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What happens to the co-signer in the case of a repo and the co-signer has no money?
Wiki User
∙ 13y ago
If you have no money, then why in the world would you cosign for a loan? If they cannot get the money owed out of the primary lender then will look at you for money. They will more than likely sue you for the balance. If you don't pay your credit will be ruined. Sounds like you cosigned for a loser and now you will pay for that mistake.
Wiki User
∙ 13y ago
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If you are a cosigner on a loan will a loan company repossess the vehicle then let you pay it off and take possession without ruining your credit?
Contact the lender and let them knoiw that if ANY case the debtor defaults to notify you so you can payoff the loan. Add that you will payoff after repo with NO repo reported on YOUR credit.
If I am a cosigner on a car loan and it gets repo is the owner of the car responsible for the remaining balance after it is auctioned or is it the cosigner's responsibility?
Both are responsible until paid in full. It will also be on both credit reports as well.
What is repo rate?
the repo rate is the rate that the reserve bank lends money to commercial banks
If cosigner pays off a defaulted loan is there a way to have a repossession removed from cosigners credit?
The LENDER put the repo on there so they will be the one to take it off. NEGOTIATE.
Does a lender have to notifiy the cosigner of late payments?
NOPE! sadly they don't even have to tell you they repoed or are going to repo. the unit. This includes houses, Good rule, DO NOT COSIGN.
Is there anyway to get your name off a car lease if the cosigner will not refinance?
First things first; find out who's name is on the registration and title. If it is only in one of your names, you could be in trouble. I suggest you call a lawyer and fast if that is the case and your name isn't on either of them. A doubt very much if a lender will release a cosigner from any obligation if the collateral is not fully paid for. In this case the collateral is a car and its a repo mans dream. Remember to always know your cosigner.
If you are a cosigner on a loan will a loan company repossess the vehicle then let you pay it off and take possession without ruining your credit?
Contact the lender and let them knoiw that if ANY case the debtor defaults to notify you so you can payoff the loan. Add that you will payoff after repo with NO repo reported on YOUR credit.
Can a finance company repo YOUR car if YOU are not behind on YOur payments in Washington state?
If you are up-to-date then no, if you are a cosigner there may be complications...
If I am a cosigner on a car loan and it gets repo is the owner of the car responsible for the remaining balance after it is auctioned or is it the cosigner's responsibility?
Both are responsible until paid in full. It will also be on both credit reports as well.
What happens if you don't turn a car over to the repo man?
they will repo it
Cosigner repo a vehicle?
If you are a co-signer of a repossesion, and the primary borrower has not made an attempt to make their payments then you are fully responsible for this debt.
Can you as cosigner repossess your child's car when payments aren't made?
ONLY if your name is on the TITLE as co-owner or leinholder can you "repo" the car.
How long do you need to be delinquent before repo happens in Pennsylvania?
One day late puts you in default and when in default, you are subject to repo. MOST lenders wait 30-60 days. They want the MONEY, not the car.
What can be done to you in Florida if you are the cosigner on a vehicle that is up for repossession but your husband is in possession of the vehicle and they cannot find it?
They will come to you for the money if they can't find him. It will be on your credit as a repo as well. As a co-signer, you sign that you will take over payments if the signer fails to make the payments.
If Chapter 7 BK is filed on a car loan will the bank repo the vehicle if the cosigner is willing to make the payments?
You need to calol the LENDER and discuss this.
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.
How much money did Repo Men gross worldwide?
Repo Men grossed $18,195,238 worldwide.
