Best Answer

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.

User Avatar

Wiki User

βˆ™ 2009-02-07 01:39:01
This answer is:
User Avatar
Study guides

selection process for all federal judges

appellate jurisdiction vs original jurisdiction in federal courts

how did the 14th amendment affect civil liberties in the united states

what term describes the view that only fundamental bill of rights protections should apply to the statesΒ 

See all cards
45 Reviews

Add your answer:

Earn +20 pts
Q: Is the cosigner of a vehicle liable if the it gets repossessed?
Write your answer...
Still have questions?
magnify glass
Continue Learning about Law

Am i liable if someone gets hurt on my jet ski and i wasn't driving?

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.

Are parents liable if their 18 year old son takes their car without them knowing and gets in an accident?

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.

The opening phrase of the Constitution We the people means that the Constitution gets its authority from?


What is the dram shop law and where does it exist?

Dram shop liability refers to holding a bar or other establishment liable when they knowingly serve a person to the point of intoxication and that person drives and causes an accident or injury to a third party. Essentially, Jim goes to Moe's tavern, gets drunk, gets in his car, and starts driving home. Moe knows that Jim is drunk, but lets him drive anyway. Drunk-driving Jim crashes into a school bus, and hurts 22 kids. Jim is poor and can't afford to pay for the kids' injuries. Dram shop allows the kids (or their parents) to sue the bar for anything that Jim can't cover. All states have some form of dram shop liability, although the requirements vary from state to state. Some require that the person was obviously drunk, that the person was not offered a cab or other means of transportation, etc.

How many members of the senate does Georgia have?

Each state gets 2 Senators in the US Congress.

Related questions

If you are a cosigner on a vehicle and the other person gets the vehicle repossessed then files for bancruptcy what happens to the cosigner?

you are still liable for that loan. the lender may decide to not accept the bankruptcy charge and go after you for the money.

How can the cosigner of a car immediately have possession of it after it was repossessed by the bank?

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

Can a lender continue reporting late payment when th vehicle is already possessed and sold?

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.

What are you liable for when your car gets repossessed?

Once the vehicle is auctioned off and sold there is usually a remaining balance left to pay. You will start receiving collection notices about the remaining balance. This is when you will want to prepare yourself to negotiate a settlement.

What bad things go on your credit history if a vehicle is repossessed?

Slow pay, repo, and it gets worse from there.

Is the owner of a vehicle liable when it is loaned to someone who gets drug busted during a search at school?


Can a car dealer in Iowa still make you pay part of loan after a car has been repossessed?

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.

In Florida if your divorce decree states that each party gets a vehicle but one party allows a vehicle to be repossessed how does the other party get their name taken off the loan?

you don't. you get the vehicle and the payments.

What is the average time limit of non-payment of a vehicle before it gets repossessed?

Depends on the company. Average 2-6 months.

Who is liable if a minor gets into an accident?

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.

What can you do if your home gets repossessed?

Get a job

Who is liable if someone borrows your car and gets in an accident?

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.

People also asked