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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?
Wiki User
∙ 20y ago
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.
Wiki User
∙ 20y ago
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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, the cosigner is typically liable for the vehicle if the primary borrower defaults and the vehicle is repossessed. The cosigner is equally responsible for the loan and may be pursued for any outstanding debts, fees, or deficiencies resulting from the repossession. It's important for cosigners to understand their obligations before agreeing to cosign a loan.
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 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.
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.
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.
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
