0
When a cosigner on a vehicle loan dies does the vehicle become a part of the deceased's estate or can it be repossessed by the lender if all the payments are current.?
Wiki User
∙ 17y ago
Get a death certificate and get him off of the loan. He is the secondary on the loan, not the primary so you are o.k. if you keep the payments current. Y-THINK-Y * The vehicle would not be subject to probate procedure. However, it would be the lender's decision as to what should be done concerning the loan. The lender could repossess the vehicle if another cosigner is needed and there is no one willing to take the responsibility. The other option for the lender would be to require the primary borrower to refinance the car in their name only. Many lending contracts will include clauses that relate to such situations, (death, divorce, etc.) that allow the lender to take almost any type of action to insure the security of the property.
Wiki User
∙ 17y ago
Add your answer:
Earn +20 pts
Can a cosigner have a car repossessed if the loan is current?
NO...NO...AND...NO.Dont let this person scare you there blowing hot air keep your payments current and dont worry about it and if this person touches your car in the wrong way call the law.
Can a cosigner get off the loan if it has been financed for over 2 years?
A cosigner can only be relieved of the financial obligation through refinancing of the loan without the current cosigner's participation.
You had an auto loan with Chrysler Financial and they sold your car to another company because you were behind on payments Now your car has been repossessed Can you get your car back?
YES YOU CAN BUT THERE IS A SHORT TIME FRAME TO RECOVER IT AND YOU MUST BRING THE ACCT CURRENT FIRST.
Can your utility trailer be repossessed with your equipment inside if you are current on your payments but you owe them a personal loan?
The only way that they can legally repo your trailor is if you default on that loan or if you listed the trailor as calateral for the personal loan! if you didnt put the trailor as calateral then no they cant touch it!
If you file for bankruptcy and you cosigned for someone can the car loan be included in the bankruptcy if the person is not making their payments?
YES, you can include it whether the payments are current or not.
Can a cosigner have a car repossessed if the loan is current?
NO...NO...AND...NO.Dont let this person scare you there blowing hot air keep your payments current and dont worry about it and if this person touches your car in the wrong way call the law.
Can my house be repossessed if my husband is madebankrupt but is not on the deeds?
Your husband's name is not on the deed, but is he on the loan? If yes, then it cannot be foreclosed and repossessed if the property is listed on his bankruptcy filing, and, as long as his bankruptcy payments are current. If he defaults on bankruptcy payments, then you can lose the property. If he is not on the loan, then your house can be foreclosed and repossessed.
You are the primary owner on a vehicle you owe 700 on the loan and the cosigner decided to take the vehicle even though they havent made any payments can they do that?
Two things to consider here: First, the cosigner is an equal owner of the vehicle regardless of whether or not any payment has been made by him. This is a matter of contract law. Second, and typically in cases where payments are not current, the cosigner/co-owner can take possession of the vehicle to protect his credit if his intention is to surrender the unit or to make payments current.
Does a cosigner have any rights to the vehicle if the payments are current and the title does not list the cosigner's name?
NO, the ONLY rights a co-signor has is to pay off the loan if the debtor defaults. Unless, they are listed on the title. Two different ballgames.
Can a cosigner take possession of a car if the primary signer is not paying the payments?
Yes. I believe the loaner will contact you with a past due amount, or send you a bill. If this hasn't happened yet, contact the loaner and tell them you want possesion if the car is not being paid for by the buyer. * No. A cosigner has no legal right to a vehicle unless his or her name appears on the title. The cosigner will have to make the payments to keep the vehicle from being reposssesed or have the vehicle refinanced in his or her name with the primary borrower being released from the current agreement, this can only be done if the lender agrees.
What will happen if your car is repossessed in NC?
Either you'll get your payments current plus repossession fees, or your vehicle will be auctioned off, and you'll still be liable for the remaining balance after the auction.
Can you refinance your car without a cosigner if your current loan has a cosigner?
if you take it to your personal bank and ask them how much you need to have paid already they can indeed refinace you and remove the cosigner
Will your car be repossessed if the registration is not current?
yes it will.
Can a cosigner get off the loan if it has been financed for over 2 years?
A cosigner can only be relieved of the financial obligation through refinancing of the loan without the current cosigner's participation.
Could vehicle get repo if co buyer is in bankruptcy?
The short answer is no. As long as you are making the payments the car will not be repossessed. When the co-buyer goes before the bankruptcy judge they can have the car included or excluded from the bankruptcy. If it's included then the car will be "voluntary" repossessed. If it's excluded then everything is "business as usual" for you. The key is to keep your payment current and on time.
What if your car was repossessed but you caught up payments in 7 days and how will this affect next car purchase?
It will hurt your credit but also will show you made catch up payments and are current. So if you were to buy another car in the future and they ask about it they will still lend you money for the car but you may have to put more money for a down payment.
You had an auto loan with Chrysler Financial and they sold your car to another company because you were behind on payments Now your car has been repossessed Can you get your car back?
YES YOU CAN BUT THERE IS A SHORT TIME FRAME TO RECOVER IT AND YOU MUST BRING THE ACCT CURRENT FIRST.
