0
Can you sue for ex to pay half car payment if both names on loan?
Wiki User
∙ 12y ago
You may take them to civil court and have a judge determine who will pay for the car. Most likely the responsibility will be held accountable to the person who drives the vehicle. But as far as the lender goes if there is a signer and a co-signer, you are both equally responsible.
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
What is a joint loan?
A joint loan is when both individuals are fully responsible for a loan and it will report on both individual's credit bureau. So if both individual don't make a payment or does not pay enough of the monthly payment it will report on both credit bureau files as a late payment.
Two names on a home equity loan and one person no longer lives there and doesnt want to pay it back is the other person still liable?
In short, if the loan is not paid, everyone on the contract can be sued. If the loan is in both names, then both people are "jointly and severally" liable for non-payment, meaning that they can both be sued if the loan is not paid, and one or both of them must pay the awarded judgment, and the non-paying party may then be sued by the one who had to pay.
If primary owner and cosigner have both their names on the title and primary doesn't pay the payments can you repossess the vehicle The title says or on it.?
If there are two individuals listed on the title of a vehicle as primary and joint, they are both responsible for the payment of the loan. If the primary defaults on the payment, the joint owner is responsible for payment. If both parties default, the vehicle can be repossessed.
What is loans receivable?
The expected payment of a loan, it is an asset account. When you loan money you debit loans receivable and credit cash (both assets) When you receive the payment for the loan you debit cash and credit loans receivable.
How can I cosign for a loan without being legally liable?
no such thing! sorry! by cosigning a loan you are gaurenteeing payment therefore you are responsible for the loan if the original signer defaults every late payment and every on-time payment effects both parties either positively or negatively
What exactly is an amortization loan?
In banking and finance, an amortizing loan is a loan where the principal of the loan is paid down over the life of the loan (that is, amortized) according to some A loan with scheduled periodic payments of both principal and interest. This is opposed to loans with interest-only payment features, balloon payment features.
Can your payment for a loan be refused?
If You Have Had Your Loan Turned Over To A Collection Agency Then Your Payment Will Have To Be Paid To The Agency. Until An Agreement Is Reached By Both Parties. Or The Loan Is Paid Off. If This Has Not Happened, Set Down And Read Your Loan Contract. Then If In Doubt, Take This To Your County Attorney.
How can you lower loan payment for car?
You can lower your loan payment by refinancing your car loan. You can also negotiate with your current lender and see if he can reduce your payment amount.
If you have a cosigner for an auto loan do both names have to be on the car's title?
The lender will probably insist that all names on the title also be on the loan, but not the other way around.
Will you have two payments such as a mortgage payment and a equity payment?
not sure of the exact question - but i will go with what i think you are asking. "if you get a mortgatge will there be 2 separate payments involved?" NO. A mortgatge is a loan that is paid back over regular increments of time, usually monthly. The payment is "applied" (by the loan company) to principal and to interest portions. Initially they will put almost all of the payment towards the interest. Theroetically, half way through the life of the loan, they will apply half of your payment to the principal (borrowed amount) and half to the interest (cost of borrowing the money). the last few payment would be applied to the principal almost exclusively, the opposite of when you started paying the loan. It is set up so the borrower can get the "fee" for the loan paid back sooner, rather than having to wait until the loan is completely paid off. this has been a simlification of course because there are many different kinds of payment arrangements, but they almost all genereally operate this way. The question also asks about an equity payment. Equity is your portion of the value of the property. Beyond your down payment, there should be no further payments.
Function takes rate payment and loan amount and outputs a monthly loan payment amount in excel?
The PMT function in Excel outputs a monthly loan payment amount.
What function in excel takes rate payment and loan amount and outputs a monthly loan payment amount?
The PMT function in Excel outputs a monthly loan payment amount.
