Wiki User
∙ 11y agoYou will also be liable for any deficiency balance
Wiki User
∙ 11y agoyes
Yes. If you signed the loan, you are still legally responsible for it.
The other co-owner or cosigner will be responsible for the debt.
if i get my car repossessed, can they put a llien on the house?
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
It has the same effect on the credit.
Nope.
you are still liable for that loan. the lender may decide to not accept the bankruptcy charge and go after you for the money.
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.
They can still come after the cosigner, and it will still reflect poorly on your cosigner's credit history. You have been absolved of the debt, not your cosigner.
Normally your credit is ruined for 7 years.
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.