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Can a lienholder legally repossess your car if you fail to make payments?
Yes, a lienholder can legally repossess your car if you fail to make payments as agreed upon in the loan agreement.
If a car is in your name as the primary but your cosigner has been making payment for the last year and many of those payments have been paid late can you legally take that car from the cosigner?
Since the cosigners isn't paying, unless you start paying instead, and catch up on all late payments, the dealer or the bank will repossess the vehicle shortly anyway, so your question is moot.
What responsibilities does the cosigner have when agreeing to be a cosigner on a loan?
When agreeing to be a cosigner on a loan, the cosigner takes on the responsibility of repaying the loan if the primary borrower fails to do so. This means the cosigner is legally obligated to make payments on the loan if the borrower cannot.
Why is my cosigner listed on my title?
Your cosigner is listed on your title because they are legally responsible for the loan if you are unable to make payments. This provides the lender with added security and ensures that the loan will be repaid.
What legal rights does a cosigner have in a loan agreement?
A cosigner in a loan agreement has the responsibility to repay the loan if the primary borrower fails to do so. The cosigner is legally obligated to make payments and has the right to receive notifications about the loan status.
Why is my cosigner listed on my car title?
Your cosigner is listed on your car title because they are legally responsible for the loan if you are unable to make payments. This provides the lender with added security and ensures that the loan will be repaid.
Can a company repossess your vehicle if your payments are up to date?
Not legally, but if you bought the car from Barney's backyard sales & mower repair, maybe.
What are the consequences of signing a car loan when the primary borrower defaults on the payments?
When the primary borrower defaults the cosigner becomes legally responsible for the loan. If the cosigner is not able to pay the loan he or she can also be subject to legal action by the lender and the cosigner's credit score will be seriously affected.
Can they legally repossess your car if all your monthly payments are up to date but you have made a few payments a day or a week late?
Read your CONTRACT. You have to be in DEFAULT of the contract for the lender to repo. If you are current on payments, what else can you be in default of?? INSURANCE coverage?
Is the cosigner the only one responsible on the loan?
The primary borrower is responsible for making the payments and adhering to the terms of the lending contract. The cosigner is legally obligated only if the primary borrower defaults on the lending agreement or files bankruptcy (chapter 7).
If you cosigned for a car and it got repossessed voluntarily what will it do to your credit and will you owe?
Whether a repossession is done "voluntarily" by the primary or through the action of the lender, the primary borrower and the cosigner are still legally responsible for all the terms of the lending agreement. The affect the repossession has on the cosigner's credit history will depend upon the actions of the lender to recover the debt owed.
How many missed payments does it take for a car to legally be repossessed in Florida?
It depends on your juristiction. Most juristictions around the United States of America can legally repossess your vehicle if you're late on your payment by just 1 month.
