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What happens when the person you co-signed for do not make payments?
Wiki User
∙ 16y ago
Either you make the payment or you're both taking a hit on your credit ratings.
Wiki User
∙ 16y ago
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If a person cosigns on a vehicle loan and is listed as the primary buyer on the title and the person they cosigned for has refused to make any payments can the the cosigner regain ownership of the car?
If a person's name is listed on a title, that person owns the car. If a person merely cosigned the note, that person's name will not be on the title. If you own the car, you certainly can take physical possession of it.
What can happen to you if you cosigned on a new car?
If the signor fails to make payments, you are responsible. By co-signing, you say that if the signor can not pay, you will would gladly make the payments.
What happens when someone you cosigned a mortgage for has filed for bankruptcy?
When you co-sign on a loan or mortgage for someone, you are promising to make the loan payments if they can't. When someone files for bankruptcy, they are claiming that they cannot make their payments. It would stand to reason that if someone you co-signed on a mortgage for files for bankruptcy that you would then be liable for making the payments.
How do I get possession of a car in Michigan that I cosigned for when the owner has stopped making payments and communicating with me?
Contact whomever holds the lien, they will allow you to make payments and take posession of said vehicle if signor has ceased to make payments. I have already contacted the lien holder and they advised me that they would not get involved with me taking possession of the vehicle. All they wanted from me were back payments. I brought the payments up to date. Now I want to get the vehicle in my possession. Unfortunately I have been unsuccessful at contacting the person I cosigned for. I've even heard that he may have moved out of Michigan. I have a copy of the Michigan registration showing myself as an owner. I am currently awaiting documentation from the state that I am on the title. What is my next step towards getting possession of the car?
If you are a cosigner for a car and own a car do you loose both cars?
The biggest threat to you losing both cars is if you used your car as collateral, and the person for whom you cosigned defaults on the loan, and you can't make the payments on the other person's car yourself. But, even if you didn't use your car as collateral, then the bank/finance company could still file a judgment against you for the remaining balance that was owed on the car you cosigned for.
Do you have the right to sell a car after repossession on a cosigned loan?
Yes, but only if you are the cosigner. When you cosign it is usually for these reasons: The person the loan is for is a minor The person has a poor credit rating The person doesn't have collateral When you cosign you are 100% responsible for that debt. All the banking institution is interested in is getting their money, so if the car was repossessed the cosigner has two options ... take over the payments or sell the car and hope it pays off the total loan. It's a smart thing to do so it doesn't ruin one's credit rating. If you aren't the cosigner, but the person the loan went too, shame on you! If you can afford to continue to make payments now, then you could have made those payments on the loan cosigned by someone who was nice enough to do it.
Can a lien holder report the car stolen for being behind in payments?
Of course not. The car has not been stolen. But guess who is going to have to make the payments if the primary lender does not. You the cosigner, that's who. I would suggest you talk to the person you cosigned the loan for. If I were going to have to make the payments I would for sure try to gain possession of the vehicle. This is the very reason cosigning is a bad idea.
What happens to the co signer if the borrower files bankruptcy?
If you are talking about someone who cosigned for your loan filing bankruptcy, As long as you continue to make your payments on time, nothing will happen. If you are talking about someone you cosigned for taking bankruptcy, you may very well have to pay this loan. Contact the lender.
I cosigned for a car the person and i agreed she'd be the only driver and now other people are driving the car what are my rights?
As a co-signer, you really are only helping a person get a loan to buy the car. If this person you co-signed for does not pay for this loan, you are responsible to make the payments. What ever deals you made to be co-signer is between you and the other person, unless you have the agreement in writing there is not much you can do but talk to the person.
What legal recourse is there for the cosigner when the person that was cosigned for has defaulted on the loan?
The usual legal recourse for the cosigner when the person named as the primary on a loan has defaulted, is to make the payments on the loan. Then, the cosigner can take the person who defaulted to court to try and recoup some of the money they are out. If the loan was for a car, some states allow the cosigner to take possession of the car and sell it to recoup losses also.
Cosigned a car loan for ex-girlfriend and have had to make about 25 percent of the payments and am paying the insurance in the state of Alabama can I take the car from her if I go to court?
You do not even need to take the person to court. You being the cosigner has just as much right to the vehicle as they do. You can go take the vehicle anytime you want to.
What to do before lent?
make sure that the person could make the payments~
