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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.

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โˆ™ 2009-02-07 01:39:01
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Q: Is the cosigner of a vehicle liable if the it gets repossessed?
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Related questions

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.


What are you liable for when your car gets repossessed?

Once the vehicle is auctioned off and sold there is usually a remaining balance left to pay. You will start receiving collection notices about the remaining balance. This is when you will want to prepare yourself to negotiate a settlement.


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.


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.


What is the average time limit of non-payment of a vehicle before it gets repossessed?

Depends on the company. Average 2-6 months.


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).


What will happen if I strip parts off my car before it gets repossessed?

If the bank or the entity that holds title to your car is repossessing the vehicle, that means that they own the vehicle and you have presumably agreed to make payments toward the ownership of that vehicle. If you strip it or damage it in any way, you are liable for the damage you have done, or the value you have removed from the vehicle. It gets worse. If you purposely or knowingly took value from the vehicle, the intent in which you acted toward this end will be seen by the court to cause greater penalties toward your actions. My recommendation: Do what the law says is the right action. By stating that you did not know that your act was against the law will not hold up in court. Good luck.


If the custodial parent cancelled a minor from his insurance policy can the noncustodial parent be liable if the child gets into a wreck in a vehicle licensed to the noncustodial parent?

If the vehicle belongs to the non-custodial parent and it was the vehicle involved in the accident, then the non-custodial parent's insurance will have to cover the damages and is completely liable for anything that happens with his/her car.


After your car gets repossessed and you pay the outstanding amount how long do you need to wait before they give you your auto back?

Depends on your state. In AZ, they cannot liquidate the collateral for ten days after repo. If it has been longer than 10 days, they can sell it and you would still be liable for the amount due (minus what they made off of the sale of the vehicle).


Can a vehicle be taken with commercial plates if it is the most important tool for your own company?

Yes. Doesn't matter if it has commercial plates or not. Doesn't matter how important it is to you. If you don't make your payments, your vehicle gets repossessed.


Can a cosigner sue for the debt incurred as a result of the primary borrower filing bankruptcy.?

No * In most cases, yes. Secured debts such as a vehicle are not dischargeable in BK. Therefore, the primary borrower is only temporarily avoiding action by the lender. If the cosigner is held responsible for the default he or she may sue the primary borrwer for damages incurred. ==ans == Yet another take: The cosigner is a co-borrower. By the primary defaulting he actually gets no more debt than he already had and agreed to be liable for. Whether he would have a claim for paying having to pay the debt he agreed to be liable for before the BK, instead of the primary, would depend on the (hopefully written) agreement between those two parties. While unlikely, it is possible that is noted in the loan document.


When a car in Texas gets repossessed for failure of payment does the car company come after the main signer or the cosigner for paying off the rest of the loan?

Both. But in reality, they go after the money. If the primary is broke, doesn't have a job, homeless, whatever, the bank will go after the person with the money. Now aren't you glad that you co-signed? They'll first try to get the primary signer to pay the debt. If he can't, the company will hold the co-signer liable for it. A co-signer is just as legally liable for the debt as the primary signer. You know when it's a good idea to become a co-signer? Never.


What can you do if your home gets repossessed?

Get a job


What happens when a vehicle is purchased outright from a private seller and the title has a third party lien and the vehicle gets repossessed?

VICTIM buyer has to pay off the leinholder to get car. And/or sue con seller. Leinholder WILL get their money. GOOD LUCK...


What happens to your license plate after your car gets repossessed in South Carolina?

The person(s) whose name(s) appear on the title of the vehicle should remove the license plate(s) before the vehicle is impounded by the repossession agent.


Who gets the credit when you have a cosigner on a new car?

Both


When a vehicle has been repossessed and then resold for more than what was owed does the previous owner receive the difference or does the car dealer?

The debtor GETS the surplus, the debtor PAYS the shortfall owed.


What happens if a car has dents and is repossessed?

It gets placed in the junkyard. In order to get the vehicle back you must you pay your bill, as well as pay your local junkyard company to get your car back.