0
What happens if you are co owner of your daughter's car and it is repossessed?
Wiki User
∙ 8y ago
Well, don't worry about the lender getting a judgment against BOTH of you and possibly garnishing your wages. Some lenders take advantage of the IRS laws and send you a 1099 for whatever income they write off. Watch for that.
Wiki User
∙ 8y ago
Add your answer:
Earn +20 pts
What happens if you get your car repossessed?
if i get my car repossessed, can they put a llien on the house?
After a car is repossessed what happens to the owner of the car does he have to pay it off or what happens?
The former owner of the car, now still owner of the DEBT, gets to pay the debt. The leinholder will likely get a judgment for the balance due and proceed to collect. Uless your name is 'turnip", you will pay.
What does repossession of car mean?
When a car is repossessed it usually means the owner is no longer able to make the payments. It is repossessed by the dealer or the bank in which to owner has the loan through.
What has to happen before a creditor can have your care repossessed?
A car cannot be repossessed until the owner has missed several car payments and the owner has been notified of late payments. In most states a car can be repossessed after three months of non-payment.
Can you be held responsible for repossessed car if co owner had possession of car?
yes you will be responsible.
Can a car be repossessed if the owner dies before the first payment is due?
The car can be repossessed. The estate is responsible to return the vehicle and resolve the lease or loan.
If car is repossessed does the owner have to still pay original cost of car?
In most cases YES
Who is responsible for hail damage that happened while a car was repossessed?
The owner of the car listed on the insurance policy.
Who is responsible when your car is being repossessed in Pennsylvania?
The owner of the car (person(s)) who took the loan on the car are responsible
What happens if one co-buyer of a vehicle lets the car get repossessed and moves abroad without paying the deficiency?
The other co-owner or cosigner will be responsible for the debt.
Owner of car stole it back from repossession company?
If it was repossessed legally then he is guilty of theft
Why are car loans always secured with collateral?
The car can always be repossessed if the owner stops paying off the loan.
