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What happens to the co-signer if a car is repossessed?In: Repossession |
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The co-signer of any loan has the same financial obligations and liabilities as the creditor! They can be sued and have their wages garnished or bank account frozen, just as you can.
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The co-signor has the same responsibilities as the signor. If the signor can be sued, the co0signor can be sued. Good Luck
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Since the cosigner generally has a better financial situation than the borrower, debt collectors tend to target the cosigner with aggressive debt collection strategies. This can include frequent telephone calls, letters, threats of legal action and damaging the cosigner's credit report as well as the borrower's.
First answer by Missy. Last edit by KenLong. Contributor trust: 9 [recommend contributor]. Question popularity: 267 [recommend question]
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