This car was purchased with a person who had good credit, for a person with bad credit. Could the creditors take the car away if the car is in both names?
2007-03-17 13:42:06 · 6 answers · asked by JBWPLGCSE 5 in Business & Finance ➔ Credit
Only if no one makes payments... the idea is that the cosigner will want to keep their good credit and will keep on top of the person with bad credit to make sure the bill is paid on time.
2007-03-17 14:13:59 · answer #1 · answered by Anonymous · 0⤊ 0⤋
My brother is going through this very situation. He co-signed for his ex girlfriend on her car and ever since their breakup, she has been aweful about making on time payments. My brother got tired of the finance company calling him so he told them to just come take it(voluntary reposession) and they told him that they could not do that without his ex's approval. Both people who have signed on a car loan are responsible for getting the car paid on time. Same goes with home loans and any other loan for that matter.
But the one thing that can and will happen is that if she falls to far behind, they can reposess the car and the repo will show on both credit reports.
Sucks for my brother as now his once great credit is in aweful shape now which is going to make it harder to ever finance a car again.
2007-03-17 21:27:12 · answer #2 · answered by Steve G 1 · 0⤊ 0⤋
I work in this field. If there is a default on the loan the company has the right to take the vehicle back. At that time the balance of the loan is still the responsibility of the primary as well as the co-buyer to be paid back. If it is not paid back then they might garnish wages or take you to court. Never ever co-sign or purchase things for other people because if they default on payments its all on you.
Good Luck
2007-03-17 21:23:32 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You possibly can instanly acquire an online payday loan up to $1000 by using service: http://loans.servermatrix.org I obtained the payday loan despite the fact that I had really awful credit score.
2014-08-29 22:35:20 · answer #4 · answered by Anonymous · 0⤊ 0⤋
So long as one is able to service the loan repayment there is no reasons why the car should be possessed. The loan company may re-structure the loan to a short-term repayment period but then this is subjective. If I were you, I won't be overly concern.
2007-03-17 21:19:24 · answer #5 · answered by SGElite 7 · 0⤊ 0⤋
They cannot repo the car simply because one person has bad credit.
They can and probably will repo it if the payments are not made.
2007-03-17 20:55:52 · answer #6 · answered by echo 7 · 0⤊ 0⤋