The debt and repossession will become part of the co-signor's credit record.
The co-signer of any loan has the same financial obligations and liabilities as the primary borrower. They can be sued and have their wages garnished or bank account frozen. The co-signor has the same responsibilities as the signor. Since the cosigner generally has a better financial situation than the borrower, debt collectors tend to target the cosigner with aggressive debt collection strategies. This can include frequent telephone calls, letters, threats of legal action and damaging the cosigner's credit report as well as the borrower's.
You will also be liable for any deficiency balance
Yes. If you signed the loan, you are still legally responsible for it.
When you cosign for anyone you are taking 100% responsibility for the payments on that car. If the person that gets the car doesn't keep their payments up it will be repossessed by the bank with an option for the cosigner to take over payments or sell the car and pay back the loan. Marcy
The other co-owner or cosigner will be responsible for the debt.
if i get my car repossessed, can they put a llien on the house?
It has the same effect on the credit.
You loose your car...
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 the State of Texas, the answer would be "YES" as both parties signed for the car loan and both are responsible for the balance due. I was the primary signor but the cosigner had the car and was making the payments. Then she stopped making payments after owning the car for 3 years and the car was repossessed.
Yes. That is the point of the lender asking for a cosigner. The cosigner will have a repossession showing on their credit as well as the primary lender.
You end up with HORRIBLE credit if you don't pay your bills and you let your possessions get repossessed.
VERY possible. reporting repos is up to the LENDER(of course, they usually do). It was very much repoed from you sooo. Nothing you can do about the co-signor having or not having a repo on their credit.
They can still come after the cosigner, and it will still reflect poorly on your cosigner's credit history. You have been absolved of the debt, not your cosigner.
Seems pointless to even consider. If the primary signer didn't have enough funds to make the car payments, they probably will not have enough funds to pay any lawsuit you charge them with. Fact is, if the primary signer defaulted on payments, then the cosigner would be responsible for making them - If repossession occured, then it was due to the fault of the cosigner .. can't sue yourself.
If you default on your loan, the cosigner is stuck with paying it off. If your credit had been any good in the first place, you would not have needed a cosigner.
NO...NO...AND...NO.Dont let this person scare you there blowing hot air keep your payments current and dont worry about it and if this person touches your car in the wrong way call the law.
It would depend on why they are sueing you and also what the disposition of the bankruptcy is.
Normally your credit is ruined for 7 years.
then you go and kick that person and repposses that car.... They call cops and you ignore those guys....
well, if you want the loan AND the car, go get it. Tell the bank that you will keep the car.The bank really doesnt want the car, they want money.Otherwise, the bank will let him give it up if he cant pay. THE co-signor is the one with GOOD credit. If the signor didnt need help getting the loan, there would be no "co" signor.
No, the cosigner will not have rights to the car after its paid off because the purpose of a cosigner is to pay off the notice if you fail to do so. Being a cosigner does not give them to any rights to the car.
YES! Just wondering how you know that? What would the crime be? What if the person had a cosigner?