The LENDER will have to remove any co-signor from the loan. Your only option is to have your daughter refinance the loan in her name only. She might be able to do this, given enough positive credit history on the existing loan and proof that it was her making the payments on time.
The cosigner's credit will only be affected if the person that they cosign for defaults on the loan. The bankruptcy will not affect the cosigners credit.
Yes.
Yes, that is the main purpose of having a cosigner. The person is accepting equal resposibility for repayment of the debt if the primary borrower should default. Therefore a cosigner needs to the have acceptable financial status as required by the lender.
If you're talking about a cosigner, then yes. The cosigner's credit gets dinged also. Be careful about who you cosign for.
The cosigner's credit score is used. They are the one responsible if the primary signer defaults on payment. Both credits are ruined if the car payment is missed. Be very careful of who you sign for!
Yes, all action on the part of the primary borrower will be reflected on the cosigner's credit report.
The cosigner's credit will only be affected if the person that they cosign for defaults on the loan. The bankruptcy will not affect the cosigners credit.
Yes.
Yes, that is the main purpose of having a cosigner. The person is accepting equal resposibility for repayment of the debt if the primary borrower should default. Therefore a cosigner needs to the have acceptable financial status as required by the lender.
If you're talking about a cosigner, then yes. The cosigner's credit gets dinged also. Be careful about who you cosign for.
The cosigner's credit score is used. They are the one responsible if the primary signer defaults on payment. Both credits are ruined if the car payment is missed. Be very careful of who you sign for!
Yes, but if you don't pay the bill the cosigner will be held responsible
The spouse is not responsible and should not have this on her credit. But the estate of the deceased will still be responsible for the debt.
Possibly. However, the cosigner needs to understand all the implications should the one needing the cosign on the load default on payments. If the primary borrower doesn't pay the co-signer will be held personally responsible for paying the loan in full. That's what they agree to when they sign as co-signer.
Yes.
The way it may impact on the credit report depends on if the person pays the rent as agreed. It will also play a part in the cosigner's DTI. Usually the only way of being removed as a cosigner is if the agreement is reaffirmed by the primary holder and the lender. In the instance of rental agreements, a cosigner can sometimes be relieved of obligation if there is a breach of contract. For example, if the person moves someone not on the original rental contract into the apartment.
Anyone the lender accepts can be a cosigner...that is entirely the lenders choice. However, they naturally want someone more qualified, having a higher credit score, than the primary. Your father likely does not.