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Can a cobuyer refinance a auto loan and remove the buyer from loan?
Buy cobuyer I wonder if you mean cosigner on a loan. If this is the case then the answer is no. As a cosigner you are simply agreeing to pay the loan if the person who took it out does not. It is in his or her name and you are responsible for it if they do not pay it.
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No. The cosigner would have to apply for a loan in their name using their credit, income data.
Can a primary buyer have a co buyer removed from an auto loan if the co buyer was never needed to get the loan?
Answer . \nThat will be up to the LENDER.
If the cosigner is refusing to refinance or pay the auto loan off how could the primary person on the auto loan remove his or her name?
Answer . \nThey would need to have the vehicle refinanced in their name only or obtain another cosigner for the refinancing.
If the buyer does not pay the loan, then the lender comes after the co-signer. Late payments affect both credit reports. Most recommendations are not to co-sign a loan.
You will be responsible for the loan payments
Well, it depends how the title was written. if it says buyer "or" cobuyer you dont need the other persons signature for anything .... if its written with "and" between your tw…o names, u will have to have both people present to complete any removals or transfers. That or you can have the cobuyer sell u the car. They will still need to be present though.
Don't know of any state that allows a co-buyer. There might be. For this purpose, let's use co-signer. What legal action does the co-signer have if the buyer doesn't make the …car payments? In reality, the co-signer signed as a guarantee that the payment would be made and on time on the specified date. The buyer is the one buying. That's 2 different operations. The co-signer, at last known fact, cannot take the car because he is not buying it. He's paying THE LOAN since (and we're assuming here) the buyer is not paying. In my experience, if the buyer wants to be a horse patootie, he can drive that car with a smile on his face and not make payments because the co-signer IS OBLIGATED TO MAKE THE PAYMENTS. If the co-signer does not make the payments, then HIS CREDIT IS RUINED! Never co-sign, if at all possible.
You can refinance an auto loan at any place you can get an auto loan. It may be best to use an agency in which you have already gotten a loan through before.
To refinance an auto loan, work with your bank or credit union to pay off your existing loan and get better or more spread-out terms for a new loan. Often, it is not worth the… hassle of refinancing, unless your current interest rate is 1 to 1-1/2 points higher than what you could get with a new loan.
If you refinance your auto loan you are most likely going to save a lot of money. However most people do not know this. You pay off your current car loan with a refinancing ca…r loan from a different lender.
In order to be qualified for refinance auto loans, most companies require that you be over the age of 18, that you posses a valid drivers license, you must be a current US Cit…izen, you must have a yearly salary of 26,000 or act as a cosigner, and you must have proof of a current auto insurance.
It is possible to refinance an auto loan. Refinancing offers the opportunity to lower your interest rate and save money over the term of your loan, which lowers your monthly p…ayment.
Does credit acceptance do refinance
When an auto loan is refinanced, repayment is structured depending on the amount outstanding on the loan and the amount of months left to repay at time of refinancing. This m…ay enable a person to save extra money by lowering the cost of the loan payments.
The purpose of a refinance auto loan calculator is that it helps you to find out if you can afford to change your loan terms. It will tell you what your new monthly payments w…ill be.
One can refinance their auto loan at any bank. One simply has to apply for an auto refinance loan. It is important to compare all of the available options; that way a lot of m…oney can be saved.
There are hundreds of companies which will offer you auto loan refinancing, however it is important to research the company first to make sure it is not a scam or a predatory …lender. A website like Bankrate is both free and objective, so it is a good resource to find safe and reliable refinancing companies.