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If you cosigned on a car loan and the car is in an accident am I liable?
Wiki User
∙ 12y ago
That depends on whether your name is on the title also. Not everyone who co-signs has their name on the title. However, you should consider something else. People who need a co-signer generally have a poor credit record. Many do not follow through with responsible car ownership and allow their insurance to lapse. If they wreck the car they stop making payments. In that case the lender will go after you for the balance on the loan.
Wiki User
∙ 12y 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 you cosigned an auto loan for your niece and she has defaulted can you repossess the car from her?
yes you may take the car back considering she defaulted on a aggrement between the 2 of you and the bank you are liable for any unpaid debts on the car therefor the car is yours as well....
If you cosigned for a car loan how can you get out of the loan?
The loan must be paid off or the lender must agree in writing to remove your name from the obligation.
What if happens if you cosigned for car loan and the borrower files for bankruptcy?
if the consigner files bankruptcy can the borrower take the car
Is there any way to get your name off of a loan if you cosigned for a car loan while you were married and then you got divorced?
The loan has to be "secured" by someone with good credit. Call the lender for their loan qualifications.
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.
If you co signed for a car loan and the primary got into an accident could you lose your house?
you cosigned so you are also held liable, you may not lose your house but between the friend who got in the accident and yourself, you are going to have to pay whatever is due for the car loans and the repair costs
If you cosigned on a car loan and car was repossessed 5 yrs ago and now the creditors are harassing you but you don't work and have no way of paying can your husband be held liable if he did not sign?
The spouse cannot be held liable, however it is quite possible that the debt is no longer valid for collection. The person who cosigned the loan should find out what the SOL is in the state in which the contract was signed.
Who pays the loan if a car is repossessed?
The one who BORROWED the money and/or the on who COSIGNED the loan.
The person you cosigned for on a car loan passed away am I still responsible for the loan?
Yes
If you cosigned an auto loan for your niece and she has defaulted can you repossess the car from her?
yes you may take the car back considering she defaulted on a aggrement between the 2 of you and the bank you are liable for any unpaid debts on the car therefor the car is yours as well....
If you loan your car to someone with a suspended license and they have an accident in your car would anything be covered?
No, if their license was suspended they should not be driving, if they are involved in an accident and are at fault the other person can go after you since it is your car and then you are liable.
Sister cosigned a car loan but they registered the car in her name is that legal?
Its half hers.
If you co sign for an auto loan and the person you co signed for is in an accident can you as the co signer be liable for injuries or damages?
No, you can only be liable for the loan. If the car was totaled and did not have insurance then you can be held responsible for the balance on the loan. Any accident or damages that occurred would be the responsibility of the driver/owner of the vehicle. All your signature did was say that you will pay the loan if the borrower fails to do so.
Who is liable in a multi-car accident?
The person that is responsible for the accident.
If you cosigned for a car loan how can you get out of the loan?
The loan must be paid off or the lender must agree in writing to remove your name from the obligation.
What happens when the signer of a car loan passes away and there is a cosigner as well?
The Cosigned assumes full responsibility of the loan.
