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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 better financial choices by providing you with interactive financial calculators and tools, publishing original and objective content, by enabling users to conduct research and compare information at no cost - so that you can make financial decisions with confidence. Bankrate has partnerships with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site come from companies that compensate us. This compensation could affect how and when products are featured on this website, for example for instance, the order in which they appear within the listing categories in the event that they are not permitted 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 appear on this website. We do not cover the vast array of companies or financial offerings that might be open 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, home equity, and the management of debt in his work. The article was edited by Rashawn Mitchner Edited by the associate loans Editor Rashawn Mitchner who was an associate editor at Bankrate. The Bankrate guarantee
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We are compensated in exchange for the promotion of sponsored goods and services, or when you click on certain hyperlinks on our site. This compensation could influence the manner, place and in what order products appear within listing categories and categories, unless it is prohibited by law. We also offer mortgage, home equity and other home loan products. Other factors, such as our own website rules and whether the product is available in your area or at your personal credit score may also influence the way and place products are listed on this site. Although we try to offer a wide range offers, Bankrate does not include information about each credit or financial product or service. Co-signing a car loan for someone you love is a significant financial decision. It implies that you're legally responsible for making the loan payments if the individual who you co-sign for fails to make the payments. In addition to placing your money at risk when you co-sign an auto loan and putting at risk your credit. If the loan gets in the way of default, or the vehicle is eventually taken away the credit of your client will be damaged--even if you have a long track record of paying all your bills on time. What happens when you have auto repossession When the lease is signed or purchase the purchase of a vehicle, you don't actually own the car. The lender retains the title of the car until you have fulfilled your obligations and repay the loan. In the paperwork that you signed when you drove away with your car, you gave the lender permission to repossess the car if you cease paying the loan. Lenders generally only repossess the vehicle as a last resort in the event that you have stopped making payments and they believe there's a slim chances that you'll ever resume payments. Many lenders would rather receive payments rather than going through the hassle of taking the vehicle back. If you do find that a lender does decide to take possession of the car, it's usually not required to provide you with any kind of notice. The lender could send a driver to drive the car away or hire a tow truck. If your car has remote start it is possible that the lender might also block your capability to start the vehicle. Although laws differ by state however, it is generally the case that a lender is generally allowed to come onto private property to seize the vehicle. But, it's not allowed to break into a garage or otherwise damage the property. Is it possible for a co-signer to repossess the vehicle? It's important to be aware that making efforts to cure any defaults on a loan yourself, also known as "taking things in your own hands" is not considered a acceptable alternative to legal action in most states. The courts have this rule to prevent the type of physical conflict that could occur when you try to take possession of your friend's vehicle, so allow the dealership or bank take it. The credit score of a co-signer is affected by repossession Being co-signing a loan makes you legally responsible for the debt. In co-signing the loan, you promised the lender that you would ensure that the payments were made even if the primary borrower did not pay the payments. So, late payments or repossession will be reported in your credit reports, too. Liabilities as a co-signer As the co-signer of the vehicle you're the one on the hook for the debt until it is fully paid. Credit scores, your available cash , and your relationship with your delinquent co-signer are at risk. If things go wrong and you are not careful, all three factors could be affected. There are several reasons that you should be cautious when signing to co-sign. about who and what you are co-signing for. It's best to co-sign only for people that are close friends or relatives you are confident. It is ideal to choose those who have a stable financial situation. To protect yourself from these situations, you could think about establishing an individual contract between you and the primary borrower. This document will define your expectations as well as the obligations of each party. After the document has been agreed to by both parties get it notarized. Rights as a cosigner the co-signer, you're legally responsible for the debt, but you are not legally responsible for the debt . There is no legal claim to ownership of the car or any other asset. If the borrower who is the primary one falls in arrears with their car payments You might think you have the right to repossess the car yourself however you don't. One option you might have to ensure your safety when co-signing the loan is to make sure you are one payment in advance. You can call the lender to find out the amount is in arrears (if any) and pay it, and then make one additional payment. If your co-signer pays late again, any late payments can still be counted toward the balance without hurting your credit score. You just need to keep contact with the lender and make sure you are one month ahead. The other option is to request to be taken off of the loan. The borrower who is the primary one must sign a cosigner release, and it is the lender will only give approval if the primary borrower shows that they are able to repay the loan by themselves. Building credit after repossession Having the repossession appear on your credit report will make your credit score fall and will have a negative impact on the ability to qualify for different types of loans. Repossessions for seven years and you should do everything you can to make sure that the car you co-signed for doesn't end up being taken away. Depending on your relationship with the primary borrower, you may be able to negotiate a deal. You can try to request that they hand over the ownership of the vehicle as you continue to make payments. When the car is completely paid for you may be able to trade it in and get some of your cash. You might try to sue the borrower who was your primary lender to recover some damages, but if they failed to make payments due the lender, then it is unlikely they would pay you. If you do get a judgment against them, you'd have to know how to make it effective. It's much better to not let it reach that point. The bottom line is that co-signing an loan is a very risky option, and it puts your credit on the line. Before co-signing the auto loan or any other kind of loan think about what you will do if the primary borrower fails to pay. Instead of co-signing, you might consider working with them to find alternatives that don't require a co-signer. If you've co-signed the loan and the borrower isn't making payments, you have a few alternatives. It's important to know that you don't have the power to take possession of the vehicle yourself. Instead, you'll need to work out a solution with the principal borrower or continue to make payments for 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 covered loans, home equity and the management of debt in his writing. The edit was done by Rashawn Mitchner. Edited and written by associate loans editor Rashawn Mitchner who was an associate editor at Bankrate.
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