Auto Loans and Financing
Repossession
Co-signing

If you are a cosigner on a vehicle and the other person gets the vehicle repossessed then files for bancruptcy what happens to the cosigner?

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2010-05-28 07:33:50
2010-05-28 07:33:50

you are still liable for that loan. the lender may decide to not accept the bankruptcy charge and go after you for the money.

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Related Questions


Yes. That is the point of the lender asking for a cosigner. The cosigner will have a repossession showing on their credit as well as the primary lender.

A disabled person's vehicle can be repossessed just as any other person's vehicle can be repossessed. You must make all payments on your vehicle if you want to keep it.

READ your lease contract. It should specify the results of repossession.

READ your contract you signed. Call a local attorney for state specific legal advice.

If there is evidence of fraud, the person hiding the vehicle can be prosecuted and possibly even put in prison.

A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.

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

The vehicle will be repossessed and the leasor will be held responsible for the unpaid balance of the lease.

It depends on you locatily, but in general, yes, if you are behind on your payment, your vehicle can be repossessed.

The cosigner becomes the target next. If you default, it is up to the cosigner to pay the bill or both of your credits are ruined and the bank takes their usual steps to repossess a vehicle.

The cosigner is not able to come and obtain your vehicle for personal reasons or any other reason. A cosigner is not claiming ownership of your vehicle, they are simply vouching for your credibility and agreeing that if payments aren't made that they will uphold the responsibility.?รฆ

No. A cosigner is just responsible for paying it off if the negligent driver wrecks it and and can't work to make the payments.

No, a cosigner only has the legal obligation to pay the debt if the primary borrower defaults on the lending agreement.The exception to this would be if the cosigner is a joint title holder of the vehicle.COSINGER!Does a consignor have rights to the vehicle if the people who is buying the car never missed a payment?

Not unless the the cosigner is on the vehicle title. If not on the title the only entitlement the cosigner has is to pay the bill.

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.

No. You are only cosigner on the one vehicle you signed for. All bets are off once the car is traded.

No, the cosigner has no legal liability in such a case, unless, of course, he or she was the driver of the vehicle at the time of the accident.

If there are two individuals listed on the title of a vehicle as primary and joint, they are both responsible for the payment of the loan. If the primary defaults on the payment, the joint owner is responsible for payment. If both parties default, the vehicle can be repossessed.

Yes, that's exactly how it works. If you'd paid for the vehicle at the time of the co-signers bakruptcy you could have kept the vehicle and improved your credit. The creditor wants you to either pay for the remainder of the note or file bankruptcy yourself. * A loan for a vehicle is considered a secured debt and is not dischargeable by the primary borrower(s) or cosigner(s) in bankruptcy action. All parties named on the loan agreement are responsible for the debt unless the SOL for the state in which the vehicle was either purchased or the debtor resides has expired.

No, a cosigner has no legal rights to a vehicle unless his or her name appears on the vehicle title.

Once a car has been repossessed, you as the owner of the vehicle have the obligation to repay any amount still owed on the loan. Once a car is repossessed, it is often sold in a repossessed cars auction by the finance company. The amount which the car was sold for will be deducted from the total loan amount and then the difference will be owed by yourself. So yes you would have to pay the whole vehicle off if it was repossessed.


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