I have a relative who cosigned on a car loan, they are the 2nd person on the loan. If they file for bankruptcy how will that affect my car? Will they take my car from me even though i am the main person on the loan?
2007-10-07 09:11:13 · 5 answers · asked by snowangel_848 1 in Business & Finance ➔ Credit
No, as long as you are making the payments on time. It would be a good idea to contact the lender and let them know your cosigner is filing for bankrupcy, so nothing inadvertantly goes wrong and endangers your car.
2007-10-07 09:34:48 · answer #1 · answered by Judy 7 · 1⤊ 0⤋
You should take a look at the options you can find at: SAVEFINDER.NET-
RE Question about filing for bankruptcy?
I have a relative who cosigned on a car loan, they are the 2nd person on the loan. If they file for bankruptcy how will that affect my car? Will they take my car from me even though i am the main person on the loan?
2014-10-07 20:43:29 · answer #2 · answered by ? 1 · 0⤊ 0⤋
If the car payments have been on time up to now, you should simply contact the lender and explain what is happening and that you will continue to make the payments on time as you have been up to now. They will understand and 99% of the time they work something out for you. Be sure to contact them asap so you will be the one telling them this and not the bankruptcy court.
2007-10-11 15:59:01 · answer #3 · answered by Buddy A 3 · 0⤊ 0⤋
No go to the bank where the car was finance at and tell them the situation let them know that you are still going to make payments on the car and as long as you pay loan payments on time they well let you keep the car im tell you because my daughter was filing bankruptcy and she kept the car just as long you let them know you can keep making payments.
2007-10-11 16:07:43 · answer #4 · answered by ? 5 · 0⤊ 0⤋
Contact the lender and explain the situation. Let them know that you intend to continue to make your payments on time.
2007-10-07 16:16:00 · answer #5 · answered by Suzy 5 · 0⤊ 0⤋