Repossession
Loans
Co-signing

If you are the co-signer of a vehicle that was voluntarily repossessed how can you get your good rating back?

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2015-07-15 19:35:06
2015-07-15 19:35:06

PAY THE LOAN OFF. the loan NOT being paid was what damaged your credit so start rebuilding by paying it.

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The car isn't damaged, the debtor's credit rating is. There is no permanent record of the car as a repossessed vehicle like there is for a salvaged title.


Both parties social securities #'s are sent to collections for the amount due.


Yes, buy submitting payment in full, or voluntarily surrendering the vehicle. Failure to do either will result in the involuntary repossession of the vehicle. The later will more severely affect your credit rating.


A cosigner is needed when the primary borrower does not, for whatever reason, (age, income, credit rating, etc.) does not qualify for a loan on their own merit.


Sure, in fact most people do not need a cosigner to get an auto loan. The entire process is based on your credit rating, financial situation, and your income. If they are requiring you to have a cosigner, then your credit rating must be very bad or you are buying more car than you can really afford. Purchase what you can really afford and no more. Never, ever, purchase a car that requires more than 20% of you take home pay in total car payments. That is payments on all cars you own, not just the one car. Otherwise you may end up in big trouble and have the vehicle repossessed, thus ruining your credit ever farther. Live by the 20% rule and you will be in good shape.


A car reposession will leave a major black spot on your credit rating for 7 years.


Cars repossessed laws in Canada a vary by provine.Whether your car will be repossessed depends on such factors as the province you live in and how for behind you are with your payments.Vehicle repossessed is negative impact on your credit rating. If you want more information email me at natalsiapatterson34@gmail.com


You don't need a license to get a loan. Your credit rating will determine whether you need a cosigner or not.


Yes. It's possible that the financial transaction that the cosigner was involved with (liable for) might also be affected.


Yes, that is the main purpose of having a cosigner. The person is accepting equal resposibility for repayment of the debt if the primary borrower should default. Therefore a cosigner needs to the have acceptable financial status as required by the lender.



Yes. A cosigner can purchase as many vehicles as a lender well allow. Of course it depends on your income and credit rating as to whether or not the lenders will extend you any more credit. The loan you cosigned for is on your credit and will be taken into consideration when the lender looks at your credit to determine your elligability for a car loan.


The GMC Crossover has an extremely high rating for the 8-passenger vehicle. The Crossover has a rating percentage of 90 percent which promotes it to be a safe vehicle.


If the account the cosigner is on is included in the bankruptcy it will appear on their credit report. In most cases the cosigner will not be relieved of the debt when the primary holder files for bankruptcy. The creditor(s) can then pursue the cosigner for the collection of money owed.


Yes, but only if you are the cosigner. When you cosign it is usually for these reasons: The person the loan is for is a minor The person has a poor credit rating The person doesn't have collateral When you cosign you are 100% responsible for that debt. All the banking institution is interested in is getting their money, so if the car was repossessed the cosigner has two options ... take over the payments or sell the car and hope it pays off the total loan. It's a smart thing to do so it doesn't ruin one's credit rating. If you aren't the cosigner, but the person the loan went too, shame on you! If you can afford to continue to make payments now, then you could have made those payments on the loan cosigned by someone who was nice enough to do it.


The creditor will seek repayment of the car loan from the cosigner. As long as the cosigner pays, their credit will not be affected. However, if they are unable or unwilling to pay, the debt will be pursued like any other bad debt, and it will affect their credit rating.


Combination with a Gross Combined Weight Rating in excess of 26,000 lbs. with a trailer which has a Gross Vehicle Weight Rating in excess of 10,000 lbs = Class ASingle vehicle with a Gross Vehicle Weight Rating in excess of 26,000 lbs. or any such vehicle towing a trailer with a Gross Vehicle Weight Rating of 10,000 lbs. or less = Class BSingle vehicle with a Gross Vehicle Weight Rating of 26,000 lbs. or less or any such vehicle towing a trailer with a Gross Vehicle Weight Rating of 10,000 lbs. or less when it brings the Gross Combined Weight Rating up to an excess of 26,000 lbs. or any such vehicle towing a trailer of any weight rating which does not bring the Gross Combined Weight Rating in excess of 26,000 lbs. does not require a CDL, unless it's hauling a quantity of hazardous materials which requires placards to be displayed, in which case, a Class C CDL with hazmat endorsement would be required.


Stays on your credit rating for 7 years. Has a very negative effect.


That is up to the lender. Your credit rating may have improved if you have been making all your payments in time.


You would if one or more of the following circumstances applied:It is a vehicle with a Gross Vehicle Weight Rating of more than 26,000 lbs., which does not fall under a type exempted from CDL requirements (emergency vehicle, military vehicle in current military service, recreational vehicle, or registered farm vehicle).It is a vehicle which, while pulling a trailer, has a Gross Combination Weght Rating (weight rating of the truck plus the weight rating of the trailer) in excess of 26,000 lbs., which does not fall under a type exempted from CDL requirements (emergency vehicle, military vehicle, recreational vehicle, or registered farm vehicle)It is a vehicle, of any weight rating, which is carrying a quantity of hazardous materials that requires hazmat placards to be displayed.Otherwise, no.


Single vehicle with a Gross Vehicle Weight Rating of more than 26,000 lbs., or a combination with a Gross Combination Weight Rating of more than 26,000 lbs., in which the vehicle in tow has a weight rating of 10,000 lbs. or less.


gross vehicle weight rating


Gross Vehicle Weight Rating.


What vehicle can you drive with a class B license


Gross Vehicle Weight Rating.A Class 6 truck has a Gross Vehicle Weight Rating of between 19,001 and 26,000 lbs.A Class 7 truck has a Gross Vehicle Weight Rating of between 26,001 and 33,000 lbs. In most instances, this type of vehicle would require a CDL.A Class 8 truck has a Gross Vehicle Weight Rating in excess of 33,000 lbs. In most instances, this type of vehicle requires a CDL.



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