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What can a cosigner do after a car is repossessed Can they sue the primary signer?
Wiki User
∙ 16y ago
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.
Wiki User
∙ 16y ago
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Does the cosigner have to drive the car?
No, the cosigner signs on to the loan. Usually, the primary signer owns the car and drives it. The cosigner is there in case the loan goes into default and needs to be paid for. After they sign on the car does not belong to them, but the person who took out the loan.
Does the cosigner have to obtain the primary's signature to trade in the vehicle?
yes, as co-signer you only guarantee the loan in case the primary defaults, they own the car.
When a car in Texas gets repossessed for failure of payment does the car company come after the main signer or the cosigner for paying off the rest of the loan?
Both. But in reality, they go after the money. If the primary is broke, doesn't have a job, homeless, whatever, the bank will go after the person with the money. Now aren't you glad that you co-signed? They'll first try to get the primary signer to pay the debt. If he can't, the company will hold the co-signer liable for it. A co-signer is just as legally liable for the debt as the primary signer. You know when it's a good idea to become a co-signer? Never.
If cosigner files bankruptcy on car does it wipe out primary signer obligations?
I'm not an attorney, but I seriously doubt it. What sense would that make?
Will a bank repossess a car from co signer if primary goes bankrupt?
Only if the primary has said s/he will surrender the property in the bankruptcy and/or if the cosigner does not make the payments due.
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.
Your car gets repossessed and you have a cosigner. What happens to the cosigner's credit?
The co-signer's credit record is wrecked as badly as the primary borrower's. The co-signer has guaranteed the loan would be paid and they are held equally responsible for paying the loan if the primary borrower fails to pay. It will be noted as a default on their credit record. "Co-signers" who agree to guarantee repayment of a loan for a poor credit risk often do so without understanding their own risk and whether they have the resources to repay that loan.
Can a cosigner have a car repossessed if the loan has been in arrears?
yes
When can cosigner attempt to sell car?
A cosigner can attempt to sell the car at anytime. However, in order for them to sell it, they have to have the other signer's signature.
Can a primary co signer take the car from the secondary co signer?
can a primary co signer take the car away from a secondary co signer
Can you have a co-signer removed from a title after the car is repossessed?
AnswerIf the primary on the contract does not pay then the lienholder comes after the co-signer for the payment. The credit of both the primary and co-signer are going to show repossession. If the lender has kept the title in its files as part of the loan process and is listed as a primary lienholder, it can sell the vehicle after the repossession.
Can a co signer claim a car loan on taxes?
probably not; consult a CPA Car loans (rather, the interest paid) haven't been a taxable deduction for many years. Primary signer, cosigner ... doesn't matter ... no deduction allowed on the federal return.
