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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?

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?

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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.

Who is responsible for the auto loan buyer or cobuyer?

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.

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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.

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Upon signing a contract where it says Primary Buyer and Co-Buyer where is a Co-Signer supposed to sign?

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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?

either OR both

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?

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.

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Yes, he or she would be equally responsible for the repayment of the loan balance.

How do you go about selling your default money judgment?

You should probably contact a debt buyer, they are known for aggressively purchasing default court rulings.

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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.

Is the buyer or seller responsible to smog a car if the car is sold from California but buyer is from Iowa and will be registering it in Iowa?

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.

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What kind of agreement is a credit default swap?

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.

If you are the co-signer and the car hasn't been paid for a year and it has been wrecked who is responsible for the costs?

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

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!