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Answered 2005-04-24 00:44:01
The other co-owner or cosigner will be responsible for the debt.
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Related Questions
If the cobuyer of a vehicle that was repossessed is going to reclaim the vehicle how does he get a clear Texas title without the other's name on it?
Make the idea known to the lender BEFORE you proceed. get it claer what is to happen.
Can a lien be placed on a home if the owner owes a loan deficiency amount when a vehicle is repossessed?
Yes.
Does the buyer have to be at the trade of a vehicle when cobuyer trades?
Yes
What are your rights in Washington State after your vehicle has been repossessed?
Pay for the car and get it back, or pay the deficiency after it has been sold.
Do you have to pay on a repossessed car if not sold?
If it has been repossessed the lender will usually stop all collection activities until the vehicle is disposed of through sale. It is unusual but the lender could decide to keep the vehicle but should they do that than they waive their right to a deficiency.
What is a deficiency balance for repossession Louisiana?
The deficiency balance in every state as relates to repossession is the outstanding balance of the original principle plus fees accrued by the repossession process that remain after the resale of the repossessed vehicle.
What happens when your leased vehicle is repossessed?
READ your lease contract. It should specify the results of repossession.
Can a disabled person's vehicle be repossessed in Florida?
A disabled person's vehicle can be repossessed just as any other person's vehicle can be repossessed. You must make all payments on your vehicle if you want to keep it.
What happens when you cannot locate a vehicle that is to be repossessed?
If there is evidence of fraud, the person hiding the vehicle can be prosecuted and possibly even put in prison.
Can your wages be garnished for the repossession of a vehicle in Florida?
What happens is this, the vehicle gets repo'd. You still owe the deficiency after the vehicle is remarketed. The bank will take you to court for the deficiency. If you do not pay the deficiency if you are ruled against, they may garnish wages by court order. It takes legal action for wages to be garnished.
What happens when lease cannot be paid back?
The vehicle will be repossessed and the leasor will be held responsible for the unpaid balance of the lease.
Can your vehicle be repossessed if you are awaiting to be paid by the federal government?
It depends on you locatily, but in general, yes, if you are behind on your payment, your vehicle can be repossessed.
Can you get your vehicle possession after your vehicle was repossessed?
by paying the bill or rebuy it at an aucton
Can a vehicle be repossessed if you allowed a military person to take over vehicle payments and he has not paid anything?
it doesn't matter if the pope takes over your vehicle payments. if he stops making them, your credit is damaged and the vehicle is repossessed.
Do you have to pay the whole vehicle off if it is repossessed?
Once a car has been repossessed, you as the owner of the vehicle have the obligation to repay any amount still owed on the loan. Once a car is repossessed, it is often sold in a repossessed cars auction by the finance company. The amount which the car was sold for will be deducted from the total loan amount and then the difference will be owed by yourself. So yes you would have to pay the whole vehicle off if it was repossessed.
What happens when there is a voluntary repossession of a vehicle and you cannot pay the remaining 13237 debt because you are unemployed and looking for a job?
The borrower is responsible for any deficiency in the balance of the loan and applicable fees that remain after the sale of the repossessed vehicle. If the borrower cannot reach an equitable repayment agreement with the lender, the lender may decide to file a lawsuit against the debtor to recover the monies owed.
If you are a cosigner on a vehicle and the other person gets the vehicle repossessed then files for bancruptcy what happens to the cosigner?
you are still liable for that loan. the lender may decide to not accept the bankruptcy charge and go after you for the money.
In Texas can a car be repossessed if it is blocked by another vehicle?
no!
What hours can a vehicle be repossessed in CT?
24/7
Can you trade in a vehicle that is about to be repossessed?
Technically (and leagally) yes.
Do you have a right to have a repossession letter before my vehicle is repossessed?
no
Can a vehicle be repossessed across state lines?
Yes it can.
Can your vehicle be repossessed for late payments?
Obvious answer, Yes.
Can a repossessed vehicle be moved to a different county?
Yes, it can.
If a car that is being repossessed is at a residence of someone else and a vehicle is behind the car to be repossessed can they move it lawfully?
No. Absolutely not. If they enter a vehicle they do not have an order of repossession on, they've committed a crime. They may enter the vehicle they are there to repossess, and only the vehicle they are there to repossess.
