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Is the cosigner of a vehicle liable if the it gets repossessed?
Wiki User
∙ 15y ago
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.
Wiki User
∙ 15y ago
Yes, the cosigner is typically liable for the vehicle if the primary borrower defaults and the vehicle is repossessed. The cosigner is equally responsible for the loan and may be pursued for any outstanding debts, fees, or deficiencies resulting from the repossession. It's important for cosigners to understand their obligations before agreeing to cosign a loan.
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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?
Typically, if you are a cosigner on a vehicle loan that gets repossessed, you are still responsible for the debt, regardless of marital status. However, being charged with grand larceny would depend on the specific circumstances and laws in your jurisdiction. It is best to consult with a legal professional for personalized advice.
Are parents liable if their 18 year old son takes their car without them knowing and gets in an accident?
In general, parents may be liable for their child's actions if they were negligent in preventing the unauthorized use of the car. Liability will depend on the specific circumstances, state laws, and whether the parents took reasonable steps to prevent the unauthorized use of the vehicle. It's advisable for parents to have insurance coverage that may help protect them in such situations.
Am i liable if someone gets hurt on my jet ski and i wasn't driving?
It depends on the specific circumstances of the incident and the laws in your jurisdiction. Typically, the owner of a jet ski can be held liable for injuries that occur while someone else is operating it if it can be proven that the owner was negligent in some way, such as providing a defective jet ski or failing to properly maintain it. It's important to consult with a legal professional for advice tailored to your situation.
How much is the fine for no proof of insurance in Kentucky?
The fine for no proof of insurance in Kentucky can range from $500 to $1,000 for a first offense. Additionally, the driver's license and vehicle registration may be suspended until proof of insurance is provided.
What are the examples of the civil code of article 1213?
Article 1213 of the Civil Code generally pertains to the notion of a debtor being responsible for any kind of deterioration or loss of an item pledged as security. An example could be if a borrower uses a car as collateral for a loan and then gets into an accident causing significant damage to the vehicle. In such a case, the borrower would be held accountable for the loss in value of the pledged asset.
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.
How can the cosigner of a car immediately have possession of it after it was repossessed by the bank?
When you cosign for anyone you are taking 100% responsibility for the payments on that car. If the person that gets the car doesn't keep their payments up it will be repossessed by the bank with an option for the cosigner to take over payments or sell the car and pay back the loan. Marcy
Can a lender continue reporting late payment when th vehicle is already possessed and sold?
Yes. When a vehicle is repossessed, the lienholder has to try reclaiming what they can of the loan that was made for the vehicle. A repossessed vehicle typically gets sold at wholesale auctions, and the amount paid for it is typically substantially lower amount than what's owed on the lien. You as the lessee are still liable for the remaining balance owed on the vehicle, plus the fees for repossession, storage of the vehicle, auction fees, etc.
Can a car dealer in Iowa still make you pay part of loan after a car has been repossessed?
Yes. When a vehicle is repossessed, it gets sold again. The amount received from the sale is deducted from the balance owed (which will now be augmented by repossession fees, storage fees, service fees, etc), and you will still be liable for that amount of money.
What bad things go on your credit history if a vehicle is repossessed?
Slow pay, repo, and it gets worse from there.
Is the owner of a vehicle liable when it is loaned to someone who gets drug busted during a search at school?
no
In Florida if your divorce decree states that each party gets a vehicle but one party allows a vehicle to be repossessed how does the other party get their name taken off the loan?
you don't. you get the vehicle and the payments.
Who is liable if a minor gets into an accident?
If it is your fault, it is the owner of the vehicle's fault, but it's really your parents' responsibility to decide if your to take responsibility for it. However, if it is not your fault it is the at fault party who is liable.
What is the average time limit of non-payment of a vehicle before it gets repossessed?
Depends on the company. Average 2-6 months.
Who is liable if someone borrows your car and gets in an accident?
The fault lies with the vehicle that cause the accident. When someone borrows a car, the car owner can be liable because the allowed someone to drive the vehicle. Often this type of accident has to be sorted out in court.
I cosigned on an automobile loan and insurance for my son. Who is responsible if the insurance is not paid up and he gets in an accident?
As a cosigner, You are jointly and separately liable for any and all amounts that might arise out of the finance note you guaranteed.
Do you still have to pay for a car if you do a voluntary repossession in the state of Virginia?
Yes.. anywhere. When a vehicle gets repossessed (voluntarily or involuntarily) and it isn't reclaimed, the vehicle gets auctioned... the person who took the loan on the vehicle is still responsible for the difference between what was received for the vehicle at auction and what is owed on the balance of the vehicle (plus repossession, storage, and auction fees).
