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In the state of Ohio can a husband be held financially responsible for the wife's repossessed vehicle if his name is not on the loan?
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∙ 8y ago
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When a vehicle is purchased on credit for a husbands company by his wife and the husband does not make the payments who's responsible?
The wife is responsible as she was the one who signed the credit contract.
Does the co-borrower have any legal options to recoup losses against the other co-borrower when they default and they have to sell the car?
No. Not unless the co-borrower paid the vehicle off and does not have possession of the vehicle. If the vehicle was repossessed both parties are responsible for any outstanding debt.
As a cosigner can you have a vehicle repossessed without affecting the cosigner credit rating?
Nope.
Can your car be repossessed for credit card debt?
Unless the credt card company is the lienholder on your vehicle, no.
If someone cosigned a car loan for her husband and he couldn't pay and filed bankruptcy and she couldn't pay either would she have to file bankruptcy?
well if your husband is in bankruptcy they are not allowed to repossess the car as long as he is the one in possession of the vehicle, if they do repossess the vehicle you will have a pretty good lawsuit to hand them, if the car is repossessed or actually when , it will show up on both of your credit. so I have a website to help you www.stoptheREPOMAN.com we have repossession consultants that can help with your situation I STRONGLY RECCOMED YOU TRY IT.
If you cosigned for a vehicle with your husband before you were divorced and are now divorced and the vehicle is repossessed can you be charged with grand larceny?
No, repossession is a civil action not a criminal one. You can be held financially responsible for the debt, though, regardless if the divorce petition states otherwise.
When you vehicle is reposed are you financially responsible to pay the bank anything?
When your car is repossessed from the bank, the bank will sell it, usually at an auction. You are responsible for the difference of the selling price and what you owe on the car.
Who is responsible for damage to a vehicle during a repossession?
the person the vehicle was leased to is responsible as they are the ones that have caused the vehicle to need to be repossessed.
Are you responsible for a judgment obtained on you in 2004 when the vehicle was repossessed in 1998?
Yes, you are responsible.
What happens when your truck is repossessed and both your name and your husband's name are on the title?
It may depend on your state. In Oklahoma, the vehicle (if not retrieved) will eventually be sold at auction, and the original contract holders (husband and wife in this case) will be responsible for any amount below "payoff".
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.
When a car is repossessed are you still responsible if is involved in an accident?
Once the agent takes possession of the vehicle, they are responsible for any damages which occur.
My husband died a year ago. Can the finance company repossessed my deceased husband's vehicle although I have been making timely monthly payments?
no
Is a co-buyer responsible for paying off a loan if the buyer has no job and the vehicle was repossessed?
Yes, he or she would be equally responsible for the repayment of the loan balance.
Is husband financially responsible for car registered owned and insured by wife?
If you reside in a community property state both parties are responsible for such matters until the court rules otherwise. If you do not reside in a CP state the person to whom the vehicle is registered to is considered for all intents and purposes to be the owner. The deciding factor of who is responsible for the debt if any on the vehicle is determined by the loan agreement.
Is the owner responsible for any paperwork when voluntarily returning a repossessed vehicle to a dealer?
What state are you in??? Laws VARY by state.
What happens when lease cannot be paid back?
The vehicle will be repossessed and the leasor will be held responsible for the unpaid balance of the lease.
