Yes, the cosigner is typically liable for the vehicle if the primary borrower defaults and the vehicle is repossessed. The cosigner is equally responsible for the loan and may be pursued for any outstanding debts, fees, or deficiencies resulting from the repossession. It's important for cosigners to understand their obligations before agreeing to cosign a loan.
No, a co signor would not be liable. A co-buyer would be liable.
No. A cosigner's only obligation is the debt incurred by signing the lending agreement.
You will also be liable for any deficiency balance
Yes. If you default on your car loan you will remain liable for the debt.
yes. its stealling.
Yes. It's possible that the financial transaction that the cosigner was involved with (liable for) might also be affected.
In the U.S. no, unless the reference is also a cosigner.
Yes. If the signer defaults on the loan, then you, as the cosigner, would be liable.
Then they're liable for the damages. You need to file a police report immediately.
Absolutely ! That's the whole point of someone co-signing the agreement. If the original person defaults on payments, the co-signer becomes liable !
Unfortunately, no. For all co-signed debts, both signers are liable for repayment of the debt. When one party has their obligation discharged by bankruptcy, the remaining debtor becomes 100% liable for repayment of the balance.