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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.
Can a cosigner register a car?
Yes, a cosigner can register a car, but they are not the primary owner of the vehicle. The cosigner is responsible for the loan if the primary owner fails to make payments.
Is it possible to buy a cosigner for a car?
No, it is not possible to buy a cosigner for a car. A cosigner is someone who agrees to be responsible for the loan if the primary borrower fails to make payments. They cannot be purchased or hired.
If I am a cosigner on a car loan and it gets repo is the owner of the car responsible for the remaining balance after it is auctioned or is it the cosigner's responsibility?
Both are responsible until paid in full. It will also be on both credit reports as well.
Do you have to have a cosigner in order to get a car loan?
Having a cosigner for a car loan is not always required, but it can help if you have a limited credit history or poor credit. A cosigner is someone who agrees to be responsible for the loan if you are unable to make payments.
Can a cosigner be held legally responsible and sued for a car accident involving the primary borrower?
Yes, a cosigner can be held legally responsible and sued for a car accident involving the primary borrower, as they are equally liable for the loan and any related incidents.
Can a cosigner take over a car loan?
Yes, a cosigner can take over a car loan if the primary borrower is unable to make payments. The cosigner would become responsible for the loan and would need to make payments to avoid default.
Can a cosigner take over a car loan if the primary borrower is unable to make payments?
Yes, a cosigner can take over a car loan if the primary borrower is unable to make payments. This means the cosigner becomes responsible for making the payments on the loan.
Why is my cosigner listed on my car title?
Your cosigner is listed on your car title because they are legally responsible for the loan if you are unable to make payments. This provides the lender with added security and ensures that the loan will be repaid.
Can a bank sue you after repossesion of a car?
After they repossess the vehicle they will sell it for whatever they can get. You are then responsible for the difference in what they sold the car for and the balance owed on the loan. If you do not pay this amount they will take you to court.
Is it possible for me to transfer my car loan to the cosigner?
Transferring a car loan to the cosigner is typically not possible. The loan agreement is usually tied to the original borrower, and the cosigner is responsible for payments only if the borrower defaults. It's best to contact your lender for specific options regarding your loan.
Does the lender on a car loan have to notify the cosigner before they repossess the car in TN?
They should since they are just as responsible for making payments as the primary.
