well your liablites in general…depends….you can be a ‘co signer’ and NOT an proprietor ( i know this because i did this with our kids…on purpose) if you are a co possessor you have the same liablity as the possessor, (ins…if accident occurs and no insurance you are held equal with holder)….if you are a co signer and NOT a co proprietor you liablity starts and completes with the financial responsiblity of the note…(they don’t pay then bank/company comes to you to pay the note/lease)….
Is auto theft covered by liability insurance in Colorado?
What is the law on auto liability insurance in Tennessee?
Tennessee requires “Proof of Financial Responsibility” which can be pleased by liability insurance with minimums of 25/50/Ten. Otherwise, a bond or other assurance of capability to pay damages is required. Proof is not required at the time of vehicle registration, but penalties are incurred if proof is not provided at the time of an accident. Proof is required regardless of fault, so all parties must provide it. Most drivers opt for insurance..
If you want to help your teenage by cosigning for an auto leasing loan and the auto dealership approves what happens if you file Chapter 7 shortly after?
Does cosigning an auto loan make you responsible for insurance?
How long does the auto insurance company have to determine liability?
I would suggest you contact your insurance commissioners office to find out if there is time limit on making a determination in your state.
What is the insurance liability for the cosigner of an auto loan?
None. A cosigner is coming in into a legally roping contract to repay the debt if the primary borrower defaults on the lending agreement. The cosigner does not have any other obligation nor ownership rights tothe property.
If you cosigned a leased car for your daughter and the car and insurance are in her name are you responsible as cosigner for any liability over the covered insurance amount in the event of an accident?
Ordinarily a cosigner would not be liable for anything other than the lending agreement. .
However, responsibilities incurred by all parties when a vehicle is under lease can be fairly different than the purchasing a vehicle. It would be prudent for the cosigner to read the leasing contract very cautiously and perhaps seek legal advice if they are hesitant of the terms of the contract.
What if you cosigned for an apartment and the lease was violated?
You are legally trussed to the lease and the obligations of the original contract as if it were your lease. You can take the person that you co-signed for to court for reimbursement.
If you cosign an auto lease will it demonstrate on your credit report if all payments are made on time?
Yes. It shows up on your credit report as a co-signed loan. The up side is you will receive credit for a good loan on your credit report. The down side is if you apply for credit they will usually count that debt as yours since if the maker does not pay you are responsible and if they use any type of debt to income ratio to qualify that will increase your debt %.
How much does liability auto insurance cost?
What is liability auto insurance?
Auto insurance liability?
I cosigned daughterinlaws car wrecked no insurance she filing ch 13 what is my liability was unaware of no insurance she owes 11000 car totaled?
Does a cosigner for a contract on an apartment share in the liability and if so can one cover the cosigner’s liability with tenants insurance?
If you are the cosigner on auto lease and the primary lessor files bankruptcy does the cosigner have the right to take over the vehicle lease?
If the primary lessor defaults on an auto lease loan is the cosigner responsible for the debt?
When you finance or lease a vehicle, your creditor holds significant rights on the vehicle until you’ve made the last loan payment or fully paid off your lease obligation. These rights are established by the signed contract and by state law. If your payments are late or you default on your contract in any way, your creditor may have the right to repossess your car..
Talking with Your CreditorIt is lighter to attempt to prevent a vehicle repossession from taking place than to dispute it afterward. Contact your creditor when you realize you’ll be late with a payment. Many creditors will work with you if they believe you’ll be able to pay soon, even if slightly late..
Sometimes you may be able to negotiate a delay in your payment or a revised schedule of payments. If you reach an agreement to modify your original contract, get it in writing to avoid questions later. Still, your creditor may reject to accept late payments or make other switches in your contract and may request that you comeback the car. By voluntarily agreeing to a repossession, you may reduce your creditor’s expenses, which you would be responsible for paying..
Recall that even if you comeback the car voluntarily, you’re responsible for paying any deficiency on your credit or lease contract, and your creditor still may report the late payments and/or repossession on your credit report..
