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What happens to co-signers when a car is repossessed? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by offering interactive financial calculators and tools, publishing original and objective content, by enabling users to conduct studies and compare information at no cost and help you make financial decisions with confidence. Bankrate has agreements with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site are from companies that compensate us. This compensation could affect how and where products appear on this site, including such things as the order in which they may appear in the listing categories in the event that they are not permitted by law. This applies to our loan products, such as mortgages and home equity, and other home loan products. However, this compensation will have no impact on the information we publish, or the reviews you read on this site. We do not include the vast array of companies or financial offerings that might be open to you. SHARE: prostooleh/Getty Images

4 min read Published September 30 2022

Dan Miller Written Dan Miller Written by Points and Miles Expert Contributor Dan Miller is a former contributing writer for Bankrate. Dan wrote about loans as well as home equity and the management of debt in his work. Written by Rashawn Mitchner Edited by the associate loans editor Rashawn Mitchner is a former editor in charge at Bankrate. The Bankrate promise

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So, this compensation can affect the way, location and in what order items appear within listing categories, except where prohibited by law. We also offer mortgage home equity, mortgage and other products for home loans. Other elements, such as our own proprietary website rules and whether a product is available in your region or within your self-selected credit score range can also impact the way and place products are listed on this website. While we strive to provide an array of offers, Bankrate does not include information about each credit or financial product or service. Co-signing a car loan for the benefit of a loved one or friend is a serious financial choice. It means you are legally responsible for loan payments in the event that the person whom you’re cosigning for does not pay the loan. In addition to putting your cash at risk when you co-sign an auto loan and putting at risk your credit. If the loan is in default or your car is eventually seized and your credit is damaged, even if you have long-standing history of paying all of your obligations on time. How auto repossession works you contract a lease agreement or take out a loan for a car, you don’t actually own the car. The lender retains the title to the car until you have fulfilled your obligations and repay the loan. As part of the documents that you signed when you left in the car, you gave your lender the right to take possession of the car if you cease making payments. Most lenders will only repossess a car as a last resort, in the event that you have stopped making payments and they think there’s little to no chance you’ll be able to resume your payments. The majority of lenders prefer to receive the money instead of going to the trouble of having to take the car back. If the lender does decide to take possession of your car, it’s generally not required to give you any kind of notice. The lender could send a driver to remove the vehicle or hire a tow truck. If your car has remote start and you have a remote starter, the lender might also block your ability to start the car. Although laws differ by state the state, a lender is usually permitted to enter private property to repossess a car. However, it’s usually not allowed to break into the garage or cause damage to the property. Can a co-signer repossess the car? It is important to know that attempting to fix any defaults on the loan yourself, also known as “taking things to yourself,” is not considered to be a legitimate alternative to legal action in most states. The courts have this rule to prevent the type of physical confrontation that’s possible when you attempt to repossess your friend’s vehicle, so you should let the lender or the bank repossess it. How the credit of co-signers will be affected by repossession co-signing a loan makes you legally responsible for the debt. By co-signing the loan you have agreed with the lender that you would ensure that the payments were completed even if the primary borrower failed to make them. This means that late payments or repossession will appear on your credit report as well. Co-signer’s liability: As the co-signer on the car you’re the one responsible for this obligation until it is fully paid. Your credit score, your available cash , and the relationship you have with the co-signer you have a problem with are in jeopardy. If things go wrong the three factors could be affected. There are several reasons to be extremely cautious when agreeing to sign a co-signer. Be cautious about who and who you co-sign for. It is a good idea to only co-sign for individuals who are close to you or relatives that you trust. It is ideal to choose those who are financially stable. To safeguard yourself in the event of a crisis, you may be thinking about creating an independent contract between you and the primary borrower. This contract would outline your expectations and the obligations of each party. Once this document is signed by both parties, make sure it is notarized. Rights as a co-signer As as a co-signer you are legally accountable for the debt but not you are not legally responsible for the debt . You have no legal right to own the car or other property. If the primary borrower falls behind on their car payment You might think you are entitled to seize the car on your own, but you do not. One way to safeguard yourself while co-signing for a loan is to keep one payment ahead. You can call the lender and find out what amount is delinquent (if there is any) and then pay it and then make one additional payment. If the co-signer makes a second late payment any late payments can still be counted toward the balance without hurting your credit. It is just a matter of staying in contact to the lender and stay one month ahead. A different option would be to request to be removed from the loan. The principal borrower must sign a cosigner release, in addition, the lender will only grant approval when the primary borrower proves that they can pay the loan by themselves. Building credit following repossession an unpaid repossession on your credit report will make your credit score decrease and can affect the ability to qualify for other kinds of loans. Repossessions for seven years, so you want to take every step to make sure that the car you co-signed for isn’t repossessing. Based on your relationship with the primary borrower you may be able to negotiate a deal. You can try to request that they surrender the ownership of the vehicle as you continue to make payments. Once the car is completely paid for you can sell it and recoup some of the money. You may want to sue the borrower who was your primary lender to get some compensation however if they fail to make payments due the lender and then it’s unlikely that they will pay you. Even if you get a judgement against them, you’d have to be able to make it effective. It’s better not to allow it to get to that point. The bottom line Co-signing for a loan is a very risky option as it puts your credit at risk. Before you co-sign for the auto loan or any other kind of loan, consider what you’ll do if the primary borrower fails to pay. Instead of co-signing, you may consider working with them to find alternatives that don’t require a cosigner. If you’ve signed a loan and the primary borrower is in arrears with payments there are a number of options. It is crucial to realize that you don’t have the authority to seize the vehicle on your own. Instead, you’ll need to either work something out with the primary borrower or continue making the payments for the lender. Learn more:


Written by Points and Miles Expert Contributor Dan Miller is a former contributor for Bankrate. Dan was a frequent contributor to Bankrate’s coverage of loans, home equity and the management of debt in his writing. Written by Rashawn Mitchner. Edited and written by associate loans Editor Rashawn Mitchner, who was formerly an assistant editor at Bankrate.

Associate loans editor

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