What happens to the co-signer if a car is repossessed?
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.
How can the cosigner of a car immediately have possession of it after it was repossessed by the bank?
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?
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.
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.
What happens to a cosigner of a car loan when the primary loan holder files bankruptcy and the loan is discharged and they do a voluntary repossession?
If you are the primary cosigner on a car and your son is the secondary cosigner can he legally have the car voluntarily repossessed without your consent?
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.
When two couples divorce and the ex wife is a cosigner what notification should she receive when his car is repossessed?
When a car is repossessed voluntarily will the lender still try to go after the cosigner first to collect the rest of what is owed on the car?
I can can be legally repossessed no matter where it goes in the USA. As long as the repossessor can find the car and identify it as the one to be repossessed. It may not be cost effective if it is a long distance unless the vehicle is of greater value than the cost of returning it and paying someone to do that. They can also wait until you return.