Repossession

If the vehicle is included in the filing, the lender cannot take any action until the BK is discharged. A vehicle is considered a secured loan, and therefore the lender can repossess it after the BK has been discharged. Sometimes the lender will agree to reaffirmation of the debt. The vehicle exemption will also be considered in the BK Trustee's decision.

Another good tactic people can do in Chapter 7 is redeem the vehicle if the amount they owe on the vehicle is greater than the value of the vehicle. Under 11 U.S.C. 722, a debtor can file a motion to redeem collateral for the fair market value. Once the court grants the motion, the debtor can go get a loan elsewhere for the fair market value and pay it to the original creditor, and the original creditor is forced to accept the lower amount and release the title. This cures the fact that the debtor is behind on payments to the original creditor and potentially saves the debtor a lot of money. There are companies who exclusively loan money to persons for redemptions in Chapter 7 cases. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.

If you sign a reaff on the loan, then it keeps going under the old loan except for any new provisions of the reaff... so yes, all payments should be recorded.

Note though: Some Buy here/Pay here places work like other debts (Mainly medical bills) and do not report the "good" (timely payments), only the "bad" (missed or late payments).

Open Bankruptcy means that your petition has been filed, but you have not yet received your discharge papers. The discharge papers officially relieve you of your debt.

PROBABLY if one is in a Chapter 13 and that debtor converts to Chapter 7, that debtor can re-file another Chapter 13 immediately after the Chapter 7 discharge.

I say "probably" rather than "yes" for a few reasons: (1) There is no Bankruptcy Code section that prevents immediate filing of a Chapter 13 after a Chapter 7, but a creditor could object to the new Chapter 13 and argue that the debtor is abusing the Bankruptcy Code, an argument the Court may or may not be swayed by based on the circumstances of the case; (2) If a debtor voluntarily dismisses a Chapter 13 once a Motion for Relief from Stay has been filed in the Chapter 13 case, that debtor is automatically barred from re-filing another Chapter 13 for 180 days (see 11 U.S.C. 109(g)(2)). So, a creditor may argue that conversion to Chapter 7 is akin to voluntary dismissal and so the debtor should be barred from filing another Chapter 13 for 180 days if a Motion for Relief was filed in the prior Chapter 13 case (and I have no idea if such an argument would work for the creditor); and (3) Different districts may have different case law affecting the answer to this question, so it's probably best to consult a lawyer in your area.

Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.

Not necessarily. It is possible to co-own a car, be on title, and not have borrowed money for the vehicle. Credit history is established when you borrow money. It is a record of how you have paid the money back. If you purchased a car with someone else by paying one lump sum, and never borrowed; then co-owning would not have established any credit history for you.

Lenders do not want you to default on your mortgage. As with any other mortgage, in the case of the balloon payment, your lender will try to work with you to refinance your mortgage into payments you can handle. If you can't refinance, you may be forced to sell the property (unless the bank does it for you) to cover the balloon payment. Most people will be able to refinance, the question is just how high their rate will be. You do not have to use the same lender that your first ballon mortgage was with. Many lenders have programs for people with less than perfect credit. The only problem is your rate will be high, so you want to refinance as soon as you have a decent credit score to get a lower rate. If your balloon payment is coming due and you can not qualify for a loan because you owe more than the home is worth then talk to your lender about a shortsale or deed-in-lieu. If neither of these are available and a workout just isn't possible, it may make more financial sense for you to just walk away from the property.

Yes there name will appear, but luckily after the 1st year, you can go to the city registery and have there name removed.

Cosigner will also be on the note.

First things first; find out who's name is on the registration and title. If it is only in one of your names, you could be in trouble. I suggest you call a lawyer and fast if that is the case and your name isn't on either of them.

A doubt very much if a lender will release a cosigner from any obligation if the collateral is not fully paid for. In this case the collateral is a car and its a repo mans dream. Remember to always know your cosigner.

It depends on how the vehicle is titled. If both of your names are on the title she has an equal right to possession of the vehicle as you do. So technically she could take it. But then again you could take it back because you have the same right to the vehicle as she does. Now if its just her name on the title then she can take it without your consent and there's nothing you can do about it.

Depeding on how the vehicle is titled you may have legal rights to the vehicle even if you aren't making the payments. However, in order to just get it titled in your name then you will need their consent if it's currently titled in both of your names.

Very simple answer to all these questions. If your name is on the title, you can have the car. If your name is on the loan, you can make the payments.

WHAT if BOTH names on tittle, reg and insurance, one is making payments but other is the strong credit that got bike and wants it back

The cosigner was probably "notified" that any funds held by the lender would be attached at the time the loan was signed. In order to garnish wages or place a lien on other property, the lender would have to go to court and obtain a judgment, in which case the cosigner would have received a summons from the court.

Co-buyer = Name is on the title and has rights to the property. The lender will PROBABLY insist that this person also sign the loan as a co-signer or joint borrower.

Co-signer = Name is on the loan and is obligated to make the payments if the primary borrower does not. This gives you NO rights to the property.

Can they? Yes. You can take someone to court for anything. Collecting is something else. Unless you had an agreement in writing stating that you would be reimbursed, I doubt you would win.

Find out what car dealers don't want you to know at dealertricks

If your name is on the title, you can take the car. Just make sure he didn't re-titled it after the split.

You are confusing me. The primary borrower should have the registration, insurance, and possession of the vehicle, not the cosigner.

