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What happens to a co-signer when a car is 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 financial calculators and tools that provide objective and original content. This allows users to conduct studies and compare data for free and help you make sound financial decisions. Bankrate has agreements with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that appear on this site are from companies that pay us. This compensation may impact how and where products appear on this website, for example, for example, the sequence in which they appear within the listing categories in the event that they are not permitted by law. Our loan products, such as mortgages and home equity, and other home loan products. However, this compensation will affect the content we publish or the reviews that you see on this site. We do not include the entire universe of businesses or financial offerings that might be open 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 contributing writer for Bankrate. Dan was a frequent contributor to loans, home equity and debt management in his writing. Written by Rashawn Mitchner Edited by Associate loans editor Rashawn Mitchner, who was a former associate editor at Bankrate. The Bankrate guarantee
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So, this compensation can impact how, where and in what order items 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 and other home loan products. Other factors, such as our own website rules and whether a product is offered in the area you reside in or is within your self-selected credit score range could also affect how and where products appear on this site. We strive to provide a wide range offers, Bankrate does not include the details of every credit or financial products or services. Co-signing an auto loan for the benefit of a loved one or friend is a major financial decision. It means you are legally responsible for making the loan payments if the person whom you're cosigning for does not pay the loan. As well as placing your money at risk when you co-sign an auto loan, you're also risking your credit. If the loan gets in the way of default, or the vehicle is eventually seized and your credit is damaged--even if you have an extensive tradition of paying all your charges punctually. How auto repossession works you contract a lease agreement or borrow money for the purchase of a vehicle but you don't own the vehicle. The lender keeps the title for the vehicle until you fulfill your obligations and repay the loan. As part of the papers that you signed as you drove off in the vehicle, you granted the lender permission to repossess the car if you cease paying the loan. Lenders generally only repossess cars as a last resort, if you've stopped paying and they believe there's little chances that you'll ever return to payments. Most lenders would prefer receiving payments rather than going through the hassle of taking the car back. If a lender does decide to take possession of your vehicle, they are generally not required to issue any kind of notice. The lender might send a chauffeur to remove the vehicle or hire an tow vehicle. If your vehicle has a remote start and you have a remote starter, the lender might also block your ability to start the car. The laws in each state are different, a lender is usually allowed to access private property to repossess the vehicle. However, it's generally prohibited to break into a garage or otherwise damage the property. Is it possible for a co-signer to repossess a car? It's important to be aware that attempting to fix a default on a loan yourself, aka "taking matters into your own hands," is not considered a acceptable alternative to legal action in most states. It is a court rule to prevent the type of physical conflict that could occur when you attempt to repossess the car of a friend, therefore let the dealer or the bank repossess it. How a co-signer's credit is affected by repossession co-signing makes you legally responsible for the debt. In co-signing the loan and committing to the lender that you'd make sure the payments got made even if the primary borrower didn't make the payments. So, the late payment or repossession could show up in your credit reports as well. Liabilities as a co-signer As the co-signer of the vehicle you're in the position of being responsible for this debt until it's completely paid. The credit rating of your, available cash , and the relationship you have with the co-signer you have a problem with are at risk. If things go poorly and you are not careful, all three things could suffer. There are several reasons to be very cautious when deciding to be a co-signer. about who and what you are co-signing to. It's a good idea to only sign for those that are close friends or relatives you can trust. It is ideal to choose those who have a stable financial situation. To help protect yourself in the event of a crisis, you may even consider establishing an independent contract between you and the principal borrower. The contract should outline your expectations and each person's obligations. After the document has been signed by both parties, make sure it is notarized. Rights as a cosigner a co-signer, you are legally accountable for the debt, however, it is not legally binding on you are not legally responsible for the debt . You do not have a legal right to the ownership of the vehicle or other property. If the principal borrower is behind on their car payment, you may think that you have the right to seize the car on your own however you don't. Another option to ensure your safety when co-signing for a loan is to make sure you are one payment in advance. You can call the lender to find out the amount is delinquent (if there is any) and then pay it and then make another payment. Then, even if your co-signer is late on another payment any late payments will still count toward the balance, without affecting your credit. You just need to keep in contact with the lender and make sure you are at least one month behind. Another option is to ask to be taken off of the loan. The borrower who is the primary one must accept the release of cosigners, as well as they must also agree to the release of the cosigner. The lender will only approve in the event that the primary borrower can prove that they are able to pay for the loan independently. Credit repair after repossession the repossession appear on your credit file will result in your credit score to fall and will affect the ability to qualify for other types of loans. Repossessions last for seven years, so you want to take every step to make sure that the vehicle you co-signed for doesn't end up being repossessing. Depending on your relationship with the principal borrower, you may be able to negotiate a deal. You can try to request that they turn over the ownership of the vehicle as you continue to make payments. After the car has been fully paid you may be able to sell it and recoup some of the money. You may want to sue the borrower who was your primary lender to seek compensation for damages however if they fail in their obligation to repay the lender in full, it's unlikely they would pay you. If you do get a judgement against them, you'd need to know how to make it effective. It's best not to let it get to the point of being able to enforce it. The bottom line Co-signing for an loan is a risky decision and puts your credit at risk. Before co-signing an auto loan or any other kind of loan take into consideration what you'll do if the borrower who is your primary lender defaults. Rather than co-signing, you might look into working with them and looking for options which don't require co-signers. If you've signed a loan and the borrower is behind on payments There are several options. It's most important to understand that you do not have the right to repossess the car yourself. Instead, you'll have to negotiate a deal with the primary borrower or continue to pay the loan for the lender. Learn more:
Written by Points and Miles Expert Contributor Dan Miller is a former contributor to Bankrate. Dan covered loans, home equity , and the management of debt in his writing. Written by Rashawn Mitchner. Edited and written by associate loans editor Rashawn Mitchner is a former associate editor at Bankrate.
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