not much just a few hours it is 4
Just the same as if it was your car repossessed. Legally, you hold the same liability as the primary buyer.
As long as there is a security interest in your car, YES, it can be repoed if the loan is not paid. Just think how many people would buy cars today if your situation happened everyday.
The lienholder has an option to repossess when you become deficient on your payments for as long as you owe money on that vehicle. If you skip your last payment, that car can be repossessed.
Just call 720 435 7676
State laws vary, but generally any driver is required by state statute to have auto insurance and to carry proof of such insurance.
Boats can be repossessed due to non-payment or maybe the boat does not meet the requirements needed to sail. I would think it would be just like a automobile as far as finance goes.
Absolutely! The reason the auto was repossessed in the first place was that the original loan contract was violated - the payments were not paid when due. When the new loan with the co-signer is initiated, the interest rate is adjusted commensurate with whatever the current rate is. When a person is consistently late with payments, they become at risk with any loaning agency. Being a higher risk only ensures your interest rate will always be higher. The only way to reduce that risky interest rate is to conistently pay ALL your bills on time, and never miss any payments, and do this for, say, two years. Missing just one month can wreak havoc with your credit rating for many years in the future. It's just not worth it to not pay.
If you kept the repossessed vehicle, the lender could reposses it again and sell it. If this was just a contract to repay the debt, they could sue for money damages just like it was a promissory note.
I'm guessing that you need to CALL an attorney NOW. Sounds like a collector and/or repoman has been telling you what they think you need to hear. (Blowing Smoke) No one blowing smoke, just trying to see if one can avoid having a jointly owned house attached to a deficiency judgement?
Absolutely. Once the car is considered repo'd it is all paperwork, otherwise you could just hide the car from the lender.
Repossessed cars are typically cleaned up and resold on a dealers lot. However, if the lienholder (the person who repossessed it) feels that it will cost too much to restore the vehicle to a sellable status, they will just put it in an auction and take whatever they can get for it. Repossessed cars are first examined fully to determine the remaining value of the car. If the car is suitable for repossession, it will be resold to another person for a discounted price.