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No. You cosigned on the loan. You are the bank's back-up payment if the first person defaults on payment and you become responsible. That is why it is very important that you trust the person you cosign for or you have the funds to pay for the car if they default. If you pay for the car, it becomes yours. Before it was repossessed, the bank should have notified you in writing. Then you have the option to take the car and pay for it.

Both credits will by hurt substantially.

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โˆ™ 2015-07-16 18:15:26
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Q: If you cosign on a loan and they don't pay the bill and the car gets repossessed are you able to go after the primary debtor in court to make them responsible for any outstanding debt?
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Related questions

Can I Cosign for a mortgage loan?

Yes. However, you should be fully aware that if the primary borrower does not pay you will be responsible for paying the mortgage. You have no other rights in the property.


When you cosign for someone how long are you required to be their cosigner?

For the length of the contract you sign. If you cosign on a 3 yr loan, you are responsible for the debt for 3 years.


When the cosigner dies is the spouse responsible for a repossion that she did not cosign for?

The spouse is not responsible and should not have this on her credit. But the estate of the deceased will still be responsible for the debt.


Can your husband cosign on someone's home without your knowledge?

Yes. And if he does he will become equally responsible for paying the mortgage if the primary mortgagor defaults on their mortgage payments. The bank will go after him for 100% of the debt.


If i cosign a loan for refinancing a home for a family member and they default what can happen?

You will be responsible for the money.


Is a cosigner liable for an automotive repossession in Michigan?

When you cosign for an automobile purchase you are typically liable for an automobile repossession in Michigan. The reason why is because you are responsible for car payments as a cosigner if the primary debtor cannot pay.


If you cosign for someone and they go bankrupt does it affect you?

You would be responsible for the note or loan you co-signed for.


Would cosigning a car loan hurt you for a mortgage?

It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.


Whose credit score is used when you cosign for a loan?

The cosigner's credit score is used. They are the one responsible if the primary signer defaults on payment. Both credits are ruined if the car payment is missed. Be very careful of who you sign for!


If I were to Cosign for someone so they could get a car what happends What is my obligation then?

You could be held liable for the payments if the other party defaults. Your signing the contract is "insurance" for the lender that payments will be made, and they will consider you responsible if the primary party defaults.


If you are asked to cosign on a loan will the primary borrower's bank provide all of your financial information to the borrower?

Yes.


If you are only 17 can your mother cosign on a new car for you?

No. Your mother (or some other adult) would have to be the primary creditor.


What is the cosign of pi?

The cosign of pi is -1


Can any adult cosign for a teen to get a credit card?

Yes, but if you don't pay the bill the cosigner will be held responsible


What does it mean if a bank asks you to get someone to cosign for you?

they want your parents or another responsible adult to say they will repay the loan if you can't .


How can the cosigner of a car immediately have possession of it after it was repossessed by the bank?

When you cosign for anyone you are taking 100% responsibility for the payments on that car. If the person that gets the car doesn't keep their payments up it will be repossessed by the bank with an option for the cosigner to take over payments or sell the car and pay back the loan. Marcy


When you cosign can you send the car back and pay the depreciation value so it won't reflect badly on your credit?

No. When a vehicle is repossessed either voluntarily or by the lender, it must be sold at public auction for the fair market value or as close to that amount as possible. Any deficiency between the sale price and the loan balance will be the responsibility of the primary borrower and/or cosigner.


What happens when your son dies leaving an outstanding car loan?

My sympathies to you and your family. If you, your husband or anyone else in the family didn't cosign for a loan for the car then the debt ends. If there was a cosigner then the cosigner is responsible for the debt. If your son was not a minor and took the loan out himself and he has left a Will or has anything of value this debt will be paid off or written off.


If you cosign on a home that is foreclosed what is your liability?

You probably co-signed on the MORTGAGE LOAN that was used to buy the home. As co-signer, you are also entirely responsible for payment of the loan....and if the primary borrower defaults you can expect the lender to come to you for payment, or if they have to foreclose and sell the property, for any losses they incurr doing so. Thats what you co-signed for...saying you were responsible for the debt if the other borrowers didn't prove to be responsible.


How many time can you cosign a car?

how many times can someone cosign a car


Can a grandparent cosign?

Absolutely anyone that can qualify for credit can cosign a loan for anyone. But be careful, as the person cosigning takes full responsibility for seeing the loan is payed and will be the one sued for failure to pay (not the person they cosigned for) should the lender decide it is necessary to sue (e.g. the car was destroyed while uninsured and thus cannot be repossessed and no insurance settlement will be made).


How do you cosign for a personal loan?

When you cosign for a loan, it's as if you are applying for loan for yourself, because if the person you cosign for does not pay, then you're responsible for making payments Very simply - a co-signer of a loan is responsible for absolutely everything as the "other" signer) who may be called primary signer). No difference. EXCEPT that the cosigner frequently does NOT have possession or legal control of any property involved in the loan, so using it (say selling it) to pay for the loan can be much more difficult, if not impossible. So whatever the responsibility, or recourse, (legal or financial) is for whatever action or lack of action required under the loan (and frequently under law too as many times you are considered the owner of any property connected with the loan), you are subject to also.


What does it mean to cosign for a credit card?

That means you agree to be completely responsible for paying the balance of the account if the primary card holder defaults on the payments. You may not know if the primary card holder is not paying the monthly bill and your credit record will be affected if the payments are late.You should be very careful about co-signing for a credit card and make absolutely sure you understand your liability if the charges are not paid.


Do you have to be a relative to cosign?

no.my father cosigned for me,but the bank told me that anybody could cosign..good luck to you.


Cosign lease extension?

If I cosign an apartment lease for a friend can I file bankruptcy against the landlord to get out of the lease.