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.
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.
Only to financiers
No, there is no such a thing as a debtor's prison.
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.
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.
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
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.
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.
The best way to figure your car payments is to first call your insurance agent with the kind of car your thinking of getting to see roughly how much those payments will be and the car dealer will tell you what your car payments will be and just add the two together and see if it fits your budget.
To make the car payments. Just be glad you have the car too.
Even leased cars must be registered to the leasee. You must go to your local department of motor vehicles to have your vehicle registered.
If your paying for the car, they cannot!
Any default on any loan will damage your credit in the future.
Make your car payments ON TIME!
If you don't make your car payments.
Make your car payments.
IT'S LIKE DEFAULTING ON ANY OTHER HOME LOAN. YOUR NAME WILL GO INTO THE CREDIT BUREAU IT WILL AFFECT YOUR CREDIT SCORE AND NOT BEING ABLE TO PURCHASE ANOTHER HOME/CAR.
If you do not make car payments you will default on your loan or lease. It will ruin your credit and end up with a repossession.
The best place to go for advice about someone taking over car payments is the local bank. They will be able to offer advice about what to do if someone is no longer able to pay their car payments.
The only way you can have your car repossessed would be to not make any payments. If you have taken out a loan and have not made payments, they will take your car away.
Total nonsense...They are trying to get their car back. Scare tactics. But that does not make it true. Failure to make payments on a loan is NOT a felony. You are defaulting on a loan and they have every right to repossess your vehicle, sell it, and you pay the difference in what it brings at sale and the total left on the loan. You will also be assessed repossession fees. Of course your credit will be ruined for 7 years, but you for sure are not going to be charged with a felony.