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Answered 2005-01-04 11:38:16

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.

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Can an original buyer repossess a car after a verbal agreement which is in the first month of default for nonpayment?

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Does a co buyer have rights to the auto loan payments?

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Who is responsible for making monthly payments when there is a primary buyer and a co buyer?

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If the lender had me sign as the buyer and my nephew as the co-buyer when it was supposed to be the other way around is there any recourse?

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Can you have your auto repossessed from your son?

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What kind of agreement is a credit default swap?

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How serious is it to default on a real estate contract?

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