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In Florida what percentage can the creditor take from your paycheck as a cosigner after the car was repossessed and the remaining debt is around 5000 dollars?
Wiki User
∙ 19y ago
http://www.lawhelp.org/documents/127641Creditors%20and%20Debtors.pdf?stateabbrev=/FL/
Wiki User
∙ 19y ago
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What happens to your cosigner if the borrower defaults on private loans?
The creditor wil try to get the debt from the cosigner as well.
The obligation of a cosigner is discharged by?
The obligation of a cosigner is discharged by a borrower securing a loan to the satisfaction of the creditor. Paying off a loan will also discharge the obligation of a cosigner.
Is a creditor allowed to continue calling debtor after a vehicle has been repossessed but not sold?
Yes. Even after the vehicle is sold, you'll still owe them the remaining balance of what you borrowed, and they'll continue to call.
In the state of Texas can a creditor put a lien against your home for a repossessed vehicle?
The answer is yes, if the creditor brings you to court on the matter.
If the creditors repossessed a motorcycle and then DID NOT sell it at an auction do you still owe?
No you don't still owe; once the motorcycle has been repossessed, it is no longer your concern. Whether the creditor sells it or fails to sell it is the creditor's problem, not yours.
Can a car be repossessed if a Washington state bank lends to a Oregon creditor?
Sure.
Does having a cosigner lower the interest rate?
The cosigner can be held responsible for the loan if the original signer does not repay. Thus, the creditor has another means of access to the money, similar to collateral, and thus the presence of a cosigner lowers the interest rate.
Can your truck be repossessed if you are using it for income?
Yes, your truck can be repossessed even if you are using it to earn an income, however, you can tell your creditor that you are earning money with your truck, and that if the creditor does not repossess the truck you will use that income to make payments on your loan. Of course, if you are not making payments, and spending all of your income on other things, then the creditor has no motive to let you keep the truck.
Can a creditor take property to pay for a judgment that stemmed from a repossessed car?
Yes, in the event the court orders it.
Does a cosigner have to have good credit?
Absolutely. The whole point to having a co-signer is the creditor wants assurance that the debt will be repaid.
Can borrower and cosigner checks get garnished at the same time?
No, the law allows for only one garnishment action by a creditor to be in force.
What has to happen before a creditor can have your care repossessed?
A car cannot be repossessed until the owner has missed several car payments and the owner has been notified of late payments. In most states a car can be repossessed after three months of non-payment.
