You will receive notices that your payments have not been received, making your auto subject to repossession, but you will not receive a date and time of the repossession.
The most common type of repossession notice when a person has not been making loan payments for a car or truck. If the lender does not receive payments, the vehicle may be towed away.
If you do not make car payments you will default on your loan or lease. It will ruin your credit and end up with a repossession.
Yes. They must be able to pay the loan if the primary borrower stops making their payments.Yes. They must be able to pay the loan if the primary borrower stops making their payments.Yes. They must be able to pay the loan if the primary borrower stops making their payments.Yes. They must be able to pay the loan if the primary borrower stops making their payments.
Seems pointless to even consider. If the primary signer didn't have enough funds to make the car payments, they probably will not have enough funds to pay any lawsuit you charge them with. Fact is, if the primary signer defaulted on payments, then the cosigner would be responsible for making them - If repossession occured, then it was due to the fault of the cosigner .. can't sue yourself.
The first step is to contact your lender. They will have those answers. It usually involves making up past payments, and paying the repossession fee, and perhaps storage.
A repo is a repo is a repo.
It's called repossession. The lender owns the property, the homeowner is making payments.
No. But, the vehicle will become a repossession if payments are not made.
One payment may not be enough to stop the progress of the repossession proceedings. You need to communicate with the mortgage company and arrange to make regular payments.
either OR both
The primary, whether he's been making payments recently or not, is the first person responsible to make good on the debt. If the co-signer -- who's been generous enough to make payments for so long -- can no longer meet the fincancial obligation, both the co-signer's and primary's credit history will reflect default on the debt. Any actions or judgments on behalf of the lender can be made against the primary and the co-signer.
Don't understand what you mean by the phrase, "...voluntary have it returned..." However, as long as the primary indebted party is current in their payments there would be no reason for the loan company to contact you for payments.
Once the loan is in default the bank has the right to refuse payment and repossess the vehicle.
NO. Cosigning means the person is promising to be responsible for the debt if the primary borrower defaults.
No. You are the primary borrower and are honoring your financial obligation.
No. You signed agreeing that if they didn't make the payments, you would be the responsible party. You will either have to make the payments or risk collection activity against you as well, including negative credit reporting or suit. You should consult an attorney and find out whether your state's laws would allow you to sue the primary party to recover some of your losses, but you can't get blood from a turnip. Unfortunately, this is the setback with cosigning a loan.
It would depend on the contract you signed when you purchased the car.
That would be pretty difficult to do. Because the action is a repossession, it indicates that the person has a poor record of making payments and an attorney is too smart to take the risk of not getting paid. They will want their money up front.
That would be at the lender's discretion. Call and ask. Banks don't like to repossess and if you are making an honest effort to correct the default they will probably go along with you.
In the State of Texas, the answer would be "YES" as both parties signed for the car loan and both are responsible for the balance due. I was the primary signor but the cosigner had the car and was making the payments. Then she stopped making payments after owning the car for 3 years and the car was repossessed.
No. Only the lender can "repossess" a vehicle. You need to keep making the payments to protect your own credit. It is likely you would need to bring a court action, prove you are making the payments and petition the court to order a transfer of title.
That would depend on the repossession laws of your state of residency. Or if different, the state where the loan was procured for the vehicle.