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Is a cosigner liable for an automotive repossession in Michigan?
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∙ 9y ago
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Is the cosigner of a vehicle liable if the it gets repossessed?
Yes. That is the point of the lender asking for a cosigner. The cosigner will have a repossession showing on their credit as well as the primary lender.
Is a cosigner liable for a death if the car has no insurance?
No, a co signor would not be liable. A co-buyer would be liable.
Is a cosigner on a car liable if the primary borrower is at fault in an accident?
No. A cosigner's only obligation is the debt incurred by signing the lending agreement.
What happens when a car is repossessed and you are the cosigner?
You will also be liable for any deficiency balance
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.
Can one be held criminally liable for concealing a vehicle repossession in Wisconsin?
yes. its stealling.
If the cosigner of your credit card files for bankruptcy will this effect your credit rating as well?
Yes. It's possible that the financial transaction that the cosigner was involved with (liable for) might also be affected.
If you cosign for a car loan can you be sued successfully?
Yes. If the signer defaults on the loan, then you, as the cosigner, would be liable.
Can a reference be hold liable for a loan that is not paid back in full?
In the U.S. no, unless the reference is also a cosigner.
What if repossession agent damages RV or personal property during repossession under Texas law?
Then they're liable for the damages. You need to file a police report immediately.
Would a cosigner be liable for debt?
Absolutely ! That's the whole point of someone co-signing the agreement. If the original person defaults on payments, the co-signer becomes liable !
If you are a cosigner on a vehicle and the other person gets the vehicle repossessed then files for bancruptcy what happens to the cosigner?
you are still liable for that loan. the lender may decide to not accept the bankruptcy charge and go after you for the money.
