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The other co-owner or cosigner will be responsible for the debt.

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โˆ™ 2005-04-24 00:44:01
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Q: What happens if one co-buyer of a vehicle lets the car get repossessed and moves abroad without paying the deficiency?
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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.


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

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