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If you cosigned for a car and it got repossessed voluntarily what will it do to your credit and will you owe?
Wiki User
∙ 17y ago
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.
Wiki User
∙ 17y ago
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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.
If you allow a car you cosigned for to be repossessed then pay off the balance after it is auctioned will it still affect your credit?
IF you can pay it off AFTER it is sold, it will still show as a repo on your credit. BUT if you can payoff then, pay it off NOW and you get to keep the CAR.
Who pays the loan if a car is repossessed?
The one who BORROWED the money and/or the on who COSIGNED the loan.
If you voluntarily let your car be repossessed by the lender do you still have to pay on the loan?
Yes! It will still be listed on your credit report as a voluntary return and you will still be responsible for the cost
If your car is repossessed and the person who cosigned for you files bankruptcy are you still liable for the repossession?
Yes. If you default on your car loan you will remain liable for the debt.
If you have a car voluntarily repossessed can you get another car?
YES, usually you pay MORE down payment and/or higher interest rates.
If you're married and your husband's car is soley in his name and was repossessed will it show on your credit as repossessed?
No, because you have your own separate credit report.
What happens to your credit after a car is repossessed?
Normally your credit is ruined for 7 years.
If your aunt cosigned for a car and it got repossessed can she file suit against you because of the repossession?
Yes she can "IF" you fell behind on payments, and your car was repossessed, that means that she is liable for the monies due and she has every right to sue you to recoup her losses, so that her credit does not go bad.If you do the right thing right away and pay what you owe, you might be able to salvage your car and your aunt's trust. Good Luck
Will it hurt if you voluntarily return my car?
Yes, it can still hurt your credit if you voluntarily return a car. The car company will still put the debt you owe on your credit report if they choose too.
What happens to your credit if you voluntarily have your?
what happens if i voluntarily return my car to the bank due to job loss
If you already have 1 car repossessed does having a 2nd repossessed hurt your credit even more?
yes
