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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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โˆ™ 2010-05-28 07:33:50
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Q: 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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Related questions

As a cosigner can you have a vehicle repossessed without affecting the cosigner credit rating?

Nope.


Is the cosigner of a vehicle liable if the it gets repossessed?

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.


What happens if one co-buyer of a vehicle lets the car get repossessed and moves abroad without paying the deficiency?

The other co-owner or cosigner will be responsible for the debt.


Can a disabled person's vehicle be repossessed in Florida?

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.


Is a cosigner liable for the balance of a repossessed vehicle if the loan company auctioned it without notifying them?

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


What happens when you cannot locate a vehicle that is to be repossessed?

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


What happens when your leased vehicle is repossessed?

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


Can a cosigner coowner repossess a vehicle if the primary has not defaulted payment on the loan?

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


If the cosigner has had possession of vehicle 15 months paying the payments does the primary have the right to the 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 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


Can a cosigner in California take possession of a vehicle if the primary borrower is not making the payments in Georgia?

Only if the cosigner is also named on the vehicle title.


Can your vehicle be repossessed if you are awaiting to be paid by the federal government?

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


What happens when lease cannot be paid back?

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


Can a bank repossess if the borrower defaults and there is a cosigner on the vehicle?

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.


Can a cosigner come and take your vehicle for personal reason?

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


Is the cosigner of a vehicle responsible for the negligent operation of the vehicle?

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.


Cosigner need insurance?

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.


Can a cosigner take possession of a car if the primary signer is not paying the payments?

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.


Can you get your vehicle possession after your vehicle was repossessed?

by paying the bill or rebuy it at an aucton


Can a vehicle be repossessed if you allowed a military person to take over vehicle payments and he has not paid anything?

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.


Can a cosigner on an auto loan get insurance on the vehicle?

Yes


After cosigning on an auto loan and that car is traded in are you still the cosigner on the new vehicle?

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


If primary owner and cosigner have both their names on the title and primary doesn't pay the payments can you repossess the vehicle The title says or on it.?

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.


If you are financing a vehicle can you remove the co-owner from the vehicle?

Only if you refinance the vehicle without the cosigner on the new loan.


Can you sue a cosigner on a auto accident?

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.


Does a cosigner have the right to take possession of the car when the primary borrower has made all the payments and has not defaulted on the loan?

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