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Both. But in reality, they go after the money. If the primary is broke, doesn't have a job, homeless, whatever, the bank will go after the person with the money. Now aren't you glad that you co-signed? They'll first try to get the primary signer to pay the debt. If he can't, the company will hold the co-signer liable for it. A co-signer is just as legally liable for the debt as the primary signer. You know when it's a good idea to become a co-signer? Never.

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โˆ™ 2006-09-13 15:04:05
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Q: When a car in Texas gets repossessed for failure of payment does the car company come after the main signer or the cosigner for paying off the rest of the loan?
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Related questions

Can you get your car back if its repossessed?

Yes. If the payment is made to the finnance company.


If you are late on your loan payment and are a cosigner on your daughters car can they repposses the car?

If you are late on your loan payment and are a cosigner on your daughters car can they repposses the car?


How long does a company have to inform a cosigner that the borrower is in default in payment?

It is their legal right to never inform you and simply allow your credit deteriorate. It is your job as the cosigner to make sure the contract is up-to-date.


Does a cosigner have to have a job?

No, a cosigner can be retired, or just in good standing with the federal credit bureau. They do not necessarily have to have a job. But the deal with a cosigner is that if the individual they are cosigning for does not pay the bill, the cosigner is responsible for the payment.


What is the average time limit of non-payment of a vehicle before it gets repossessed?

Depends on the company. Average 2-6 months.


Can a car be repossessed the day a payment was made?

YES.


Why do it have to affect the co-signer when its your debt?

Because the cosigner guaranteed the to pay the loan if you do not. You fail to make a payment and the lender will be looking at the cosigner for the payment. You not only have an obligation to the lender who lent you the money but to the cosigner who also signed his name to the loan agreement.


If primary owner and cosigner have both their names on the title and primary doesn't pay the payments can you repossess the vehicle The title says or on it.?

If there are two individuals listed on the title of a vehicle as primary and joint, they are both responsible for the payment of the loan. If the primary defaults on the payment, the joint owner is responsible for payment. If both parties default, the vehicle can be repossessed.


What will happen if your car down payment bounced and you made a particial payment?

The car will probably be repossessed.


Can a cosigner coowner repossess a vehicle if the primary has not defaulted payment on the loan?

A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.


If the car was repossessed will the cosigner still be responsible for the loan if the primary borrower files for bankruptcy?

NO, as long as he co-signed the loan, he is standing good for the payment. They can get a judgment against him and garnishee his wages . Dont let that happen to your Dad.Take Care of Your Business.


Can a co-signer wages be garnished if they live in Texas?

There is a common misconception that cosigners are not responsible for payment. However, the purpose of a cosigner is to guarantee payment of the loan. The cosigner, comaker, cobuyer, coguarantor or a loan is equally responsible for payment of the debt. So, yes.

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