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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.

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โˆ™ 2006-03-19 00:38:26
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Q: What are the legal repercussions to a co-buyer if the buyer lets a vehicle get repossessed?
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Does the buyer have to be at the trade of a vehicle when cobuyer trades?

Yes


Is a co-buyer responsible for paying off a loan if the buyer has no job and the vehicle was repossessed?

Yes, he or she would be equally responsible for the repayment of the loan balance.


How do you get a co-buyer off of a car loan if they are in default?

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.


Can you still owe money on a car that was repossessed and resold to another buyer?

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.


Can a car be repossessed if a primary buyer files bankruptcy and the co-buyer has possession of the car but falls behind on payments and the court rules that the vehicle belongs to the lendor?

yes


Can a buyer remove a co-buyer from auto 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.


Can a cobuyer refinance a auto loan and remove the buyer from loan?

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.


Can an original buyer repossess a car after a verbal agreement which is in the first month of default for nonpayment?

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?


If you are the cobuyer of a car and also the cosigner and you have made all the payments and are ahead can the other buyer take the car?

Daughter and husband are getting divorce and she is the co-buyer can she take it out of state


If a buyer defaults on the contract but it isn't stated in the contract that the vehicle can be repossessed can it still be taken?

You need to contact a local attorney for state specific advice.


Is it legal for the buyer to be charged the full price of their repossessed vehicle?

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.


Who is responsible for the auto loan buyer or cobuyer?

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.


Could vehicle get repo if co buyer is in bankruptcy?

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.


What happens if one co-buyer of a vehicle lets the car get repossessed and moves abroad without paying the deficiency?

The other co-owner or cosigner will be responsible for the debt.


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...


Can a car be repossessed if a co buyer files bankruptcy and the primary buyer has the car?

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.


When you sell a vehicle that you have clear title on and the buyer plans on financing who do you name as the vehicle owner on the title?

The buyer.


What happens to a co-buyer if the car is repossessed?

Same thing that happens to the buyer. Lender persues their legal options to collect the balance due.


What can you do if a car has been sold and they have not paid for the car?

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.


Is there buyer remorse law for motorclclyes?

NO, there is no buyer's remorse for any vehicle.


Who has to have insurance on the car the cosigner or the buyer?

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.


How much would it hurt your credit if the car you co-signed for gets repossessed?

Just the same as if it was your car repossessed. Legally, you hold the same liability as the primary buyer.


What rights does a co buyer have to a vehicle?

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.


If co-buyer has possession of a vehicle and has all financial resposibilities who is entitled to the vehicle buyer or co-buyer?

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.


Upon signing a contract where it says Primary Buyer and Co-Buyer where is a Co-Signer supposed to sign?

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.