Repossession
Loans
Co-signing
What happens if one co-buyer of a vehicle lets the car get repossessed and moves abroad without paying the deficiency?
Wiki User
April 24, 2005 12:44AM
The other co-owner or cosigner will be responsible for the debt.
Related Questions
Asked in Vehicle Titles, Repossession
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.
Asked in Repossession, US Presidents, George Washington
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.
Asked in Repossession
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.
Asked in Repossession, Louisiana
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.
Asked in Repossession, Auto Insurance Claims, Liens
What happens when your leased vehicle is repossessed?
READ your lease contract. It should specify the results of
repossession.
Asked in Cars & Vehicles
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.
Asked in Repossession, Liens, Debt Responsibility
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.
Asked in Law & Legal Issues, Repossession, Credit and Debit Cards, Income Garnishment
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.
Asked in Repossession
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.
Asked in Repossession
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.
Asked in Law & Legal Issues, Vehicle Titles, Repossession
Can you get your vehicle possession after your vehicle was repossessed?
by paying the bill or rebuy it at an aucton
Asked in Law & Legal Issues, Auto Loans and Financing, Repossession, Co-signing
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.
Asked in Repossession, Debt Responsibility, Unemployment
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.
Asked in Repossession
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.
Asked in Auto Loans and Financing, Repossession, Co-signing
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.
Asked in Repossession
Can you trade in a vehicle that is about to be repossessed?
Technically (and leagally) yes.
Asked in Repossession, Co-signing, Credit Reports
How does it affect your credit or obligation if your repossessed vehicle was stolen from the lienholder?
The repo will effect your credit. The judgment the lender will
get will effect your obligation to pay the deficiency balance. the
letter wont effect anything UNLESS the car WAS stolen.
Asked in Cars & Vehicles, Auto Loans and Financing, Repossession
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.
Asked in Repossession
In pa when a vehicle is repossessed does the finance company have to tell you what their doing with the vehicle?
Usually, they do not have to tell you what they are about to do
to your vehicle. But, the procedure is is that they will sell your
vehicle in an auction.
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How do i report a repossessed bike?
If it's repossessed, it's repossessed... there's nothing to
report. As long as there's a lien on that vehicle, the lienholder
is the rightful owner of it, and can reclaim their property.
Asked in Repossession
Can your vehicle be repossessed after the loan and security agreement has expired but you still owe a considerable sum?
Loan and security will always be active against the vehicle. It
never goes away until paid or repossessed. Yes, the collateral may
be repossessed at any time.
Asked in Cars & Vehicles
Where can i find a sample letter of a 10 day repossession letter after repossessed?
need a 10 day letter after vehicle is repossessed
Asked in Ford Explorer Eddie Bauer, Auto Loans and Financing, Repossession
When can the lender resell a repossessed vehicle?
a lender can do as he/she pleases with the vehicle after 31
days...in the state of Alabama
Asked in Law & Legal Issues, Repossession
What is a repair facility's reonsibility regarding vehicle repossession?
They have no liability for a vehicle repossessed lawfully from
their property.