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Most likely, but alot of it depends on the co signers credit score, also if they have sources of income other than a job. The purpose of a co signer is for the bank to have someone to go after for a debt if you don't pay.
Wiki User
∙ 13y ago
Wiki User
∙ 12y agoYes. They must be able to pay the loan if the primary borrower stops making their payments.
Yes. They must be able to pay the loan if the primary borrower stops making their payments.
Yes. They must be able to pay the loan if the primary borrower stops making their payments.
Yes. They must be able to pay the loan if the primary borrower stops making their payments.
Wiki User
∙ 13y agoGenerally, yes, unless they can prove they are independently wealthy. They need to qualify for the loan and prove they have the ability to make the payments if you don't.
Wiki User
∙ 12y agoYes. They must be able to pay the loan if the primary borrower stops making their payments.
Wiki User
∙ 6y agoYes, unless they can prove they are independently wealthy. They need to qualify for the loan and prove they have the ability to make the payments if the primary borrower fails to pay.
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Can a primary co signer take the car from the secondary co signer?
can a primary co signer take the car away from a secondary co signer
What if the borrower dies and there was a co-signer?
The lender will go after the co-signer for payment.The lender will go after the co-signer for payment.The lender will go after the co-signer for payment.The lender will go after the co-signer for payment.
What if the borrower dies and there was a co signer?
The lender will go after the co-signer for payment.The lender will go after the co-signer for payment.The lender will go after the co-signer for payment.The lender will go after the co-signer for payment.
Can a co-signer make a primary signer refinance?
No. A co-signer has no such authority over the primary borrower. The co-signer is on the hook until the loan is paid off.No. A co-signer has no such authority over the primary borrower. The co-signer is on the hook until the loan is paid off.No. A co-signer has no such authority over the primary borrower. The co-signer is on the hook until the loan is paid off.No. A co-signer has no such authority over the primary borrower. The co-signer is on the hook until the loan is paid off.
Can a garnishment on a cosigner be stopped if the signer has a job?
Having the ability to pay (a job) is exactly the reason for the garnishment on the co-signer. The way to stop the garnishment is to pay off the debt. Don't co-sign if you do not understand what you are committing yourself to.
If the co-signer do not have enough credit after being the co-signer half year for a car loan because of the co-singer lose the job What will happen to the co-signer?
AnswerIf you have already been the cosigner on the loan, you will remain so until the loan is refinanced or paid in full. It doesn't matter if the cosigner has lost their job or not. As long as the person is making their payments, the cosigner isn't affected at all.Good luck job hunting cosigner! :)
If someone co-signs for another person does it show up on the co-signer's credit report?
Yes, the obligation will be reflected on the co-signer's credit. Lenders do not differentiate between a signer and a co-signer. Both are responsible for the repayment of the loan. If the signer stops making payments, the lender will look to the co-signer for full repayment of the obligation. Co-signer be aware!
Can a co-signer repossess a vehicle if a sibling is not making payments?
The co-signer is typically a person who signs for the car loan; the co-signer may or may not be listed as a co-owner on the title. If the co-signer is also a co-owner, the co-owner who is paying the loan can legally take the car. However, if the co-signer is not a co-owner, taking the car would be grand theft auto. Incidentally, if the co-signer is not also a co-owner and the loan falls into default, both the signer and the co-signer will be identified in credit reports as defaulting on a car loan, even though the co-signer did not have or use the car.
Can a cosigner have their name removed from a loan if the co-signer is incarcerated?
No. The co-signer would be responsible for paying the loan.No. The co-signer would be responsible for paying the loan.No. The co-signer would be responsible for paying the loan.No. The co-signer would be responsible for paying the loan.
What recourse does co signer have if the primary debtor defaults?
The co-signer can sue the primary debtor for reimbursement of what the co-signer pays the creditor.
What if the cosigner refuses to sign the auto loan but the down payment is already made?
Hummm --- co-signer NOT a co-signer! -- your options are few - 1) GET ANOTHER CO-SIGNER QUICK, or 2) GET YOUR DOWN PAYMENT BACK QUICKLY or 3) Work w/dealer to arrange payments for your new car! If you've a job - ask (beg) your employer to tell car dealer that your stable in your job and you will not lose your job unless you can't get to work because you got no car! GOOD LUCK, and choose better friends to be your Co-signer next time.
If you rent furniture and you require a co signer and you don't return the furniture will the co signer be held accountable as well?
Yes. That's the purpose of a co-signer, to guarantee the conditions of the contract in the event of default by the other signer.
