The car has been given back.
2007-10-18 14:13:07 · 11 answers · asked by ? 2 in Business & Finance ➔ Credit
The creditors will be looking for you, you are next in line to pay. I don't co-sign for anyone. It gets you in trouble. If the person needs a co-signer in the first place, they may not be able to make the all the payments and have a high chance of defaulting -- then that's where you will have to meet the obligation. I am not sure what the item is, but perhaps the person filing bankruptcy can sell it before it is repossessed and then pay down the obligation with that money and at least you wont be on the hook for the full amount. Good Luck.
2007-10-18 14:21:26 · answer #1 · answered by Chickee 2 · 0⤊ 0⤋
1
2016-09-26 12:32:43 · answer #2 · answered by Calandra 3 · 0⤊ 0⤋
You remain responsible for the amount of the loan that was unpaid, minus whatever the bank recoups on the sale of the car, plus any fees you agreed to pay in your original loan contract.
The entire point of having a cosigner is so the bank has as many opportunites to reclaim their money as possible.
2007-10-18 14:17:30 · answer #3 · answered by W_Howey 4 · 0⤊ 0⤋
Not enough info., but probably, yes. Presumably by 'given back' you mean it was repo'd or volunatrily turned in because you defaulted on the payments. You still owe the difference between the loan balance and whatever the 'given' back car was sold for (probably not much).
Both co-signers are generally fully liable for the entire debt.
2007-10-18 14:17:02 · answer #4 · answered by heart_and_troll 5 · 0⤊ 0⤋
Yes. You cosigned, therefore you assumed responsibility that the debt would be paid. I bet the original signer went belly up (that means, filed bankruptcy)
2007-10-18 14:16:07 · answer #5 · answered by Anonymous · 0⤊ 0⤋
If you have a balance on the car after the repo and and sale you still owe it. The other cosigner doesn't owe it if they included it in bankruptcy.
2007-10-18 14:16:49 · answer #6 · answered by shipwreck 7 · 0⤊ 0⤋
Yes
2007-10-18 14:16:43 · answer #7 · answered by Tabonie 4 · 0⤊ 0⤋
YES,but if you still want the car find a nother
cosigner.
If he cain't sell the car for the amount owed,he could come back on you. but more than likey he won't as your probly under age.
2007-10-18 14:25:48 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Yes. I think the lendor would look to you for all the remaining balance.
2007-10-18 14:16:15 · answer #9 · answered by hottotrot1_usa 7 · 0⤊ 0⤋
co-sign means you both assume responsibility. that means, when the other person backs out, you are the one left holding the bag.
2007-10-18 14:16:28 · answer #10 · answered by littleone 2 · 0⤊ 0⤋