Repossession

In the State of Texas, the answer would be "YES" as both parties signed for the car loan and both are responsible for the balance due. I was the primary signor but the cosigner had the car and was making the payments. Then she stopped making payments after owning the car for 3 years and the car was repossessed.

that is protecting or hiding your assets

Yes.

Secured debts are not dischargeable in bankruptcy. As a co-borrower or co-signer you are equally responsible for the debt even though you do not reside in a CP state.

Well, in California, if the damage is more than $500 it needs a police report attached. There is nothing they can do. Go to where the car is and take pics of it. Fight it all the way.

You can, but it most definitely would not be advisable. The vehicle would have to be listed in the bankruptcy schedule as a secured debt which means it is NOT dischargeable in a BK.

Yes, if the trustee approves the transaction, (and of course, can find a lender).

Necessary financial matters are generally approved by the court, for example if the petitioner needs the vehicle for transportation to their place of employment.

have the department of motor vehicles do a lien search. if it comes up negative its clear. the search will also tell who the last registered owner was and you can find out from them if it has bin abandoned. if its on your property you may lay claim to it under the landlord and tenents act.

Sue the individual in the appropriate court and if you prevail you will receive a judgment writ. You then file the writ with the court clerk as a wage garnishment and have the garnishment order served on the employer of the debtor.

I don't know about anyone going to jail for failing to pay on credit. Basically what happens is unpaid debt usually gets sent to collections but the credit card companies can file suits against you to garnish your wages so they can collect. Basically as far as that's concerned your credit will pretty much be screwed for a long, long, time. IF this is the case for you I would advise consulting credit counseling firms and see what they can do for you.

You start by....Call and ask your agent

http://www.edmunds.com/insideline/do/Features/articleId=66170 Edmunds.com says it CAN NOT be an RS: "So that brake light blister was gone entirely from the 1988 Camaro, but so was the Z28. Since Chevy had firmly established the IROC name, all high-performance '88 Camaros became IROCs. Base '88 Camaros, meanwhile, inherited the elegant 15-inch five-spoke wheels from the Z28, as well as the Z28's lower body skirting. Also, the Z28's 5.0-liter V8 was now optional on the sport coupe; it gained a throttle body fuel-injection system to make 170 horsepower. The rarest and most intriguing '88 Camaro was the 1LE road racing package optional on the IROCs with both the 5.0- and 5.7-liter TPI engines. Featuring oversize disc brakes, an aluminum driveshaft and a well-tweaked suspension, the 1LE was built to win showroom stock road races." The Camaro base model would not have come from the factory with lower body skirting. It would not have come from the factory with driving lights and wiring for driving lights. It would not come with "Z28" badges. All these items could be added, but it would be more expensive than buying a Z28. So if you have them all, and most importantly, the driving lights wiring looks stock...odds are it's a Z28.

It depends on your state's laws. Here is a great site - www.fair-debt-collection.com. They list all the laws in each state. I can tell you that in Florida, since it has happened to me, they can come after the co-signer. Typically though it has to be because the original signer has protected themselves from debt collection, either by certain legal claims (ex.. Head of Household) or they have filed Bankruptcy and you are the only one left for the creditor to attack. My original signers filed Bankruptcy and then I was the one they came after. I was lucky because they did garnish my wages a few times, but I filed for Head of Household and they could no longer take my wages. And since I did file the courts were holding the money that my company was taking from my check and I received a check from my company for the whole amount once the HOH was officially declared. Which helped because I then was able to negotiate a settlement for about 12% of the original debt since they knew there was no other way to get it out of me. To file for Head of Household is different then Head of Household for your federal taxes. On your taxes I think your spouse can only make a small amount of money, whereas for my situation I just had to make more than my spouse, regardless of how much she makes. Meaning should could make $50,000 a year but I would be HOH if I made more. Sorry for rambling on. Hope this helps.

It depends onwhat's in the contract. * The co-signer would need to be on the vehicle title as a co-owner or a lien holder before they would be able to take possession of the vehicle.

This is what's known as a "self-repo". Basically once you stop making payments on a car for a period of time, the financer will soon move to repossess your car. This is as simple as coming and towing your car from your house very early in the morning. The other way around is to call your financer and tell them to come and repo the car because you can't afford it anymore. However, it does not matter if you give it up willingly or not. If you attempt to hide the car, you give it to a friend for safekeeping, you move, you total it, etc, then there are other methods in which the financer can come after you. With that said, a "willful repo"/"self repo" will go on your credit report and would say exactly the same thing as if it was an "unwillful repo". However your credit report will not say how the financer got the car.

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.

If any money is owed and the primary on the account can't pay, the you as the co-signer are responsible for the debt. It doesn't matter whether you're resonsible for it or not; as a co-signer, you agreed to take care of it.

The lender will have the right to pursue a civil judgment in court for the outstanding debt. If not paid, wages can be garnished or a warrant for arrest can be issued.

Yes. Once the lending agreement is in default the lender may take whatever action they choose in recovering the monies owed. It is a misconception that by making a partial or token payment the creditor will not be able to assert their legal rights. The lender can accept the payment, still repossess the vehicle or pursue litigation.

You have to pay for it later. If you proceed to not pay them, the loans will build up. The same thing that will happen if you go 60 days with no payment on any of the loan payments, eventually they will repo you car. If you can't make the full payment, SEND SOMETHING. You can thing petition the court at a later day to prevent repossession (called an injunction) by proving you have done everything in your ability to pay for it. The company will also cut you a little more slack. Make sure you pay you loans, it will destroy your credit if you don't.

I can't answer why he took the action he did. I will say that he did not "steal it". If the lending agreement was in default the vehicle is subject to being repossessed and it is the legal right of the lien holder to do so. A lending agreement is considered defaulted if even one of the terms is not adhered to; meaning even when a payment is late the lender/lien holder can take whatever action necessary to secure their interest in the collateral/property.

The state that you reside in would decide that, but the only sure way you as a spouse would have any true right to the car is if your name was on the title/loan and if you continued to make the payments on time.

from akacastro: No, if you no longer want your car. The towing company is either a subcontractor of the Auction dealers who were contracted to eventually sell your car, or the lending institution. If you plan on reinstating your vehicle, the lending institution or AUCTION dealer or towing company is fully insured while the vehicle is in their care or possession.

Judgment creditors prefer to use wage garnishment or bank account levy to execute the judgment writ. If neither of those remedies apply the creditor can seize and liqudate non exempt property belonging to the debtor, or place a lien against real property (jointly owned property can usually be attached by a creditor lien).

I am assuming that the car payments are not being made and your credit is being hurt. Short of playing repo man/woman yourself--you need consult an attorney before you do anything.