What happens to my car loan if my co-signer files bankruptcy?
butterfly31201 asked:
I have a car loan of about $10,000. I got this loan about 9 months ago. I am just wondering how it will affect me if my co-signer files bankruptcy.
The car is in my name and she is the co-signer. So with all this new stuff I know does this mean they can come take my car too? Even though I make the payments .
Danielle
I have a car loan of about $10,000. I got this loan about 9 months ago. I am just wondering how it will affect me if my co-signer files bankruptcy.
The car is in my name and she is the co-signer. So with all this new stuff I know does this mean they can come take my car too? Even though I make the payments .
Danielle
Tags: 9 Months, Bankruptcy, Co Signer
March 4th, 2009 at 5:27 pm
Lawrence
The question is …who has the title? Did you default on the loan so the co-signer took it over? If that is the case, I would say he has more rights to the car than you.
March 7th, 2009 at 6:50 pm
Gilbert
Assuming the car is in your name, being one of the co-applicants, you’d have to deal with settling the loan. It’s best to talk to a bankruptcy lawyer on this. But as fas far as I know, it’s best to have some kind of insurance on this loan that will keep the monthly payments flowing come what may. If nothing works and the bank has it’s way, it’s within its rights to repossess the car.
March 10th, 2009 at 3:22 pm
Eric
If your co-signor files chapter 7 and includes the car, then everything is on you.
March 13th, 2009 at 5:29 pm
Lloyd
You stay unaffected since the car is in your name and she’s only a cosigner.