Yes, he or she would be equally responsible for the repayment of the loan balance.
by paying the bill or rebuy it at an aucton
The other co-owner or cosigner will be responsible for the debt.
By not paying the payments needed or by government seizure. Zaragotha (Zara)
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.
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.
Yes a vehicle can be repossessed if the loan is not being paid on.
"How do you find out if you are responsible ..... but you co signed on it."" You co-signed, you are responsible. What do you think "co-signing" is for? Call a local attorney.
only if it was your fault
yes.
No. A cosigner is just responsible for paying it off if the negligent driver wrecks it and and can't work to make the payments.
No, once a vehicle is repossessed it is no longer your vehicle. The only way to get it back is to make some sort of arrangement with the financier for you to keep the vehicle. This is usually paying off the missed payments, or even paying off the full balance. What you have to do to get it back is dictated by the financier.
When a car has been repossessed the person paying the insurance should cancel it.