I am currently going through a situation where I cosigned for a car for my sister. Due to her lack of making payments, I have hired an attorney to try to obtain possession of the vehicle. Both her and I are listed on the registration/title as 'or'. She has possession of the vehicle, the registration (which I obtained a copy of from the Motor Vehicle Office) and carries the insurance. My attorney tells me although I am on the title, registration, and loan, in oder to 'take' the car I have to go to court and have the judge issue a Writ of Possession. This being the case, depending on your state laws (I am in Florida), the other person would likely have to go to court to get the Writ of Possession to take the vehicle from you. I have learned the hard way (I am quite jaded because of this experience) the person who has the car in their possession has most of the rights - regardless of who is making the payments. Hope this helps. DON'T EVER CO-SIGN FOR A CAR FOR ANYBODY NO MATTER WHAT!!! PLEASE LEARN FROM MY MISTAKES!!!

Not unless their name is also on the title.

If you're not on the title then you only agreed to pay the loan if the person buying it doesn't. This doesn't give you any right to the car.

However, you can sue the primary borrower in civil court if they defaulted on the loan and you made the payments. The judge may order the primary to sign the title over to you.

Unless your name is on the title to the car as well as the loan, there isn't much you can do. If you don't make the payments, your credit will be damaged. Co-sign means you are EQUALLY responsible for the loan.

Make the best of a bad situation: Whatever the lender doesn't get paid on the loan as well as the amount it costs to pursue it's rights to get paid (all repo fees, court/legal costs, additional interest, etc., etc.) become the responsibilty of those who signed the loan (that is both of you).

If the car is repossed and sold at auction, lots of fees are incurred and the likely the lowest value, (wholesale auction - recovery vehicle), received. Your responsible for all the rest.

Get the primary to at least work at trying to sell the car, hopefully even try and clean it and market it well, through the local papaers, etc at the highest amount you can, without adding costs to the loan amount.

If you approach the lender earnestly, and get them to understand what you (as cosigner) are up to...which shouldn't take long to complete - you may, just may, get them to accept what you sell it for as a payoff....or at least work with you on lowering the already accumulated late fees, back payments, etc., establishing a payment plan, and make it possible to have a good title for new owner.

The lender does not want to repossess. Believe it or not, while they do (in theory) get to recover all fees and costs, etc, - if they actually do ever make money selling a repo...they must return it to the primary.

A co-signer is only obligated if you default on your payment(s). I can't think of why or how one could repossess the car otherwise. If however, you default, the co-signer will be obligated to the original creditor. Then the con-signer can sue you for the amount that is owed on the vehicle or the vehicle if they are willing to keep up the payments. They have to follow due process, which means filing a suit, serving summons, the hearing, getting a judgment, acting on the judgment and so on, and so on.

Cosigners are not for sale if that's your question. You have to find someone with a good credit rating preferably a friend or relative. In addition this person needs to trust you!!! A cosigner is only needed because the primary doesn't have adequate credit rating/history for the needed loan. Hence, the cosigner needs to have credit good enough to qualify for the loan, and secure enough that they can risk much of what they have historically established for likely no real benefit - on someone others won't risk anything for, even with a possible very good business gain at stake. Understand, being a cosigner is essentially the exact same as getting a loan - the cosigner is just as liable as if he got the loan on his own..in fact he needs to be more responsible. He now has to take on the obligations of the primary too, if needed, likely without the control, posession or benefit of what was purchased. Which is to say, if someone buys something for themselves, on their own credit, and then loses their job (or whatever) and has problems paying, they can sell the item and pay off (all/much of) the obligation. For many reasons, a cosigner may not be able to. And let me be clear, it is frequently shown that people who are irresponsible about their own credit (regardless of why it got that way) are even more irresponsible about others credit and obligations -- and this extends to obligations like those that come with owning/maintaining things. Things that may have the cosigners name connected to them.

if you didnt make the payment/s then you are in "default" of the loan agreement.

the co-signer or bank can take it back.

in order to get it back you must become current w/ payments or if they sell it then your responsible for any money lost if it sells for less than the loan.

read the contract, its in there.

A cosigner would only have rights to a vehicle if their name is on the title. Due process, and a court order, is the only way to take possession of the vehicle in question. That could only be done with the consent of the lender.

PAY the loan off.

Absent primary borrower being able to get the/a loan on his/her own and pay you off, only if the lender is willing to let you off the hook. Not common, and why should they?

Your probably better off working with the primary to get as much out of the asset now, (sell it for value, not have it repo'd and sold for little value), and avoid having late fees, interest, repo and legal costs, etc. added to the loan amount. (They will be). The lender may well work with you to mitigate any loss and make things happen. You were a cosigner as a responsible party.....BE RESPONSIBLE.

No, you are the borrower, but the bank is only letting you borrow because the co-signer has promised to pay if you don't.

If his name is already on the title, you can't sell him something he already owns. You should be able to have your name removed from the title if you want, and the bank may be willing to change the loan to your fathers name as primary borrower and remove you from the loan.

The OWNER is listed on the TITLE and/or registration. The buyer actually becomes the owner when all financial obligations are paid in full. For instance... when you are buying a house you are considered to be an owner because you hold the deed. But, there is a Deed of Trust for the property, held by the lender. That gives the lender the right to take the property if the borrower defaults.

No. Your mother (or some other adult) would have to be the primary creditor.