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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.

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โˆ™ 2016-08-06 17:19:25
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Q: What happens to the co-signer if a car is repossessed?
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Related questions

What happens when a car is repossessed and you are the cosigner?

You will also be liable for any deficiency balance


Can a cosigner have a car repossessed if the loan has been in arrears?

yes


If a car was voluntary repossessed and the cosigner was not notified is the cosigner still responsible?

Yes. If you signed the loan, you are still legally responsible for it.


How can the cosigner of a car immediately have possession of it after it was repossessed by the bank?

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


What happens if one co-buyer of a vehicle lets the car get repossessed and moves abroad without paying the deficiency?

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


What happens if you get your car repossessed?

if i get my car repossessed, can they put a llien on the house?


How bad does it affect the cosigner's credit if the borrower has the car voluntarily repossessed?

It has the same effect on the credit.


What happens to you if your car is repossessed?

You loose your car...


As a cosigner can you have a vehicle repossessed without affecting the cosigner credit rating?

Nope.


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.


Can someone garnish a cosigner for a car and garnish the primary also?

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.


Is the cosigner of a vehicle liable if the it gets 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.


What happens to your credit when your car is repossessed?

You end up with HORRIBLE credit if you don't pay your bills and you let your possessions get repossessed.


If your car was repossessed but redeemed by the cosigner can the bank report a repossession on your credit but not on the cosigner's?

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.


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?

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.


What can a cosigner do after a car is repossessed Can they sue the primary signer?

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 the cosigner if you are in chp 7 bankruptcy and you default on your car loan?

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.


Can a cosigner have a car repossessed if the loan is current?

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.


If you are being sued as a cosigner on a repossessed car for a bankrupt limo co in NJ will this lawsuit follow you if you move to a different state?

It would depend on why they are sueing you and also what the disposition of the bankruptcy is.


What happens to your credit after a car is repossessed?

Normally your credit is ruined for 7 years.


In Florida what percentage can the creditor take from your paycheck as a cosigner after the car was repossessed and the remaining debt is around 5000 dollars?

http://www.lawhelp.org/documents/127641Creditors%20and%20Debtors.pdf?stateabbrev=/FL/


What happens when your car is repossessed and they damage your car?

then you go and kick that person and repposses that car.... They call cops and you ignore those guys....


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.


Does a cosigner have rights to the car even when its paid off?

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.


If you move abroad without paying the deficiency of about 12000 dollars on your repossessed car can you be arrested or detained upon reentering the US?

YES! Just wondering how you know that? What would the crime be? What if the person had a cosigner?