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If the cosigner on a car loan gets the loan refinanced in her name can she then sell the car or does the primary have to sign the title over?
Wiki User
∙ 18y ago
Any title holder must relinquish ownership by signing the title release
Wiki User
∙ 18y ago
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Who gets garnished for student loan The borrower or the cosigner?
the borrower
Does the credit of the cosigner gets affected if car is not paid?
Oh yes it does. That person put their credit on the line when they signed the contract making me a cosigner.
Can a credit provider report a guarantor to credit reporting agencies based on the defaults committed by the principal?
If you're talking about a cosigner, then yes. The cosigner's credit gets dinged also. Be careful about who you cosign for.
If I am a cosigner on a car loan and it gets repo is the owner of the car responsible for the remaining balance after it is auctioned or is it the cosigner's responsibility?
Both are responsible until paid in full. It will also be on both credit reports as well.
If an adult gets an auto loan for you can you have the loan signed over to your name when you are 18-years-old if you have a full-time job?
Actually, it is possible. If you have the adult cosign the loan for you and you never miss a payment, including making them on time, you will be on your way already to building a credit history, even though you're under 18. Once you hit 18, you should have a good credit score and you could have the auto loan be refinanced in your name without a cosigner. Your income will be taken into consideration but depending on the amount of the loan, you won't have to make "3000-4000" a month, that is, if the loan is going to be $300 a month and if you make $1200-$1500 and you show you have little expenses, it could work and the dealership will be able to get the car refinanced in your name.
Is the cosigner of a vehicle liable if the it gets repossessed?
Yes. That is the point of the lender asking for a cosigner. The cosigner will have a repossession showing on their credit as well as the primary lender.
If you got a ticket in a car you are not the primary signee on the title who gets the warrant?
The driver. The title isn't relevent to many traffic tickets.
What if co-buyer pays off loan and primary buyer has possession who gets title?
The title will go to the address that is on the contract. Usually it is the primary buyer. You can call the finance company and ask for the Title department and request them to send the title to an alternate address.
Who gets the credit when you have a cosigner on a new car?
Both
Who gets garnished for student loan The borrower or the cosigner?
the borrower
Does the credit of the cosigner gets affected if car is not paid?
Oh yes it does. That person put their credit on the line when they signed the contract making me a cosigner.
Can a cosigner sue for the debt incurred as a result of the primary borrower filing bankruptcy.?
No * In most cases, yes. Secured debts such as a vehicle are not dischargeable in BK. Therefore, the primary borrower is only temporarily avoiding action by the lender. If the cosigner is held responsible for the default he or she may sue the primary borrwer for damages incurred. ==ans == Yet another take: The cosigner is a co-borrower. By the primary defaulting he actually gets no more debt than he already had and agreed to be liable for. Whether he would have a claim for paying having to pay the debt he agreed to be liable for before the BK, instead of the primary, would depend on the (hopefully written) agreement between those two parties. While unlikely, it is possible that is noted in the loan document.
Can a credit provider report a guarantor to credit reporting agencies based on the defaults committed by the principal?
If you're talking about a cosigner, then yes. The cosigner's credit gets dinged also. Be careful about who you cosign for.
If you are a cosigner on a vehicle and the other person gets the vehicle repossessed then files for bancruptcy what happens to the cosigner?
you are still liable for that loan. the lender may decide to not accept the bankruptcy charge and go after you for the money.
Your car gets repossessed and you have a cosigner. What happens to the cosigner's credit?
The co-signer's credit record is wrecked as badly as the primary borrower's. The co-signer has guaranteed the loan would be paid and they are held equally responsible for paying the loan if the primary borrower fails to pay. It will be noted as a default on their credit record. "Co-signers" who agree to guarantee repayment of a loan for a poor credit risk often do so without understanding their own risk and whether they have the resources to repay that loan.
If I am a cosigner on a car loan and it gets repo is the owner of the car responsible for the remaining balance after it is auctioned or is it the cosigner's responsibility?
Both are responsible until paid in full. It will also be on both credit reports as well.
Can a students gets loans without cosigner?
Some students can and some students cant it depends on the students age. if the student is under 18 years of age then they need a cosigner. But if they are over 18 then they usually dont.
