what does WHO do after the lessee "hides" the car?? Me?? IF I'm looking for the "hidden" car, I ask the lessee where they hid it. If they say it was "stolen" I ride them to the local PD and help them file a STOLEN report. If you need more help, email me.
First of all it would not be possible to be on the title of a leased vehicle, as the leasor retains ownership rights. A cosigner is only responsible for the debt if the primary borrower defaults on the lending agreement.
Only to financiers
No, there is no such a thing as a debtor's prison.
Defaulting on a personal loan can effect your credit in a negative way. The lower your credit rating, the harder it is to get a loan in the future. Loan default is a civil matter, not criminal, so there is no need to worry about any jail time being served because of it. If you take out a personal loan to purchase a car and then default on the payments, the bank can take the car from you. Which will then leave a repossession on your credit report.
Not really. There is no residual value assigned to the leasee, so there is nothing to foreclose on. At the end of the lease you have nothing.
Not as long as the payments are current and have remained so.
When you fail to make payments, they go after the co-signer. It can affect his credit. If he makes the payments he can take the car. You wouldn't want to make payments for someone else's car.
i just searched this topic online because i cosigned for my bf's car loan today with honda... the way our was set up was that if he makes all his payments on time for the next 6 months, he has the option to refinance with himself as the only applicant and will take me off as the leasee... not sure what car company you're buying from but you should check about this
If you do not want your car repossessed, then you need to keep up with the payments on your car. If you are behind on payments, then your car could be taken away from you legally.
If your paying for the car, they cannot!
This is called defaulting on a loan. You will pay in the end. You will pay the difference in what they sell the car for and what you owe on the vehicle. And believe me they don't care what they sell the car for. Why should they as they know you are going to pay the difference. Your credit will also be ruined for 7 years. Are you beginning to see just how dumb it is to tell them to pick up the car and default on the loan. Another word for this is repossession. Get the car back and make the payments, or at the very least talk to the lender and explain your situation. They can restructure the loan so you can afford the payments. You do not want to allow the car to be reposed.