Repossession
Loans
Co-signing

What can a cosigner do after a car is repossessed Can they sue the primary signer?

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2008-01-03 21:21:14
2008-01-03 21:21:14

Seems pointless to even consider. If the primary signer didn't have enough funds to make the car payments, they probably will not have enough funds to pay any lawsuit you charge them with. Fact is, if the primary signer defaulted on payments, then the cosigner would be responsible for making them - If repossession occured, then it was due to the fault of the cosigner .. can't sue yourself.

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Related Questions


Not unless the the cosigner is on the vehicle title. If not on the title the only entitlement the cosigner has is to pay the bill.

No, the cosigner signs on to the loan. Usually, the primary signer owns the car and drives it. The cosigner is there in case the loan goes into default and needs to be paid for. After they sign on the car does not belong to them, but the person who took out the loan.

Both. But in reality, they go after the money. If the primary is broke, doesn't have a job, homeless, whatever, the bank will go after the person with the money. Now aren't you glad that you co-signed? They'll first try to get the primary signer to pay the debt. If he can't, the company will hold the co-signer liable for it. A co-signer is just as legally liable for the debt as the primary signer. You know when it's a good idea to become a co-signer? Never.

I'm not an attorney, but I seriously doubt it. What sense would that make?

Only if the primary has said s/he will surrender the property in the bankruptcy and/or if the cosigner does not make the payments due.

In the State of Texas, the answer would be "YES" as both parties signed for the car loan and both are responsible for the balance due. I was the primary signor but the cosigner had the car and was making the payments. Then she stopped making payments after owning the car for 3 years and the car was repossessed.

can a primary co signer take the car away from a secondary co signer

yes, as co-signer you only guarantee the loan in case the primary defaults, they own the car.

AnswerIf the primary on the contract does not pay then the lienholder comes after the co-signer for the payment. The credit of both the primary and co-signer are going to show repossession. If the lender has kept the title in its files as part of the loan process and is listed as a primary lienholder, it can sell the vehicle after the repossession.

Yes. If you signed the loan, you are still legally responsible for it.

You will also be liable for any deficiency balance

probably not; consult a CPA Car loans (rather, the interest paid) haven't been a taxable deduction for many years. Primary signer, cosigner ... doesn't matter ... no deduction allowed on the federal return.

A "co-SIGNER" generally relates ONLY to the loan papers. Being a co-signer on the loan does not signify any ownership of the vehicle. If you are on the title of the car as the co-OWNER, THEN either you or the other co-owner should be able to register the car.

GET the car(if you want it), make arrangements with LENDER to do what they will expect you to do anyway....NO DONT pay for it and YES it will be bad

When you cosign for anyone you are taking 100% responsibility for the payments on that car. If the person that gets the car doesn't keep their payments up it will be repossessed by the bank with an option for the cosigner to take over payments or sell the car and pay back the loan. Marcy

The cosigner issue here is misplaced. The liability of a cosigner comes into play if the primary owner of the car cannot make payments. In the case presented, the primary borrower is doing fine. There is nothing a cosigner can do to take a car away.

No, it is not possible for an underaged person to enter into a financial contract with or without a cosigner.

AnswerIf you have already been the cosigner on the loan, you will remain so until the loan is refinanced or paid in full. It doesn't matter if the cosigner has lost their job or not. As long as the person is making their payments, the cosigner isn't affected at all.Good luck job hunting cosigner! :)

More than likely, however you will still end up owing a balance on the car and the primary signer and co signer will still be responsible for the balance.

Yes. If the signer defaults on the loan, then you, as the cosigner, would be liable.

No, unless the co-signer was also part of the bankruptcy process. If not, then no the co-signer would have to be responsible for this debt. Wanda Improve Credit, LLC

It depends on the amount of their income- whether they can afford to pay both loans. A co-signer will be required to pay if the primary borrower defaults on the loan.

You need to sign the Certificate of Title over to the co signer so that the vehicle can be legally registered in the name of the co-signer.

No. Both must sign if both are on the title. Unless the Primary Signer is dead, the cosigner cannot sell the car. Also, having a power of attorney specifically for selling the car will give you the right. Let's say he is overseas and you want to sell the car, you have the right when he signs it over to you (power of attorney). A co-signer is only a guarantee on a loan, not the owner of property. If the owner of the car is still of sound mind and body, only he or she can sell the property.


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