Yes. That is the point of the lender asking for a cosigner. The cosigner will have a repossession showing on their credit as well as the primary lender.
Different state laws probably vary; but I think in general if you gave them permission to use the Jet Ski, yes, you would be liable.
In most States and Provinces, once a person is 18 they are legally responsible for civil damages arising from their actions, and the parents are no longer liable.
Repossession is what is commonly thought of as a "REPO". A self-help repo is permitted by most states. "Writ of Replevin" is the other legal option that a few states require to do the same thing. The state makes money by requiring the Replevin. BOTH have the same effect on your credit. A repo is where a lender contacts someone to pick up the vehicle. You, at that time, do NOT have to surrender the vehicle. A "Writ of Replevin" is where the lender gets a court order signed by a judge for you to surrender the vehicle. It will be served by a Sheriff's officer, with the repo man in tow, and you will then have to let them take the car. Otherwise, you are in contempt and it is not worth it to defy a court order. That is the only time you have to surrender the vehicle.
In Kentucky the fine for auto insurance is $450. This fine goes to BOTH the owner of the vehicle AND the person operating it (if they're NOT the owner). so the bottom line is the state could get a total fine of gets $900 if the operator isn't the owner too.
He gets in a lot of trouble.
you are still liable for that loan. the lender may decide to not accept the bankruptcy charge and go after you for the money.
When you cosign for anyone you are taking 100% responsibility for the payments on that car. If the person that gets the car doesn't keep their payments up it will be repossessed by the bank with an option for the cosigner to take over payments or sell the car and pay back the loan. Marcy
Yes. When a vehicle is repossessed, the lienholder has to try reclaiming what they can of the loan that was made for the vehicle. A repossessed vehicle typically gets sold at wholesale auctions, and the amount paid for it is typically substantially lower amount than what's owed on the lien. You as the lessee are still liable for the remaining balance owed on the vehicle, plus the fees for repossession, storage of the vehicle, auction fees, etc.
Yes. When a vehicle is repossessed, it gets sold again. The amount received from the sale is deducted from the balance owed (which will now be augmented by repossession fees, storage fees, service fees, etc), and you will still be liable for that amount of money.
Slow pay, repo, and it gets worse from there.
you don't. you get the vehicle and the payments.
If it is your fault, it is the owner of the vehicle's fault, but it's really your parents' responsibility to decide if your to take responsibility for it. However, if it is not your fault it is the at fault party who is liable.
Depends on the company. Average 2-6 months.
The fault lies with the vehicle that cause the accident. When someone borrows a car, the car owner can be liable because the allowed someone to drive the vehicle. Often this type of accident has to be sorted out in court.
As a cosigner, You are jointly and separately liable for any and all amounts that might arise out of the finance note you guaranteed.
Yes.. anywhere. When a vehicle gets repossessed (voluntarily or involuntarily) and it isn't reclaimed, the vehicle gets auctioned... the person who took the loan on the vehicle is still responsible for the difference between what was received for the vehicle at auction and what is owed on the balance of the vehicle (plus repossession, storage, and auction fees).