i.e, when the car is sold? or when the car is being repossessed by the bank?
and wat will happen to the car, in the event that the person default in payment?
2007-12-08 16:45:33 · 4 answers · asked by sapphire 2 in Business & Finance ➔ Personal Finance
when nothing is owed on the car!!!!
2007-12-13 01:07:49 · answer #1 · answered by Anonymous · 0⤊ 0⤋
1
2016-09-26 18:00:02 · answer #2 · answered by Jimmy 3 · 0⤊ 0⤋
You will only be discharged when the debt is fully paid. If the person for whom you signed defaults, the loan firm will come after YOU for the payments. That's what guaranteeing the debt of others entails.
If the car is repossessed, it will be sold at auction to the highest bidder, and then the loan firm will come after both signers of the loan to pay whatever shortfall exists.
Now, are you still happy that you guaranteed that loan ?
2007-12-08 23:45:49 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
the other person you co-signed for would have to apply for re-financing in the his/her person's own name. If the person defaults then the creditor will come after you because you guaranteed th loan
2007-12-08 16:55:54 · answer #4 · answered by KinWin 5 · 0⤊ 0⤋