answersLogoWhite

0


Best Answer

When you cosign for an automobile purchase you are typically liable for an automobile repossession in Michigan. The reason why is because you are responsible for car payments as a cosigner if the primary debtor cannot pay.

User Avatar

Wiki User

10y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: Is a cosigner liable for an automotive repossession in Michigan?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

Is the cosigner of a vehicle liable if the it gets repossessed?

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.


Is a cosigner liable for a death if the car has no insurance?

No, a co signor would not be liable. A co-buyer would be liable.


Is a cosigner on a car liable if the primary borrower is at fault in an accident?

No. A cosigner's only obligation is the debt incurred by signing the lending agreement.


What happens when a car is repossessed and you are the cosigner?

You will also be liable for any deficiency balance


If your car is repossessed and the person who cosigned for you files bankruptcy are you still liable for the repossession?

Yes. If you default on your car loan you will remain liable for the debt.


Can one be held criminally liable for concealing a vehicle repossession in Wisconsin?

yes. its stealling.


If the cosigner of your credit card files for bankruptcy will this effect your credit rating as well?

Yes. It's possible that the financial transaction that the cosigner was involved with (liable for) might also be affected.


Can a reference be hold liable for a loan that is not paid back in full?

In the U.S. no, unless the reference is also a cosigner.


If you cosign for a car loan can you be sued successfully?

Yes. If the signer defaults on the loan, then you, as the cosigner, would be liable.


What if repossession agent damages RV or personal property during repossession under Texas law?

Then they're liable for the damages. You need to file a police report immediately.


Would a cosigner be liable for debt?

Absolutely ! That's the whole point of someone co-signing the agreement. If the original person defaults on payments, the co-signer becomes liable !


If the cosigner files bankruptcy and claims the debt of the cosigned loan is the cosigner relieved of the cosigned debt?

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.