If I am a cosigner on a car loan and the loan is in arears can I reposses the ca
If I am a consigner on a car loan and the loan is in arears by almost 3 months, can I reposses the car before the creditors do?
Asked on 1/11/03, 12:59 pm
1 Answer from Attorneys
Marc Stern
Marc S. Stern
Re: If I am a cosigner on a car loan and the loan is in arears can I reposses th
If you pay the secured creditor, you are subrogated to his rights. This presumes that you are a true co-signer/guarantor.
If you are signing as a co-signer/principal, the issue becomes much more complicated.
In order to give a useful answer, it would be necessary to look at the paperwork. The only thing that I am certain of is that if you do not make the payments and the car repossessed and liquidated you will will be liable for any deficiency.
MSS
Answered on 1/12/03, 5:25 pm
