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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.

2004-07-14 22:19:49
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Related Questions

Can a cosigner take away your car even though payments are not delinquent?

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


Can you buy another car even though is repossessed?

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.


You are the primary owner on a vehicle you owe 700 on the loan and the cosigner decided to take the vehicle even though they havent made any payments can they do that?

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.


If someone has a motorcycle in their name but someone has the property and is behind on payments can the motorcycle be voluntary repossessed by the main name even though someone else has the property?

Yes it can.


Can you still owe money after your mobile home is repossessed?

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,


What effect does a student loan have on a cosigner and the cosigners credit?

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.


Can you take possession of the car if the borrower stops making payments even though they have been paying for a year?

Only if your name is on the title, and only if the primary borrower defaults and the vehicle is subject to being repossessed by the lender.


Can a vehicle be reposessed for late fees on the loan?

It depends on how many times you've been late on vehicle payments. Most of the time though as long as you are making a payment of some kind on the loan your vehicle will not be repossessed.


If you are a cosigner on a vehicle loan and your name is listed on the title as OR then what rights do you have when the primary buyer defaults on payments?

You have the right to pay the loan. When a cosigner enters into a loan agreement he is promising to assume responsibility for the debt should the borrower ever default on the loan. This means simply that if the borrower stops making payments the cosigner will have to take over the payments. You may even be responsible for the full payment of the loan in the event that the borrower dies or is disabled. The cosigner, or in many times, the co-borrower is equally responsible for the debt. The debt will be reflected on the co-signors credit report and may negatively impact the person's credit should the debt become delinquent. If the primary borrower cannot pay the debt, the lender will pursue the co-signor just as equally as the primary borrower. In some cases the lender may only go after the cosigner. If you cosign on a auto loan and the borrower does not make his payments, you will be responsible for making the payments even though you do not have posession of the vehicle. The borrower will be driving around in a vehicle that you are paying for, and it can be a nightmare to extract yourself from this situation. You will not only be responsible for any arrears of the loan; you will also be responsible for any late fees, additional interest, and collection fees.


Can you get your engine back out of a truck after it has been repossessed?

NOT. Good try though. LOL


After you buy a repossessed car does it stay marked as repossessed as long as it is driven even though it is paid off?

The car isn't damaged, the debtor's credit rating is. There is no permanent record of the car as a repossessed vehicle like there is for a salvaged title.


Can a buy here pay here car be repossessed?

Even though it is a buy here pay here dealer it is in the contract you signed. You dont pay they will take your car and you WILL have to pay the late payments on top of the repo cost before you get your car returned.


What is a cosigner responsible for on a car loan?

The co-signer will be completely responsible for paying the loan if the primary borrower defaults on the payments even though the co-signer will have no ownership interest in the vehicle. A co-signer should always be completely informed about the consequences of co-signing. They are guaranteeing that you will pay. If you miss payments it will affect their credit record. If you default it will also wreck their credit. In short, co-signers are responsible in making sure that the primary borrower is able to make the payments on time, and if not, will be their responsibility to continue and settle the payments if the primary borrower fail to do so.


Where can you apply for tuition loan as the student without cosigner help?

You should talk to your college's Financial Aid office, who will be able to direct you to potential loan sources which may not need a cosigner. Most students are not going to be able to get a loan without a cosigner unless it's something like a guaranteed student loan, in which the government is effectively your cosigner. You will need to qualify for a GSL, though, and your financial aid office will help you with that.


Can a motorcycle purchased on credit card be repossessed?

A motorcycle that was paid for on a credit card can not be repossessed considering the credit card company paid the dealer. You must pay the card company back though or they can take you to court.


If your car was going to get repossessed but you caught up on your payments can they still repossess your car even though it is all caught up?

Once you are out of compliance with the loan, the bank is entitled to call in the note. If you do not pay the note once it is called in, the bank can repo the vehicle. It should all be described in the terms of the loan.


You owe 600.00 on your vehicle can it be repossessed?

yep, technically they can do it if you only owe $1.00, though in practice this is rarely done.


Can a person with bad credit get unsecured loans or will he need a cosigner?

Surprisingly, even a person with a bankruptcy can often get small unsecured loans with a couple years of good payment history. Other loans will need a cosigner or may be totally unavailable, though.


What if someone did not reaffirm their car after they went bankrupt and missed four payments what will happen?

Your car will likely be repossessed if you did not sign a reaffirmation agreement. If it was included in the bankruptcy, but just not reaffirmed, however, a judgment can not be placed against you for past due amounts or any balance owed. They can, though, slap you with a repossession on your credit record.


Can social security payments and/or pension payments be garnished by a mortgage lender?

Social Security payments cannot be garnished at all. Pension payments sometimes can be, depending on a number of factors. Typically mortgage lenders do not garnish wages, though, they simply foreclose on the property.


If one car was repossessed and you are making payments on another car can they take your only car even though you owe on it?

If payments are current and there has been no breach of the loan contract the car cannot legally be repossesed. It is highly unlikely that any lender would want to initiate such proceedings if they are getting paid in a timely fashion. Repo is the last thing a lender wants to do. Even though bankruptcy is filed in federal court; asset exemptions are determined by state law. You would need to pose this question to an attorney familiar with (your states') bankruptcy laws.


Do I have to make a payment plan with a debt collector or can I just send in payments?

You can send in payments, it won't stop them from bothering you though, that is what the payment plan might be able to do for you.


How much will cosigning a student loan lower your credit score?

Hi-Cosigning a loan will not lower your credit score unless payments are late, or if the borrower defaults and you cannot make the payments yourself. A cosigner is equally liable for the loan, so if you cannot make the payments, you should not sign.The way that cosigning will affect your credit report is in your debt-to-income ratio. The loan you cosign will show up as part of your debt, so a lender may not want to loan you more money if it looks like your debts are too high.Something that people often overlook though, is that cosigning a loan can actually improve your credit rating if the borrower makes his payments on time. You will get credit for making payments and paying off this debt as if it were your own.


Your car was repossessed but i got it backi still owe late fees though can they repossess the car a second time?

YES, sorry btdt


You lost your job and you want to return your car but somebody co-sign for it. what will you do?

A voluntary surrender is the honorable action if you have lost your ability to pay your note. You might want to contact the cosigner and discuss other options before doing this though. Any repossession or delinquency on the loan will adversely affect the cosigner's credit rating same as yours, the primary.