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Repossession
Co-signing

What are your options if your car was repossessed by your cosigner even though you have never been late on your payments?


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Wiki User
2004-07-14 22:19:49
2004-07-14 22:19:49

Were you in DEFAULT of any other part of the loan contract?? INS?? Illegal activity?? ect??? If not, you have equal rights to the car. You can repo it back, let them keep it(probably best) OR call a local attorney for state specific laws.

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No. Unless the cosigner is also a title holder they have no legal rights to the vehicle.

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If you have had a car repossessed, you have not kept up with the payments. You probably still owe money on the repossessed car. In these circumstances, the fact is that you can not afford to purchase another car and would not be able to obtain the finance to do so.

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Two things to consider here: First, the cosigner is an equal owner of the vehicle regardless of whether or not any payment has been made by him. This is a matter of contract law. Second, and typically in cases where payments are not current, the cosigner/co-owner can take possession of the vehicle to protect his credit if his intention is to surrender the unit or to make payments current.

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Yes. The home was repossessed because you failed to make payments you contracted to make. Even though you no longer possess the home, the contract is still in force and must be satisfied unless the lender forgives it,

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When you cosign on a loan, you are liable for payment of that loan if the other person does not make payments. Any late payments and other negatives will be reflected on your credit report. The debt will be included in your debt-to-income ratio. If the person makes all payments on time, it could actually help your credit score. Usually, it's the other way around, though. Bottom line: as a cosigner, you are treated as a signer.


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