Both the buyer and co-buyer are equally and completely responsible. All parties on a contract are 100% responsible to pay the note in full per the terms of the contract. Neither person is "more" responsible than the other. My suggestion is to help the bank find the auto and they may cut you some slack on the any remaining balance after the sale out of good faith but they have no obligation to do so.
IF your name is on the TITLE as buyer or cobuyer, you have the right to POSSESSION. Do you know where the car is? Do you have a key?
Buy cobuyer I wonder if you mean cosigner on a loan. If this is the case then the answer is no. As a cosigner you are simply agreeing to pay the loan if the person who took it out does not. It is in his or her name and you are responsible for it if they do not pay it.
If the buyer does not pay the loan, then the lender comes after the co-signer. Late payments affect both credit reports. Most recommendations are not to co-sign a loan.
Well, it depends how the title was written. if it says buyer "or" cobuyer you dont need the other persons signature for anything .... if its written with "and" between your two names, u will have to have both people present to complete any removals or transfers. That or you can have the cobuyer sell u the car. They will still need to be present though.
You don't. If the cobuyer has possession of the vehicle and is no longer making payments, you as the buyer may take possession and either take up and make current the payments, or voluntarily surrender the vehicle. Failure to do so will result in repossession, and will adversely affect your credit.
Daughter and husband are getting divorce and she is the co-buyer can she take it out of state
Cobuyer, cosigner, they are the same thing. Wherever you sign as co-signer you should be aware that if the primary borrower defaults on payments you will be held equally responsible for paying the loan.
The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.
either OR both
No, but there is no need for recourse. Under the law, the difference between the buyer and cobuyer, the signer and cosigner, the maker and comaker, the debtor and codebtor is negligible. They are simply different terms use to identify two separate parties who are eaually repsonsible for a debt.
Yes, he or she would be equally responsible for the repayment of the loan balance.
You should probably contact a debt buyer, they are known for aggressively purchasing default court rulings.
A family relationship does not change contract law. If your contract allows for repossession when the buyer is in default, and your buyer is in default, then yes. If you do not have a contract then I would suggest you contact a local attorney who can guide you according to local law for non-contract debts.
A senior buyer is responsible for all of the materials that are sold by their client. For instance, a buyer for a clothing store would purchase the clothes and accessories sold by the store.
You insure a vehicle. The buyer. The only thing the cosigner is responsible for is paying the bank back the money it loaned if the buyer doesn't. The principal driver of the vehicle who should also be the buyer.
What do you mean smog a car? If car is sold "as is", buyer is responsible for all mandatory smog control equipment. If you mean pass a smog inspection, there are none in Iowa.
There is NO good reason they should be held responsible.
The agreement for a credit default swap is a document that states the buyer will reimburse the holder in the event of a loan default or other credit event. This is essentially insurance against someone not paying you what you are owed.
The buyer and co-buyer are responsible for the loan. that's YOUR money sitting there wrecked and the late charges, interest building up.
If you are the buyer you could lose your deposit money. If you are the seller, the buyer could sue you for suit of specific performance. Either way, defaulting is something you want to avoid!