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If you cosigned for a car and the owner wants to let it be repossessed what can you do?
Wiki User
∙ 8y ago
Unless your name is on the title to the car as well as the loan, there isn't much you can do. If you don't make the payments, your credit will be damaged. Co-sign means you are EQUALLY responsible for the loan.
Make the best of a bad situation: Whatever the lender doesn't get paid on the loan as well as the amount it costs to pursue it's rights to get paid (all repo fees, court/legal costs, additional interest, etc., etc.) become the responsibilty of those who signed the loan (that is both of you).
If the car is repossed and sold at auction, lots of fees are incurred and the likely the lowest value, (wholesale auction - recovery vehicle), received. Your responsible for all the rest.
Get the primary to at least work at trying to sell the car, hopefully even try and clean it and market it well, through the local papaers, etc at the highest amount you can, without adding costs to the loan amount.
If you approach the lender earnestly, and get them to understand what you (as cosigner) are up to...which shouldn't take long to complete - you may, just may, get them to accept what you sell it for as a payoff....or at least work with you on lowering the already accumulated late fees, back payments, etc., establishing a payment plan, and make it possible to have a good title for new owner.
The lender does not want to repossess. Believe it or not, while they do (in theory) get to recover all fees and costs, etc, - if they actually do ever make money selling a repo...they must return it to the primary.
Wiki User
∙ 8y ago
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Who pays the loan if a car is repossessed?
The one who BORROWED the money and/or the on who COSIGNED the loan.
If your car is repossessed and the person who cosigned for you files bankruptcy are you still liable for the repossession?
Yes. If you default on your car loan you will remain liable for the debt.
What does repossession of car mean?
When a car is repossessed it usually means the owner is no longer able to make the payments. It is repossessed by the dealer or the bank in which to owner has the loan through.
What has to happen before a creditor can have your care repossessed?
A car cannot be repossessed until the owner has missed several car payments and the owner has been notified of late payments. In most states a car can be repossessed after three months of non-payment.
If the primary borrower on a cosigned car lease dies. what happens to the car?
The person who's name is on the Title is the owner of the car.
What can you do if you cosigned on a car title and you want to sell the car?
You cannot sell the car as you do not own it. The only thing you can do is try and persuade the owner to sell the car.
Can you be held responsible for repossessed car if co owner had possession of car?
yes you will be responsible.
Can a car be repossessed if the owner dies before the first payment is due?
The car can be repossessed. The estate is responsible to return the vehicle and resolve the lease or loan.
If you cosigned for your son and the car got repossessed and he has a job and failed to pay can they sue him?
He will be the first to be sued. You will be next. Make sure the lender knows where he is working and living.
If car is repossessed does the owner have to still pay original cost of car?
In most cases YES
Who is responsible for hail damage that happened while a car was repossessed?
The owner of the car listed on the insurance policy.
Who is responsible when your car is being repossessed in Pennsylvania?
The owner of the car (person(s)) who took the loan on the car are responsible
