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.
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.
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 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.
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
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.