HomeWhat happens when the co-signer on a vehicle loan is unable to pay off the car loan after the vehicle has been repossessed from the primary owner?
Wiki User
2004-09-25 00:34:33
2004-09-25 00:34:33
the same things that happen to the primary signor. Judgements, garnishments, leins, ect. You are learning to hrad way about co-signing. Good Luck
Related Questions
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 are still liable for that loan. the lender may decide to not accept the bankruptcy charge and go after you for the money.
will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle
If there are two individuals listed on the title of a vehicle as primary and joint, they are both responsible for the payment of the loan. If the primary defaults on the payment, the joint owner is responsible for payment. If both parties default, the vehicle can be repossessed.
A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.
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