The car lender would repossess the vehicle and sell it off, if there is a remaining deficiency, then the lender can go after the co-signer to be paid (so yes it would negatively effect the co-signer's credit rating)
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.
If you are filing for bankruptcy, and you try to cosign -- two things can happen. 1. the lender will turn you down. 2. If the court finds out you have applied for credit the bankruptcy can be stopped. If you mean that the car and loan will be for you during or after the bankruptcy, this still has to be disclosed and again the bankruptcy can be stopped.
yes
No. You would not be a good credit risk nor a sensible guarantor if you are in bankruptcy yourself.No. You would not be a good credit risk nor a sensible guarantor if you are in bankruptcy yourself.No. You would not be a good credit risk nor a sensible guarantor if you are in bankruptcy yourself.No. You would not be a good credit risk nor a sensible guarantor if you are in bankruptcy yourself.
Whethr or not you would be eligible would be the decision of the lender. Many lenders consider a person who has discharged a total liquidation bankruptcy and is gainfully employed as a good credit risk, as it is assumed the person has no outstanding debts.
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.
To cosign a lease extension means to become legally responsible for the lease agreement alongside the primary tenant. This includes agreeing to uphold all terms and obligations of the extended lease period as a form of guarantee for the landlord in case the primary tenant is unable to fulfill their responsibilities. It's important to understand the implications and commitments involved before agreeing to cosign a lease extension.
If you are filing for bankruptcy, and you try to cosign -- two things can happen. 1. the lender will turn you down. 2. If the court finds out you have applied for credit the bankruptcy can be stopped. If you mean that the car and loan will be for you during or after the bankruptcy, this still has to be disclosed and again the bankruptcy can be stopped.
yes
The cosign of pi is -1
No. You would not be a good credit risk nor a sensible guarantor if you are in bankruptcy yourself.No. You would not be a good credit risk nor a sensible guarantor if you are in bankruptcy yourself.No. You would not be a good credit risk nor a sensible guarantor if you are in bankruptcy yourself.No. You would not be a good credit risk nor a sensible guarantor if you are in bankruptcy yourself.
OP here with more details: the private student loans they are cosigned on are current/paid on time, but other private student loans (with the same lender) are about to default. Can this in any way cause problems for my cosigner?
how many times can someone cosign a car
Whethr or not you would be eligible would be the decision of the lender. Many lenders consider a person who has discharged a total liquidation bankruptcy and is gainfully employed as a good credit risk, as it is assumed the person has no outstanding debts.
Chapter 13 is a payment plan form of bankruptcy. You make payments to creditors based on your income over a set number of years. It is the more responsible choice over other forms of bankruptcies. You take a chance anytime you cosign. It should be based on the borrowers character.
It is possible that you could cosign an auto loan after you filed bankruptcy. It is not likely though. It would depend on a number of factors, not the least of which is your current credit number.
a cosigner is someone that also signs a note, meaning that if the original signer dose not pay the obligation the second signer or cosigner must pay. It means, if the person getting the loan does not pay it off, the cosigner is responsible for paying the loan off.