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.
The other co-owner or cosigner will be responsible for the debt.
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 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.
READ your lease contract. It should specify the results of repossession.
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
Only if the cosigner is also named on the vehicle title.
It depends on you locatily, but in general, yes, if you are behind on your payment, your vehicle can be repossessed.
The vehicle will be repossessed and the leasor will be held responsible for the unpaid balance of the lease.
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.?æ
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.
The cosigner on an automobile loan is not the person who has to pay for insurance on the vehicle. The registered owner should pay the fees for insurance. However, it is the cosigner's responsibility to make sure the registered owner is carrying insurance for the vehicle.
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.
by paying the bill or rebuy it at an aucton
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.
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.
Only if you refinance the vehicle without the cosigner on the new loan.
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.
No, a cosigner has no legal rights to a vehicle unless his or her name appears on the vehicle title.