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Can a co-signer take the primary borrower to small claims court for missed payments?
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What can a 70-year-old cosigner on a car loan be held responsible for if the loan is found in default?
The cosigner has the same legal obligations to repay the debt as does the primary borrower. If the primary borrower defaults, the lender can begin proceedings to collect the full amount owed plus applicable fees from the cosigner. A cosigner can be sued just as can the primary borrower. And if the primary borrower claims bankrutpcy, the cosigner will still get "stuck" with the debt. The credit report of the cosigner will be equally affected, either in a positive or negative way, depending upon the circumstances.
How do you the cosigner sue primary borrower?
The cosigner can sue the primary borrower by taking legal action in a court of law. This typically involves filing a lawsuit against the primary borrower for failing to make payments as agreed upon in the contract or agreement. It is advisable for the cosigner to consult with a lawyer to understand their legal options and the process for suing the borrower.
If you are a co-borrower not a cosigner are you responsible for repayment of the loan?
Yes, a co-borrower is as responsible for a debt as is the primary borrower. The main difference between co-buyers and cosigners is that a cosigner generally does not have any claims to the property in question but bears the responsibility of repaying the debt should the primary borrowers default on the agreement.
Can a cosigner sue the signer?
Yes, a cosigner can sue the primary signer if the primary signer fails to fulfill their financial obligations, resulting in the cosigner having to cover the debts. The cosigner may seek legal recourse to recover the money they had to pay on the primary signer's behalf.
What can you do if the cosigner has stopped making payments but refuses to give you the car or turn it in?
You might talk to a lawyer and settle it in small claims court.
Can a cosigner sue the primary borrower?
Anyone is allowed to sue anyone in this day and age, however, the point of having a co-signer is because the primary borrower may not have a credit profile strong enough to get a loan on their own. When suing someone, the goal is to get paid - if the primary borrower did not have enough money or enough credit strength to get a loan, what, exactly, will the co-signer sue them to get? So yes, a co-signer may sue the primary borrower, however, unless circumstances have changed massively since the shared loan was signed, there will be nothing for the co-signer to go after. Depending on the amount of the loan you can sue in small claims court or a higher civil court.
When the primary owner is deceased and has life insurance on the loan and disability on the loan is the estate involved or does the cosigner just take over the payments?
If you have credit life on the loan, you should be able to supply the insurance company with a death certificate as well as with their claims form. Your purchasing dealership may help you. The insurance will not pay any late payments due prior to the death of the insured. In order to avoid problems, continue to make payments until they pay off the vehicle. The loan institution will refund all overpayments.
As a cosigner can you sue the signer for the amount you had to pay off to the credit company if he made no effort to make payments towards the car for the last 4 months until it was repossessed?
That would be something you would have to settle in a small claims court.
As the primary cosigner for a car that your daughter has and also signed for how do you gain possession of this car since she has made no payments nor paid insurance?
Asking her for it or to start making partial payments would be easiest. After that, you take the loan agreement, copy of the title that you can get from Motor Vehicle, and go to court. Should be small claims which will cost you very little, $50 or so and plead your case. Judge will award you possession and you go get it. How you go about that depends on you, the location of the car and what if any relationship you want to have with your daughter.
When will avandia payments start?
Those who filed claims and had them approved will receive payments by 12/31/12
Can the Bank go after the cosigner for a balance that was settled with them before a bankruptcy?
yes, unless the co-signer claims bankruptcy
Does the cosigner have legal recourse to recover monetary damages when the primary borrower defaults on a vehicle loan?
Maybe small claims court. Check with a local attorney. the best protection is DONT CO SIGN. Generally anyone who causes financial damages, which non payment of the debt as promised would seem to be, can be sued to have those damages recovered from. If one can pursue it in small claims court or needs a different one is really only dependent on the size of the claim, not the cause of action. In most areas the limit on awards in small claims is low, something like $1500 (varies). Anything more would require the higher, more procedurally formal court actions.
