What right does a cosigner have to repossess my vehicle if i've only been late once?

Answers:2   |   LastUpdateAt:2012-08-27 08:10:16  

Asked at 2012-08-19 20:52:02
I started working for my cousin who owns a small business . He did not want me driving my truck close to customers , as it was a couple of years and dented on one side. So we went to go see if I could buy one . My credit was bad ( divorce , etc. ) and the only way to get a truck would pay a large sum of money down . could not. My cousin offered to co - sign . I felt like it was a bad idea and said no. He continued to nag , so I did . Anyway , I've been paying for two years and have been late once, for a few days . In today's economy I think is pretty good , and now I'm a small business owner myself. Well , now says he will come and take the truck . He also says he has a lawyer and I have to sign a contract to provide insurance information and all documentation for the purchase of vehicles and loans . I'm still willing to follow the truck and I'm still making payments . We have provided banking information in the past and have tried to get a loan to take over the truck soley trade in. My question is, can bring the sheriff department to my house to take possession of the truck and I have to give all this documentation you are asking .
Answer1ZenitAnswered at 2012-08-20 18:16:25
Consult a lawyer , but my understanding is that in Aus cosigner / garauntor ultimately responsible for the loan , if you miss then you have to pay . Tardiness is not delinquent at least you have some special arrangement with him , either verbal or written, then you can not recover the truck . I have understood that the truck can not reposses anyway. I think only the lender can reposses vehicle . They can do this by using collectors . If you have not received notice from the bank that is in default then look in deed if not in default , . So unless you have a special arrangement with the endorsement can not come and claim the vehicle. One tip , if you 're late with a payment to the finance company notice.
Answer2RinaAnswered at 2012-08-27 08:10:16
Only the creditor can reposess the truck , not the guarantee. He is trying to scam you. MedlinePlus MedlinePlus The sheriff is not coming . It seems that his cousin is a crackpot scammer . MedlinePlus MedlinePlus No lawyer would touch this case , is lying .
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