 TITLE: Does Repossession Affect a Cosigner’s Credit? CONTENT: What Rights Do Cosigners Have in Auto Repossession?\n---------------------------------------------------\nIf a lender repossesses a car, will contact you regarding your options for the vehicle. These might include:\n*   **Reinstating the loan**: You may be able to bring the account current by paying all past-due amounts and fees.\n*   **Redemption of the vehicle**: You can buy back the car by paying off the balance plus fees.\nAssuming that you choose not to reinstate the loan or buy back the car, the lender will also let you know when and where the car is being sold and how they will calculate the deficiency balance.\nFederal law requires lenders to conduct a \"commercially reasonable\" sale, which means they cannot sell the car for significantly less than the fair market value and then require you to pay the difference. END