After repossession of a vehicle due to lack of payment, would a co-signer be entitled to any funds received from auction sale over loan payoff amount?

Asked on August 20, 2012 under Bankruptcy Law, Maryland


FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Assuming that after a vehicle has been repossessed and auctioned off where there are excess funds left over after paying off the repossession charge, storage charge, loan and auction fee, those who are listed on the loan are entitled to share in what remains. This includes the co-signer of the loan.

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