They will be held legally accountable for any debt still owed and can be made a part of any litigation that might arise concerning the matter. Also a negative entry relating to the repossession will be entered on their credit report.
Yes, he or she would be equally responsible for the repayment of the loan balance.
You don't. If the cobuyer has possession of the vehicle and is no longer making payments, you as the buyer may take possession and either take up and make current the payments, or voluntarily surrender the vehicle. Failure to do so will result in repossession, and will adversely affect your credit.
yes. When a vehicle is repossessed by the bank it doesn't mean that you stop making payments. You are still liable for the loan.
Well, it depends how the title was written. if it says buyer "or" cobuyer you dont need the other persons signature for anything .... if its written with "and" between your two names, u will have to have both people present to complete any removals or transfers. That or you can have the cobuyer sell u the car. They will still need to be present though.
Buy cobuyer I wonder if you mean cosigner on a loan. If this is the case then the answer is no. As a cosigner you are simply agreeing to pay the loan if the person who took it out does not. It is in his or her name and you are responsible for it if they do not pay it.
IF your name is on the TITLE as buyer or cobuyer, you have the right to POSSESSION. Do you know where the car is? Do you have a key?
Daughter and husband are getting divorce and she is the co-buyer can she take it out of state
You need to contact a local attorney for state specific advice.
When a vehicle is repossessed it is sold at a public auction for the fair market value (or as close to such as is possible). The borrower/debtor is responsible for any deficit in the amount between what the vehicle is sold for and the remaining balance of the loan contract plus additional fees such as cost of the repossession action. So, in that context, the person is responsible for the "full price" of the vehicle.
If the buyer does not pay the loan, then the lender comes after the co-signer. Late payments affect both credit reports. Most recommendations are not to co-sign a loan.
The short answer is no. As long as you are making the payments the car will not be repossessed. When the co-buyer goes before the bankruptcy judge they can have the car included or excluded from the bankruptcy. If it's included then the car will be "voluntary" repossessed. If it's excluded then everything is "business as usual" for you. The key is to keep your payment current and on time.
The other co-owner or cosigner will be responsible for the debt.
VICTIM buyer has to pay off the leinholder to get car. And/or sue con seller. Leinholder WILL get their money. GOOD LUCK...
When someone files for bankruptcy, they are protected and their possession will likely not be repossessed. However, if they are, subject to repossession you would have to talk to a lawyer in order to keep the car.
Same thing that happens to the buyer. Lender persues their legal options to collect the balance due.
Well if you have not signed the title over to the buyer or if you have a lean on the title you can have the vehicle repossessed. If you have signed over the title to the buyer without putting a lean on it 1st there is nothing you can do. I own a recovery company and know a few laws. Good luck.
NO, there is no buyer's remorse for any vehicle.
You insure a vehicle. The buyer. The only thing the cosigner is responsible for is paying the bank back the money it loaned if the buyer doesn't. The principal driver of the vehicle who should also be the buyer.
Just the same as if it was your car repossessed. Legally, you hold the same liability as the primary buyer.
The co-buyer of a vehicle has equal rights to the vehicle if there name is on the title. The co-buyers rights can be defined by a written or verbal contract.
both buyer and co buyer --- Typically, in disputes like this, possession is factored into the legal decision. It is likely whoever has possession at the time of court findings will prevail.
Cobuyer, cosigner, they are the same thing. Wherever you sign as co-signer you should be aware that if the primary borrower defaults on payments you will be held equally responsible for paying the loan.