Seizing the CarIn many states, your creditor has legal authority to seize your vehicle as soon as you default on your loan or lease. Because state laws differ, read your contract to find out what constitutes a “default.” In most states, failing to make a payment on time or to meet your other contractual responsibilities are considered defaults. In some states, creditors are permitted on your property to seize your car without letting you know in advance..
But creditors aren’t usually permitted to “breach the peace” in connection with repossession. In some states, removing your car from a closed garage without your permission may constitute a breach of the peace..
Creditors who breach the peace in seizing your car may have to pay you if they harm you or your property..
A creditor usually can’t keep or sell any individual property found inwards. State laws also may require your creditor to use reasonable care to prevent others from removing your property from the repossessed car. If you find that your creditor can’t account for articles left in your car, talk to an attorney about whether your state offers a right to compensation..
Selling the CarOnce your creditor has repossessed your car, they may determine to sell it in either a public or private sale. In some states, your creditor must let you know what will happen to the car. For example, if a creditor chooses to sell the car at public auction, state law may require that the creditor tells you the date of the sale so that you can attend and participate in the bidding. If the vehicle is to be sold privately, you may have a right to know the date it will be sold..
In either of these circumstances, you may be entitled to buy back the vehicle by paying the utter amount you owe, plus any expenses connected with its repossession (such as storage and prep for sale)..
In some states, the law permits you to reinstate your contract by paying the amount you owe, as well as repossession and related expenses (such as attorney fees). If you reclaim your car, you must make your payments on time and meet the terms of your reinstated or renegotiated contract to avoid another repossession..
The creditor must sell a repossessed car in a “commercially reasonable manner” – according to standard custom-made in a particular business or an established market. The sale price might not be the highest possible price – or even what you may consider a good price. But a sale price far below fair market value may indicate that the sale was not commercially reasonable..
Paying the DeficiencyA deficiency is any amount you still owe on your contract after your creditor sells the vehicle and applies the amount received to your unpaid obligation. For example, if you owe $Two,500 on the car and your creditor sells the car for $1,500, the deficiency is $1,000 plus any other fees you owe under the contract, such as those related to the repossession and early termination of your lease or early payoff of your financing..
In most states, a creditor who has followed the decent procedures for repossession and sale is permitted to sue you for a deficiency judgment to collect the remaining amount owed on your credit or lease contract..
Depending on your state’s law and other factors, if you are sued for a deficiency judgment, you should be notified of the date of the court hearing. This may be your only chance to present any legal defense..
If your creditor breached the peace when seizing the vehicle or failed to sell the car in a commercially reasonable manner, you may have a legal defense against a deficiency judgment. An attorney will be able to tell you whether you have grounds to contest a deficiency judgment.
What are the obligations of a cosigner on an apartment lease?
What is liability coverage on auto insurance?
What does auto liability insurance cover?
Does the primary lease holder on a car lease have any liability if the car is in an accident if the car is registered and insured by the co-signers of the lease who is not the primary?
If you cosign on a home that is foreclosed what is your liability?
As co-signer, you are also entirely responsible for payment of the loan….and if the primary borrower defaults you can expect the lender to come to you for payment, or if they have to foreclose and sell the property, for any losses they incurr doing so..
Thats what you co-signed for…telling you were responsible for the debt if the other borrowers didn’t prove to be responsible.
If you have only liability auto insurance should your insurance provider help you with a claim settlement against another insurance company after a auto accident?
What point is it safe to have just liability on your auto insurance?
What is nonowner auto liability insurance?
What does liability auto insurance cover?
Does liability auto insurance cover your car if you hit a pole?
What responsibility does a cosigner on an apartment lease have?
Car age or mileage when to consider auto liability insurance?
Will auto liability insurance go after a driver if they steal an auto?
Does the cosigner on an auto loan have to be on the insurance policy?
What are auto insurance liability thresholds?
Is there a deductible on liability auto insurance?
Does a cosigners auto insurance go up if the holder is late with payments in Maryland?
Is liability for auto insurance required by the state of Utah?
How is auto liability insurance different from comprehensive insurance?
Does Geico suggest good auto liability insurance?
Does your liability auto insurance cover you in a loaned vehicle?