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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 mission is to help you make smarter financial decisions by offering interactive tools and financial calculators as well as publishing relevant and impartial content. This allows users to conduct studies and compare data for free to help you make informed financial decisions. Bankrate has agreements with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site are from companies who pay us. This compensation can affect the way and where products appear on this website, for example for instance, the order in which they be listed within the categories of listing and other categories, unless prohibited by law. Our loans, mortgages, and other home lending products. This compensation, however, does have no impact on the information we provide, or the reviews that you see on this site. We do not include the vast array of companies or financial deals that could be available to you. SHARE: prostooleh/Getty Images
4 min read Published September 30, 2022
Written by Dan Miller Written by Points and Miles Expert Contributor Dan Miller is a former contributor to Bankrate. Dan was a frequent contributor to loans as well as home equity and managing debts in his writing. Edited by Rashawn Mitchner. Edited by Associate loans Editor Rashawn Mitchner who was an editor in charge at Bankrate. The Bankrate promises
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Therefore, this compensation may influence the manner, place and in what order items are listed, except where prohibited by law. This is the case for our mortgage home equity, mortgage and other home lending products. Other factors, like our own proprietary website rules and whether a product is available within your area or at your own personal credit score can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about each credit or financial product or service. Co-signing a car loan for the benefit of a loved one or friend is a serious financial choice. It means you are legally accountable for the loan payments if the individual you're co-signing for fails to make the payments. In addition to putting your cash at risk when you co-sign an auto loan as well, you're also putting at risk your credit. If the loan gets in the way of default, or the vehicle is ultimately repossessed and your credit is damaged, even if you have an extensive track record of paying all your charges in time. What happens when you have auto repossession When you sign a lease agreement or purchase an automobile however, you do not actually own the vehicle. The lender retains the title of the car until you have fulfilled the obligations you have made and repay the loan. As part of the papers that you signed when you drove off with your car, you gave the lender an option to repossess your car if you stop making payments. Lenders generally only repossess a car as a last resort when you've stopped making payments and they believe there's a slim chances that you'll ever be able to resume your payments. The majority of lenders prefer to receive payment instead of having to go through the hassle of taking the car back. If the lender does decide to repossess your car, it's generally not required to give you any notice. The lender could send a driver to take the car away, or it may hire a tow truck. If your vehicle is equipped with remote start and you have a remote starter, the lender might also block your capability to start your car. Although laws differ by state, a lender is usually allowed to access private property to seize a car. However, it's generally not allowed to break into the garage or cause damage to your property. Can a co-signer repossess a car? It's important to be aware that attempting to fix any defaults on the loan yourself, also known as "taking matters in your own hands" is not considered to be a legitimate alternative to legal action in all states. Courts have this rule to discourage the kind of physical confrontations that can occur in the event that you try to seize the car of a friend, therefore you should let the lender or bank take it. The credit score of a co-signer is affected by repossession co-signing means that you are legally accountable for the loan. When you co-signed the loan and committing to the lender that you would make sure the payments got made even if the primary borrower failed to pay the payments. So, reposession or late payments will show up on your credit report, too. Co-signer's liability: As the co-signer on the car you're the one in the position of being responsible for this debt until it's paid in full. Credit scores, your available cash , and your relationship with your delinquent co-signer are in jeopardy. If things go poorly, all three of those things could suffer. There are several reasons to be very cautious when deciding to sign a co-signer. about who and what you co-sign for. It's best to co-sign only for people that are close friends or relatives that you are confident. In the ideal scenario, they have a stable financial situation. To safeguard yourself in these situations, you could be thinking about creating an individual contract between you and the primary borrower. This contract would define your expectations as well as each person's obligations. When the contract is executed by both parties, make sure it is notarized. Rights as a co-signer As as a co-signer you are legally responsible for the debt but not you are not legally responsible for the debt . You do not have a legal right to own the car or any other asset. If the primary borrower falls behind on their car payment and you think you have the right to take possession of the vehicle yourself however, you don't. Another option to protect yourself when co-signing the loan is to make sure you are one payment ahead. You can contact the lender and find out what amount is in arrears (if there is any) and pay it, and then make a second payment. If your co-signer is late on another payment, any late payments can still be counted toward the balance, without affecting your credit. Just keep contact with the lender and make sure you are 1 month in advance. A different option would be to ask to be removed from the loan. The principal borrower must accept the release of cosigners as well as the lender will only approve when the primary borrower proves that they are able to pay for the loan independently. Building credit after repossession Having an unpaid repossession on your credit report can make your credit score drop and affect your ability to get or other kinds of loans. Repossessions last for seven years are a thing of the past, so it is important to make every effort to make sure that the vehicle you co-signed for isn't repossessing. Depending on your relationship with the primary borrower you may be able work out a deal. You could try to demand that they turn over ownership of the car in exchange for the rest of your payments. Once the car is fully paid you can sell it and recover some of your money. You could try to sue the primary borrower to recover some damages however if they fail to make payments due the lender, then it is unlikely that they will pay you. Even if you get a judgement against them, you'd need to know how to apply it. It's better not to let it get to that point. The bottom line is that co-signing a loan is a very risky thing to do and puts your credit in danger. Before you co-sign for an auto loan or other type of loan, consider what you will do if the primary borrower fails to pay. Rather than co-signing, you could think about working with them look for alternatives which don't require co-signers. If you've co-signed for the loan and the principal borrower is behind on payments there are a number of alternatives. It's important to know that you don't have the authority to seize the car yourself. Instead, you'll need to either work something out with the principal borrower or continue to make payments towards the lender. Learn more:
Authored by Points and Miles Expert Contributor Dan Miller is a former contributor to Bankrate. Dan wrote about loans, home equity , and managing debts in his work. The edit was done by Rashawn Mitchner. Edited by Associate loans editor Rashawn Mitchner is a former editor in the associate department at Bankrate.
Associate loans editor
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