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Its NOT a matter of first or second, its who has the most assets that can pay. If the buyer doesnt pay, they will be on the cosignors steps the next morning. Vol or Invol, they want their money.

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โˆ™ 2004-03-28 20:30:59
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Q: When a car is repossessed voluntarily will the lender still try to go after the cosigner first to collect the rest of what is owed on the car?
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Related Questions

Can a cosigner have a boat voluntarily repossessed?

NOT unless the payments are delinquent and the cosingnor has POSSESSION of the boat. Call the Lender and work it out.


Is the cosigner of a vehicle liable if the it gets repossessed?

Yes. That is the point of the lender asking for a cosigner. The cosigner will have a repossession showing on their credit as well as the primary lender.


If you cosigned for a car and it got repossessed voluntarily what will it do to your credit and will you owe?

Whether a repossession is done "voluntarily" by the primary or through the action of the lender, the primary borrower and the cosigner are still legally responsible for all the terms of the lending agreement. The affect the repossession has on the cosigner's credit history will depend upon the actions of the lender to recover the debt owed.


Can the lender collect the rest of the money you owe on a car that they repossessed?

In most cases, YES


Is the lender obligated to notify a cosigner if a payment is past due in the State of Wisconsin?

No, the cosigner may be the first one the lender attempts to collect from if the primary borrower defaults. That will probably be the only "warning" one receives.


If you are a cosigner on a vehicle and the other person gets the vehicle repossessed then files for bancruptcy what happens to the cosigner?

you are still liable for that loan. the lender may decide to not accept the bankruptcy charge and go after you for the money.


Can a cosigner ask a lender to garnish the wages of the primary borrower?

A lender can't garnish wages; that has to be done by court order. That can be accomplished, but usually only after the lender has made the cosigner responsible for the debt and failed to collect. After all, that's the responsibility of being the cosigner -- to provide payment should the primary borrower fail to pay.


Is it true that if your car is repossessed you file bankruptcy and tell the lawyer there is a cosigner the lender cannot collect from either person?

NO, not unless he co-signor files B/K also. But do be sure to tell your B/K attorney that there is a co-signor.


Would you be able to go through a debt consolidator to pay off what you owe on a voluntarily repossessed car?

IF the Lender agrees to it, yes. IF it gets the lender money, they will likely agree.


Must the lender notify the cosigner of intent to collect on a default?

The cosigner was probably "notified" that any funds held by the lender would be attached at the time the loan was signed. In order to garnish wages or place a lien on other property, the lender would have to go to court and obtain a judgment, in which case the cosigner would have received a summons from the court.


How do you voluntarily let your car be repossessed?

You need to give the car to the lender - if they are too far away then you need to call them and tell them where it is and ask them how they want to get it.


Can you be sued in case of an accident as cosigner?

No. The only obligation the cosigner has is to the lender.


If you voluntarily let your car be repossessed by the lender do you still have to pay on the loan?

Yes! It will still be listed on your credit report as a voluntary return and you will still be responsible for the cost


How can you locate your repossessed car?

Your car was probably repossessed by the lender who owns the car until you pay for it. Call your lender and they will be able to tell you how to locate your repossessed car.


Can a lender call the home number of a cosigner in order to verify the information of the cosigner?

YES!


How do cars get voluntarily repossessed if they are not still in the same state they were purchased in?

The person who has the car calls the lender and tells them where to pick it up. the lender might say"just drop it off at XYZ dealership"....or they might send someone to your home to get it.


Can the difference in money owed and value be claimed from you after having a car voluntarily repossessed?

In MOST cases, YES. PS. Its not the "value claimed", its the diiference between what you owe and what the lender sells it for.


When you are applying for a personal loan does the cosigner have to physically be there or could they fax?

That is up to the lender.That is up to the lender.That is up to the lender.That is up to the lender.


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.


When you cosign can you send the car back and pay the depreciation value so it won't reflect badly on your credit?

No. When a vehicle is repossessed either voluntarily or by the lender, it must be sold at public auction for the fair market value or as close to that amount as possible. Any deficiency between the sale price and the loan balance will be the responsibility of the primary borrower and/or cosigner.


If your car was repossessed and the lender sold it without notifying you what are your rights when they try to collect for the difference?

requirements vary by state. call a local attorney for guidance.


What happens to a co-buyer if the car is repossessed?

Same thing that happens to the buyer. Lender persues their legal options to collect the balance due.


Can a repossessed car be voluntarily returned to a dealer in a state other than where it was purchased?

YES you can. Just notify the lender where you dropped it off. No need to let it sit at a dealership for 2-3 months doing nothing waiting for the lender to locate it. That will save you a lot of phone calls from the lender also.


Can the primary borrower be sued by the cosigner if a loan is in default and the lender sues the cosigner?

Yes. But for now the lender has you and will get their money from you as they would the primary borrower. Cosigning is a really, really bad idea. At least for the cosigner. Everyone else seems to benefit.


What happens if a car was to be repossessed and it didn't happen?

You are lucky. If you cannot make the payments contact the lender and try and work something out. If not voluntarily turn the car in yourself. You will save yourself the repossession fees.