Yes, it is the same thing.
The debt and repossession will become part of the co-signor's credit record. The co-signer of any loan has the same financial obligations and liabilities as the primary borrower. They can be sued and have their wages garnished or bank account frozen. The co-signor has the same responsibilities as the signor. Since the cosigner generally has a better financial situation than the borrower, debt collectors tend to target the cosigner with aggressive debt collection strategies. This can include frequent telephone calls, letters, threats of legal action and damaging the cosigner's credit report as well as the borrower's.
It usually occurs when someone has become delinquent in payments and the bank has called in the balance of the payments owed. The borrower may return the vehicle to the lending institution and the vehicle will be sold at auction and any money received (less the costs of selling and transporting the vehicle) will be applied to the loan. It would be far better for the borrower to sell the vehicle for as much as he/she can get and apply that to the loan. To do that you will need to make arrangements with the lending institution since most car loans that get to that point are "upside down". At least you won't end up owing the bank quite as much if you sell it yourself. voluntary repossession is a term used, when you the borrower on a loan (usually vehicle) cannot keep up payments for one thing or anopther. You are giveing it back to the back or whomever the lender is. This will still be a negative on your credit report, no matter what folks tell you. Best bet is to sell yourself and give all proceeds of sale to lender and work on further terms to pay off balance (if any). It is when you turn your car into the lender and state that you cannot pay for it. It is no less damaging to your credit than if the repossess it without your consent. Don't do it! Contact the lender and work this out. Your credit rating will be damaged for 7 years. You will also still have to pay the difference in what your car sells for and the balance on the note.
Depends on state law, in Montana absolutely not... if it comes to a forced repo (bank has contacted you and asked you to turn over and you have not), your car will be "legally stolen" by the bank. You will not have any rights to anything left in the car at the time of repossession. If your bank has contacted you, they have done their "good faith" duty in trying to recover their asset without damaging you (ie, please turn the car in ASAP).
It is a disposition option sometimes available to the mortgagor (borrower) to voluntarily deed the property to the mortgagee (lender) thereby avoiding foreclosure action.When a mortgage is delinquent and loss of the home is inevitable, a borrower may negotiate with the bank to return the home. They hand over the "deed" instead of the bank paying a trustee or attorney to initate foreclosure proceedings. This is slightly less damaging to the borrowers credit and saves the bank money and time.
i drive a car, so emissions are damaging the environment
we are damaging the river because of factories and water pollution.
damaging reputations with vague charges
Damaging Consent was created on 2007-09-28.
we are damaging the earth by pollution and oil spills and chemicals that is let into the air
No. Just as damaging.
CFC's are damaging the ozone layer. They react with it to deplete the layer.
Chlorine and Fluorine are damaging factors of CFC's. They react with it and deplete it.