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What rights does a cosigner have when a car is repossessed when the cosigner is the parent and the adult child missed payments?
Wiki User
∙ 9y ago
- 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.
Wiki User
∙ 9y ago
Wiki User
∙ 6y agoA 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.
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If a parent cosigns on a car loan with hisher child and the child does not make payments can the stepparent be held responsible or have their credit rating impacted if the payments are not made?
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.
Can a17 year old get a loan with a cosigner?
Yes, as long as the cosigner is a legal gardian or a parent.
Can a minor take out a loan if their parent cosigns and if so is the cosigner financially responsible for the signer?
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
Does child support go to a child who is 18 and not living with custodial parent?
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.
Can a noncustodial parent discontinue disability payments to the minor child?
No.
Can you tak a loan for your study?
Yes. If you are under 18 you will need a cosigner. This could be your parent or another relative with good credit.
Is child liable for a deceased parent's debt?
As long as the child is not a cosigner on the debt, the child is not responsible for parent's debt. The parent's estate would be responsible for the debt. Technically this could reduce the inheritance the child receives, but it is not the responsibility of the child.
What is the age rating for repossessed?
The movie Repossessed was released in theaters on September 14, 1990. The age rating for the movie was PG-13. If the child is under 13, a parent must give permission to watch the movie.
Are social security payments to children of a disabled parent considered unearned income?
NO
In Washington State can car payments be considered child support?
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.
Can the custodial parent deny visitation to the non custodial parent that is behind on child support payments?
No - indeed, some jurisdictions will prosecute for this.
What happens if the other parent does not bring the child back?
Initially, nothing. There is no law that says a non-custodial parent must visit the child although there are laws that do govern child support payments. However, if the custodial parent wants to change the court document regarding the non-custodial parent's lack of visitation, the custodial parent should maintain a diary that includes all phone calls, visitation dates missed, any follow-up contact pertaining to the missed visitation with dates and times of contact. The diary can also contain the child's anticipation of the visit and the reactions to the missed visitation. After clearly documenting these infractions, the custodial parent can present the 'evidence' to the courts for remedy. It may be that the non-custodial parent can be charged with a type of abandonment and therefore permanently lose all parental rights. An attorney can explain in greater detail as it pertains to the State in which you reside since each State has different views on non-custodial parental conduct.
