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What happens to co-signers in the event of a vehicle being repossessed? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by providing you with interactive financial calculators and tools, publishing original and objective content. This allows users to conduct research and compare data for free to help you make sound financial decisions. Bankrate has partnerships with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site come from companies that pay us. This compensation may impact how and where products appear on the site, such as such things as the order in which they appear in the listing categories and other categories, unless prohibited by law. This applies to our mortgage, home equity and other home loan products. However, this compensation will have no impact on the information we provide, or the reviews that you read on this site. We do not contain the vast array of companies or financial offerings that might be available to you. SHARE: prostooleh/Getty Images
4 min read. Published September 30 2022
Dan Miller Written Dan Miller Written by Points and Miles Expert Contributor Dan Miller is a former contributing writer for Bankrate. Dan wrote about loans as well as home equity and the management of debt in his writing. The article was edited by Rashawn Mitchner. Edited and written by Associate loans Editor Rashawn Mitchner who was an associate editor at Bankrate. The Bankrate guarantee
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We are compensated for the promotion of sponsored goods and, services, or by you clicking on certain hyperlinks on our website. Therefore, this compensation may influence the manner, place and when products are displayed within the categories of listing in the event that they are not permitted by law. This is the case for our mortgage home equity, mortgage and other home loan products. Other elements, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range could also affect the way and place products are listed on this site. While we strive to provide a wide range offers, Bankrate does not include the details of each credit or financial item or product. Co-signing an auto loan for someone you love is a serious financial choice. It means you are legally responsible for making the loan payments if the person whom you're cosigning for does not do so. Along with placing your money on the line when cosigning an auto loan as well, you're also putting at risk your credit. If the loan is in default or your car is eventually taken away, your credit will be damaged, even if you have long-standing tradition of paying all your charges punctually. How auto repossession works you sign a lease agreement or purchase a car, you don't actually own the car. The lender retains the title of the car until you meet your obligations and repay the loan. As part of the documents that you signed as you left with your car, you gave to the lender the right to take possession of your vehicle if you stop paying the loan. The lender will typically only take possession of cars as a last resort if you've stopped paying and they think there's little chance that you'll be able to resume payments. The majority of lenders prefer to receive payments rather than going through the hassle of bringing the car back. If the lender does decide to repossess your vehicle, they are generally not required to provide you with any kind of notice. The lender might send a chauffeur to take the car away or hire an tow vehicle. If your car has remote start, the lender may also disable your ability to start the car. Although laws differ by state the state, a lender is generally allowed to access private property to repossess a car. But, it's not permitted to enter the garage or damage the property. Can a co-signer repossess the vehicle? It is important to know that making efforts to cure the default on a loan yourself, or "taking things to yourself," isn't considered to be a acceptable alternative to legal action in all states. Courts have this rule to prevent the type of physical conflict that could occur when you attempt to repossess your friend's car, so allow the dealership or bank seize the vehicle. How the credit of co-signers is affected by repossession co-signing means that you are legally accountable for the debt. In co-signing the loan and committing to the lender that you'd ensure that payments were paid even if the original borrower did not make the payments. That means that reposession or late payments will be reported on your credit report, too. Co-signer's liability: As the co-signer for the car, you are in the position of being responsible for this obligation until it is paid in full. Credit scores, your available cash , and your relationship with the co-signer you have a problem with are at risk. If things go poorly, all three of those issues could be affected. These are a few reasons to be very cautious when deciding to co-sign. Be cautious about who and who you co-sign for. It is a good idea to only co-sign for individuals who are close friends or relatives that you trust. It is ideal to choose those who have a stable financial situation. To safeguard yourself in the event of a crisis, you may think about establishing an independent contract between you and the principal borrower. This contract would define your expectations as well as each person's obligations. When the contract is agreed to by both parties make sure it is notarized. Rights as a co-signer As a co-signer, you are legally accountable for the debt, however, it is not legally binding on you do not have any legal rights to the debt . There is no legal claim to own the car or any other asset. If the borrower who is the primary one falls behind on their car payments and you think you are entitled to repossess the car yourself however, you don't. One way to ensure your safety when co-signing for a loan is to make sure you are one step ahead. You can contact the lender and find out what amount is in arrears (if any) and pay it, and then make one additional payment. Then, even if your co-signer pays late again the late payment will still count toward the balance without hurting your credit. Just keep in contact to the lender and stay one month ahead. Another option is to ask to be removed from the loan. The borrower who is the primary one must accept the release of cosigners and it is the lender will only give approval in the event that the primary borrower can prove that they are able to pay for the loan on their own. Credit repair after repossession a repossession on your credit report can make your credit score decrease and can negatively impact the ability to qualify for other types of loans. The repossession period is seven years long are a thing of the past, so it is important to take every step to make sure that the vehicle you signed for doesn't get repossessing. Based on the relationship you have with the primary borrower you may be able work out a deal. You can try to request that they hand over the ownership of the vehicle while you make the remaining payments. After the car has been completely paid for, you could sell it and recoup some of your money. You could try to sue the principal borrower to seek compensation for damages however if they fail to make payments due the lender and then it's unlikely that they will pay you. If you do get a judgment against them, you'd have to know how to make it effective. It's best not to let it get to that point. The bottom line is that co-signing a loan is a risky option as it puts your credit on the line. Before co-signing an auto loan or other type of loan think about what you will do if the borrower who is your primary lender defaults. Rather than co-signing, you could think about working with them and looking for options that don't require a co-signer. If you've co-signed a loan and the principal borrower is behind on payments there are a number of options. It is crucial to realize that you do not have the power to take possession of the vehicle on your own. Instead, you'll have to negotiate a deal with the principal borrower or continue making the payments towards the lender. Learn more:
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Written by Points and Miles Expert Contributor Dan Miller is a former contributing writer for Bankrate. Dan wrote about loans, home equity and managing debts in his writing. Edited by Rashawn Mitchner. Edited by Associate loans Editor Rashawn Mitchner who was an assistant editor at Bankrate.
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