.Then\nthere are no car payment ( Full Answer )

How can you get out of a car loan without a repossession?

Answer . Sell it for what you owe if it is possible. Pay off the loan, get the title and sign it over to the new buyer. If you cannot get what you owe, then get as much as you can. Get a personal loan from the bank to pay of the remaining balance. The personal loan is better than the amount you ( Full Answer )

How do you buy cars at auctions?

You can't, unless you're a dealer. Dealer-only auctions have strictguidelines and rules for dealers, but private individuals can't,car dealers have special logins for those resources (like this oneglobalcarexchange.com). However, you can at b2b auctions usuallywith a Tax ID and DBA. Another alternat ( Full Answer )

Can anybody buy cars at the auction?

It depends on which auction you are going to, some you are allowed,others you have to have a sales license Some car auctions need some special invitations, with out anyinvitations, you cannot participate. Some auctions are forcharities, this is mostly open to every one, auctions for classicsand re ( Full Answer )

In the state of California does the loan company have to send you a letter telling you when the car will be sold at auction so that you may have the option to go to the auction and buy it back?

Answer . No, when a lender auctions your car they are auctioning out to local dealerships or lenders. So, you do not have the option of buying back this car. If you have the finances to buy it back, then your best bet is to wait for the letter in the mail telling how much you will end up owing af ( Full Answer )

How late does your car loan have to be for a repossession?

It varies bank to bank and also depends on your credit history and history with that lending institution. If you keep the communication lines open they will wait but only if you don't break any promises you make to them. If I had to give a time range I would say that an aggresive bank would begin re ( Full Answer )

How long will a car that was repossessed in WV be held before being sold at auction?

When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've made the last loan payment or fully paid off your lease obligation. These rights are established by the signed contract and by state law. If your payments are late or you default on your contract in ( Full Answer )

Can I get out of a car loan if I did not buy the car?

If you did not buy the car it depends on the creditor. Some will void out the loan, others will not. If they do not void it then you have all the money from the loan... so you can pay the loan in full immediately. I think it is not very good to get a car loan if you didn't buy he car. it is just ( Full Answer )

What if you get a car loan and not buy the car?

You will still owe the money back with agreed upon interest. There may be some legal issues if you used the car for collateral and you do not own the car. return the money with the interest. the longer you save the loan, the more interest you have to pay!

What is the catch in buying repossessed cars?

The biggest turn-off when buying Repossessed Car: As you already know, Repossessed Car Auction is a great way to buy your new car or other types of vehicle (boat repo auction, RV repo auction, ...); however, it seems almost too good to be true, because the price is very low. The catch lies in the ( Full Answer )

Where can you buy repossessed cars from?

Repossessed cars can be purchased directly from Banks and Credit Unions. Many larger Banks and Credit Unions will simply send the vehicles off to "dealer only" auctions, but most of the smaller Banks and Credit Unions will offer these vehicles for sale on their websites to the general public. If you ( Full Answer )

Your car was on a buy back list because of problems Before the buy back could go through your car was repossessed What are your options?

Then the car was never yours - it 'belonged' to the finance company until you have paid the full amount. When a person buys something they pay the seller the purchase price - you didn't pay that money, the finance company did, so they were the buyer and you were using it with their permission unti ( Full Answer )

Can you strip a car before repossession?

You can, but its not a good idea. That will be classified as theft from the company, and they will then reposses your stuff to make up for the lost things from the car.

How can i buy cars at auction?

I found a government auction website where you can buy seized cars, trucks, vans, suvs, for dirt cheap.

If you have a repossession on your car how can you get a car loan?

You can get a car loan, but will have to put down a very hefty down payment - sometimes as much as 50% of the value of the car. Small finance companies are more likely to help you out with that, but will charge you the maximum allowable finance charge (usually 29%).

Can you buy cars at police auctions?

Absolutely! There are a number of auction houses that are contracted to sell vehicles on behalf of the police and a large number are sold throughout the country each week. Many of these sales are not advertised through the normal routes and a search engine result will only give a few listings. ( Full Answer )

Can you object to a repossession before car is taken?

Yes, and many people do object to their vehicles being repossessed, before and after the repossession. Unfortunately, your objection will have little effect. If you are delinquent or in default on your loan, and the vehicle was used to secure the loan, the vehicle will be repossessed. There are few ( Full Answer )

Where can you buy a car at an auto auction?

Auto auctions information can be gathered at online web sites and by word of mouth. These cars have no guarantees or warranties. They may be damaged or missing parts. -- I have a Government auction review site you should check out to help answer your questions. www.GovernmentAuctionsInfo.com ( Full Answer )

Are doorstep loans a good option for buying a car?

Myself when I am in the market for a new car I check with the banks that I deal with or credit unions and see what type of car loan they can give me before i go out shopping.

Can you misrepresent yourself to repossess someones car?

No, it is illegal to impersonate someone else in order to repossess a vehicle or another asset. For example: You can't tell the R/O of the vehicle that you're from the dealership and are going to detail the car on their behalf as part of a customer loyalty reward.

What research should one do before buying repossessed cars?

Before buying repossessed cars, you should first research the frequency of repair and maintenance costs on the models in auto-related consumer magazines. You can also ask for the car's maintenance records from the owner, dealer or repair shop.