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∙ 15y ago
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How do you get out of being a cosigner on a bike loan?
The loan must be paid off and refinanced in the sole name of the primary borrower. Otherwise you are fully responsible for paying the loan if the primary borrower defaults or wrecks the bike.The loan must be paid off and refinanced in the sole name of the primary borrower. Otherwise you are fully responsible for paying the loan if the primary borrower defaults or wrecks the bike.The loan must be paid off and refinanced in the sole name of the primary borrower. Otherwise you are fully responsible for paying the loan if the primary borrower defaults or wrecks the bike.The loan must be paid off and refinanced in the sole name of the primary borrower. Otherwise you are fully responsible for paying the loan if the primary borrower defaults or wrecks the bike.
What if the primary signer on a loan defaults?
If the primary signer defaults the co-signer will become responsible for paying the loan.
Can a guarantor get their money back from someone who has defaulted on their loan?
No. All the guarantor does in a transaction is guarantee that the loan will be paid. They don't get any money back. In fact, they are fully responsible for paying the loan if the primary borrower defaults.No. All the guarantor does in a transaction is guarantee that the loan will be paid. They don't get any money back. In fact, they are fully responsible for paying the loan if the primary borrower defaults.No. All the guarantor does in a transaction is guarantee that the loan will be paid. They don't get any money back. In fact, they are fully responsible for paying the loan if the primary borrower defaults.No. All the guarantor does in a transaction is guarantee that the loan will be paid. They don't get any money back. In fact, they are fully responsible for paying the loan if the primary borrower defaults.
What are the cosigner's options if the primary defaults on the loan and leaves the country?
To pay the loan.
Can you sign car that has a loan on it to the primary buyer and not be responsible for it if he defaults?
If you are the co signer, then it is automatically your responsibility if he defaults
What is First loss payee?
This phrase refers to the order in which creditors get paid off in the event that a debtor defaults on a loan. The first loss payee would priority over other creditors, and be paid off first.
Does a cosigner have legal rights to take your car if the borrower never defaults on payments?
No. He/she simply has to pay the loan if you don't. Has no real right to the car even if you do miss payments. Has to go to court and show you have defaulted on the loan and has paid on it.
Does the cosigner have legal recourse monetary damages when the primary borrower defaults on a vechicle loan?
Does the cosigner have lega recourse monetary damages when the primary borrower defaults on a vechicle loan
Will co-signing a loan effect your home modification?
Yes, unless your income can cover both debts. When you co-sign a loan you are guaranteeing that it will be paid. If the primary borrower defaults, the lender will come after you for payment. It would be considered your debt.
What happens to your credit if you co-sign for someone and they quit making payments?
When you co-signed you agreed to pay the loan if the primary borrower defaults. That is the only purpose of requiring a co-signer. The person who applied for the loan doesn't have a good credit record and the lender wants to make certain the loan is paid so they arrange for someone with better credit to co-sign the loan. If you don't make the payments your credit will be ruined.When you co-signed you agreed to pay the loan if the primary borrower defaults. That is the only purpose of requiring a co-signer. The person who applied for the loan doesn't have a good credit record and the lender wants to make certain the loan is paid so they arrange for someone with better credit to co-sign the loan. If you don't make the payments your credit will be ruined.When you co-signed you agreed to pay the loan if the primary borrower defaults. That is the only purpose of requiring a co-signer. The person who applied for the loan doesn't have a good credit record and the lender wants to make certain the loan is paid so they arrange for someone with better credit to co-sign the loan. If you don't make the payments your credit will be ruined.When you co-signed you agreed to pay the loan if the primary borrower defaults. That is the only purpose of requiring a co-signer. The person who applied for the loan doesn't have a good credit record and the lender wants to make certain the loan is paid so they arrange for someone with better credit to co-sign the loan. If you don't make the payments your credit will be ruined.
What does it mean if someone defaults on a loan?
When someone defaults on a loan, it is when you borrow money from a bank and you say that you are going to pay it back, but you do not, therefore stealing their money. This can wreck your credit score and get you in deep trouble.
If you cosign for a car loan can you be sued successfully?
Yes. If the signer defaults on the loan, then you, as the cosigner, would be liable.
