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The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.
The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.
The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.
The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.
Wiki User
∙ 11y ago
Wiki User
∙ 11y agoThe borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.
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Is a co-buyer responsible for paying off a loan if the buyer has no job and the vehicle was repossessed?
Yes, he or she would be equally responsible for the repayment of the loan balance.
Can a car be repossessed if the owner dies before the first payment is due?
The car can be repossessed. The estate is responsible to return the vehicle and resolve the lease or loan.
Where do you stand if repossessed truck is sold for less then the loan?
You are responsible for the remaining balance of what the vehicle sells for and what you owed when it was repo'd.
In the state of Ohio can a husband be held financially responsible for the wife's repossessed vehicle if his name is not on the loan?
No, Ohio is not a community property state, therefore debts solely incurred by one spouse are not the responsibility of the other.
If your car is repossessed do you still have to pay for it?
The vehicle will be sold at auction, the proceeds will be applied to the loan and to the repo fees, then you will still be responsible for any remaining amount owed to the loan.
Can your car be sold if it was repossessed?
Yes. Usually the loan holder will be held responsible for any deficit and perhaps fees that are incurred when the car is sold.
Can a car be repossessed in California without a lien being placed on the title?
IF the loan is perfected, it can be repossessed. If you have signed a loan contract with the vehicle specified as collateral for that loan, it can be reepossessed if the loan is in default.
Can your driver's license be suspended for not paying the balance of a loan after the vehicle was repossessed?
No. Absolutely not. Your driver's license cannot be suspended for not paying a loan or the balance of a loan, repossessed or not even if you get threats from the loan company.
Is it legal for the buyer to be charged the full price of their repossessed vehicle?
When a vehicle is repossessed it is sold at a public auction for the fair market value (or as close to such as is possible). The borrower/debtor is responsible for any deficit in the amount between what the vehicle is sold for and the remaining balance of the loan contract plus additional fees such as cost of the repossession action. So, in that context, the person is responsible for the "full price" of the vehicle.
Can your vehicle be repossessed after the loan and security agreement has expired but you still owe a considerable sum?
Loan and security will always be active against the vehicle. It never goes away until paid or repossessed. Yes, the collateral may be repossessed at any time.
What happens if a repossessed vehicle is from a deceased person?
Cannot imagine that the process would be different than if the person was alive. The estate would be responsible for remaining loan amounts.
If a car is repossessed will the co-signer be left with bad credit?
Yes he/she is just as responsible for the loan as the signor of the loan.
