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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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βˆ™ 2006-09-13 15:04:05
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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.


What is the difference in a cosigner and a guarantor?

A cosigner signs the debt agreement and the lender can demand payment from both the debtor and the cosigner. A guarantor does not sign and the lender needs to go through the debtor before demanding payment from a guarantor.


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.


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.


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.


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

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

YES.


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


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The car will probably be repossessed.


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

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

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Can they repossessed the car if you just owe the last payment?

The lienholder has an option to repossess when you become deficient on your payments for as long as you owe money on that vehicle. If you skip your last payment, that car can be repossessed.


Can your car be repossessed due to no registration?

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How can you have your car repossessed i lost my job and can't afford it.?

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Does a cosigner have any legal rights to sell your house if there has never been a missed payment or late payment?

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Can a vehicle be repossessed if the payment is 21 days late in New York State?

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Can your car still be repossessed if the payment is 30 days late?

Absolutely.


If your car is going to be repossessed but you make a payment to get caught up can they still repossess the car?

Until the LENDER cancels the repo order with the repo company, you are fair game.


Does the lender have to notify you as a cosigner if the primary borrower fails to make a payment?

No, but if the borrower misses enough payments, the cosigner will start getting collection calls as well.


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Yes it can be done,read your loan agreement.


What is a cosigner?

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In Kentucky how many car payments behind do you have to be before your car is repossessed?

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