can a cosigner take away a vehicle?

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can a cosigner take away a vehicle?

2007-02-07 07:55:20 · 4 answers · asked by John S 1 in Business & Finance ➔ Credit

4 answers

As a co-signer..you only signed to guarantee the loan. If the loan is not being paid, the bank will repo it and it will effect your credit.

2007-02-07 08:00:31 · answer #1 · answered by whatelsewhatever 3 · 0⤊ 0⤋

If the consignee's name is not on the vehicle, the cosigner can not take the vehicle. There are many loop holes that the cosigner can can use to get possession of the vehicle.

2007-02-07 08:05:22 · answer #2 · answered by whatevit 5 · 0⤊ 0⤋

If the loan isn't being paid they can report it to the lender and have it repo'ed.

2007-02-07 07:58:25 · answer #3 · answered by zippythejessi 7 · 0⤊ 0⤋

Yes if you are not paying on it because they are aslo responsible to the contract of payments!!

2007-02-07 07:59:14 · answer #4 · answered by alhartley01 3 · 0⤊ 0⤋