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What are the legal repercussions to a co-buyer if the buyer lets a vehicle get repossessed?
Wiki User
∙ 18y ago
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.
Wiki User
∙ 18y ago
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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 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 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 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.
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.
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.
