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NO. IF the co-signor is also listed on the TITLE as co-owner, they can take possession. If not listed on the title they would need to bring a civil suit and bring enough evidence to convince the court to render a judgment transferring the title to the co-signer. Crucial evidence would be proof the co-singer paid the loan.
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Can a cosigner have a car repossessed if the loan has been in arrears?
yes
What happens when a car is repossessed and you are the cosigner?
You will also be liable for any deficiency balance
If a car was voluntary repossessed and the cosigner was not notified is the cosigner still responsible?
Yes. If you signed the loan, you are still legally responsible for it.
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
How bad does it affect the cosigner's credit if the borrower has the car voluntarily repossessed?
It has the same effect on the credit.
As a cosigner can you have a vehicle repossessed without affecting the cosigner credit rating?
Nope.
Can someone garnish a cosigner for a car and garnish the primary also?
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.
Is the cosigner of a vehicle liable if the it gets repossessed?
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.
What happens if one co-buyer of a vehicle lets the car get repossessed and moves abroad without paying the deficiency?
The other co-owner or cosigner will be responsible for the debt.
If your car was repossessed but redeemed by the cosigner can the bank report a repossession on your credit but not on the cosigner's?
VERY possible. reporting repos is up to the LENDER(of course, they usually do). It was very much repoed from you sooo. Nothing you can do about the co-signor having or not having a repo on their credit.
What can a cosigner do after a car is repossessed Can they sue the primary signer?
Seems pointless to even consider. If the primary signer didn't have enough funds to make the car payments, they probably will not have enough funds to pay any lawsuit you charge them with. Fact is, if the primary signer defaulted on payments, then the cosigner would be responsible for making them - If repossession occured, then it was due to the fault of the cosigner .. can't sue yourself.
If you are being sued as a cosigner on a repossessed car for a bankrupt limo co in NJ will this lawsuit follow you if you move to a different state?
It would depend on why they are sueing you and also what the disposition of the bankruptcy is.
