HomeWhat rights does a cosigner have when a car is repossessed when the cosigner is the parent and the adult child missed payments?
Wiki User
2017-10-10 17:14:45
2017-10-10 17:14:45
A co-signer is equally responsible for paying the debt for which they co-signed. That is the reason a lender requires a co-signer. The lender would not have loaned the funds to the primary borrower unless someone else guaranteed the loan.
Wiki User
2014-11-08 20:03:23
2014-11-08 20:03:23
- Cosigning a loan means that you are willing and able to ensure that loan payments are made in any situation in which the other party fails to pay.
- As a cosigner you are just as responsible for the loan as your adult child. If the bank repos and then auctions the car you are responsible for any balance due and the bank will come after you not just your daughter to recover their money.
- Any repossession can and generally will be reported on your credit reports as well as hers. Additionally, since your financial situation is likely better than your adult child's, debt collectors would generally come after you more aggressively for repayment of any deficient loan balance.
- I would get the car from your adult child and make the payments. Have your adult child pay you directly. That way your credit is covered and it will also improve her credit.
- Take possession of the vehicle and pay it in full. Once you own it outright, you can give it to your adult child or sell it to anyone you choose and your credit will remain intact. If the bank already repo'd it, go talk to them, pay the loan in full and transfer the title into your name.
- Never cosign a loan for anybody for any reason unless you're willing to assume responsibility. The BLAME goes with BOTH of you. Your child for not being responsible and yourself for letting you get roped into this situation. Never cosign a loan unless you can be fully responsible for the loan just like it was your own. The principle party from a credit perspective will destroy your credit if they don't pay the loan and there is nothing you can do.
Related Questions
The cosigner is responsible for the loan and payments if the signer does not pay or keep up the payments. Your credit rating can be affected.
Yes, as long as the cosigner is a legal gardian or a parent.
Are child support payments by the noncustodial parent required if the custodial parent is remarried?
In general, yes. The payments are for the children, not the parent. The step-parent is not legally responsible for the children unless he adopts them.
Yes, your parents can cosign for a loan and if you are smart keep up the payments on that loan as it will give you a good and early credit record. If you don't keep up the payments it's a lousy thing to do to your parents, and they will be stuck paying that loan. Marcy
No. Unless specifically ordered otherwise, child support payments go to the custodial parent as ordered.No. Unless specifically ordered otherwise, child support payments go to the custodial parent as ordered.No. Unless specifically ordered otherwise, child support payments go to the custodial parent as ordered.No. Unless specifically ordered otherwise, child support payments go to the custodial parent as ordered.
No. Child support payments must be paid to the custodial parent. The obligor should always make payments to the custodial parent by check and maintain a record of payment. Child support payments should never be made in cash.
Yes. If you are under 18 you will need a cosigner. This could be your parent or another relative with good credit.
Yes, the obligated parent can petition the court for a reduction in support payments if the circumstances warrant.
No, not unless they are specifically addressed in the child support order. The obligor does not have the right to designate where child support payments will go. They are to be paid to the custodial parent. Any other payments will be viewed as voluntary or gifts.No, not unless they are specifically addressed in the child support order. The obligor does not have the right to designate where child support payments will go. They are to be paid to the custodial parent. Any other payments will be viewed as voluntary or gifts.No, not unless they are specifically addressed in the child support order. The obligor does not have the right to designate where child support payments will go. They are to be paid to the custodial parent. Any other payments will be viewed as voluntary or gifts.No, not unless they are specifically addressed in the child support order. The obligor does not have the right to designate where child support payments will go. They are to be paid to the custodial parent. Any other payments will be viewed as voluntary or gifts.
No - indeed, some jurisdictions will prosecute for this.
yes, if the employee indicated having missed work to visit a parent in the hospital.
Alimony to the non-custodial parent may still be ordered; depends on the circumstances. Child support payments are based on both the needs of the child and the ability of the parent to provide them.
No. Child support payments cannot be garnished.No. Child support payments cannot be garnished.No. Child support payments cannot be garnished.No. Child support payments cannot be garnished.
Most likely, no. But the custodial parent could (possibly) get a court order for them to pay it. Most people would just be satisfied to have the payments resume and not request back payments.
It is impossible.
If they missed intercepting the tax refund it it's likely you are out of luck. You will need to keep pursuing the delinquent parent. Perhaps they can be put in jail.If they missed intercepting the tax refund it it's likely you are out of luck. You will need to keep pursuing the delinquent parent. Perhaps they can be put in jail.If they missed intercepting the tax refund it it's likely you are out of luck. You will need to keep pursuing the delinquent parent. Perhaps they can be put in jail.If they missed intercepting the tax refund it it's likely you are out of luck. You will need to keep pursuing the delinquent parent. Perhaps they can be put in jail.
Yes, of course your cosingers signature means something. It means that there is no way for to have been approved for what you applied for without their good credit to back you. It also means ,God knows I hope your cosigner has some sense, that your cosigner is 100% responsible for any default of restitution on your part. The cosigner is essentally applying for the very same thing you are--for you--on your behalf almost. Be good to your friend, parent, whoever has helped you and repay your loan on time.Happy holidays.
They continue, but non-custodial parent should file injunction for the return of the child.
Criminally, no. An adult, whether they're living with their parents or not, is fully responsible for them self. The eighteen-year-old, and he alone, can and will be held responsible for their own actions. In civil matters, it may depend on the circumstance. If the parent co-signed on any kind of loan or payment for the eighteen-year-old, and the eighteen-year-old does not keep up with the payments, the cosigner can be held responsible for those payments.
Yes, that is money not belonging to you.
Yes but the custodial parent should take that factor into consideration when the child support and visitation orders are drafted. The custodial parent may need to arrange supervision of child support payments via direct payments by an employer or some other means. They should seek legal advice.
Yes, however if the parent has no source of income while in jail, the payments may be deferred until the parent is no longer incarcerated. They will accumulate however and the parent will be responsible for paying them once they are out of jail.
No. The parent is still the parent and responsible for the child abandoned or not. The child support payments will just keep adding up until the person is found.
By asking your bank for a statement if you made it through the bank.
If you're the obligor, don't make payments directly to the other parent or the child. Make your payments through the courts or the state disbursement unit.
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