What if, as in what can you do about it now? The bank is only required to send notice to the address listed as the billing mail box, so you have no specific recourse against the bank, unless your state has a specific law regarding otherwise. (Consult an Attorney)
If the vehicle has NOT been sold at auction, you may be able to negotiate to pay for the car's return, however you should be careful about paying up the back monies owned without the car and keys in your immediate presence. Some banks have been known to demand back due funds, collect the money and still not relinquish the car to the other signer.
You may have to pay the remaining balance after auction to clear the debt but the repossession will likely remain on your credit report.
If you believe the bank failed to give proper notice of payment default, contact an attorney to determine the best course of action in your state.
If this relates to a joint account holder or cosigner, then yes the person's credit rating will be affected by a repossession. Yes, whoever's name the car is in will be affected by the car's repossession. Only if the car is somehow tied to the account. Only a bad payment history on that joint account can affect your credit.
women could legally get a checking account on their own without a cosigner in the U.S. in present day today.
The way that can be accomplished is determined by the terms of the lending agreement. Very few, if any lending institutions would allow an account to be amended. The usual procedure is for the account to be closed leaving the original cosigner still responsible to the debt incurred up to the time of closure. The primary holder can then open another account on there own or with another cosigner.
Sometimes, for example if you hold the main account then probably. But if the account is hers, and only hers (no cosigner) then probably not.
Yes. Any transactions good or bad are reported on the cosigner's CR.
Yes, in most cases if the account is brought up to date, the repossession process will stop. A person will need to go in person to pay the bill and make sure the account is noted that the repossession needs to be stopped.
Yes, having a cosigner on a loan or line of credit/ credit card can help your credit. It can help because, assuming they have good credit, you are more likely to get approved, which gives you a chance to build your credit. The danger is if the cosigner where to default on payments or abuse the account (such as using a credit card you both are signers on to rack up a lot of debt). So if you pick your cosigner carefully it can help you- but remember what you do on the account effects their credit, so make sure you are also responsible with the account.
If the account the cosigner is on is included in the bankruptcy it will appear on their credit report. In most cases the cosigner will not be relieved of the debt when the primary holder files for bankruptcy. The creditor(s) can then pursue the cosigner for the collection of money owed.
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.
The co-signer will be required to pay off the debt. That's what they agreed to when they co-signed so that the primary could get the account.
Generally, the co-signerdoes not have any authority or means to remove their name from a loan. That would involve altering the loan documents and the lender's records. The loan is owned by the lender.
Repossession fees are variable for all auto lenders. Repossession fees are real costs that are accrued in the repossession of a vehicle, or based on these costs. Fuel, number of visits, wages, insurance, etc. are all taken into account. So the repossession fee on one vehicle may be vastly different, greater or less, than the fees on another.