answersLogoWhite

0


Best Answer
Copy
  • 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.
User Avatar

Wiki User

โˆ™ 2014-11-08 20:03:23
This answer is:
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0
User Avatar

More Answers

User Avatar

Wiki User

โˆ™ 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.

User Avatar

Add your answer:

Earn +5 pts
Q: What rights does a cosigner have when a car is repossessed when the cosigner is the parent and the adult child missed payments?
Write your answer...
Submit

Related Questions

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.


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.


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 child support be paid to child directly and not to the custodial parent?

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.


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.


Can you ask for child support payments to be lowered?

Yes, the obligated parent can petition the court for a reduction in support payments if the circumstances warrant.


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.


Are social security payments to children of a disabled parent considered unearned income?

NO


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.


Can an employer request an employee to provide a letter from a hospital concerning the admitting of a parent?

yes, if the employee indicated having missed work to visit a parent in the hospital.


Does the parent who has custody ever have to pay the noncustodial parent support?

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.


Can child support paid to the custodial parent be garnished if they owe other debts?

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.


If a non custodial parent has been in prison for ten years of the child's life are they required to make back child support payments for the time period that they were in prison?

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.


If a parent is primary on sons car loan son defaults payments how can you take the car?

It is impossible.


Who is responsible for your child support income tax interception if the courts and the child support services made a mishap on your case?

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.


Does the cosigner that's name is 2nd actually count?

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.


In Florida can parents be held responsible for 18 year old living on their own?

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.


What happens to child support payments if the custodial parent moves out of state with the child and doesn't notify the non-custodial parent?

They continue, but non-custodial parent should file injunction for the return of the child.


If a parent is receiving payments of child support arrearages can the adult children file a petition to get some of that money?

no


Can the ex custodial parent be made to repay over payments of child support?

Yes, that is money not belonging to you.


Can the non custodial parent move out of state before a divorce is over?

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.


Can a custodial grandparent seek payment from non-custodial parent during the period while the parent is in jail?

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.