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What is the insurance liability for the cosigner of an auto loan?
Wiki User
∙ 17y ago
None. A cosigner is entering into a legally binding contract to repay the debt if the primary borrower defaults on the lending agreement. The cosigner does not have any other obligation nor ownership rights to the property.
Wiki User
∙ 17y ago
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Can a cosigner on an auto loan get insurance on the vehicle?
Yes
Does the cosigner on an auto loan have to be on the insurance policy?
By co-signing the loan, they are guaranteeing that you will repay the loan. They do not need to be on the auto insurance policy, but it would be in their best interest.
Can you be seventeen and have a cosigner cosign for an auto loan?
i was able to get an auto loan with the help of a cosigner and im under 18
If I buy a new car with a loan, do I have to have liability auto insurance in New York State?
You are required to have liability insurance on any vehicle. The lender may require you to have full coverage as a loan condition.
Can the primany buyer of an auto loan refinance the auto loan in the cosigner's name only?
No. The cosigner would have to apply for a loan in their name using their credit, income data.
What does it mean to have a guarantor on an auto loan?
A cosigner- someone who agreesto pay the loan if you default
Can your daughter be on your car insurance if you are not cosigner on her car loan?
Yes: Your spouse/children can be included on your insurance policy regardless of who was/if there was a cosigner on the car.
Is the cosigner of an auto loan responsible for the loan if the loan was refinanced by the buyer without the knowledge or consent of the cosigner?
No, the refinancing without the consent or knowledge of the original cosigner created a breach of the original lending agreement and the cosigner is no longer legally obligated for the debt.
If you apply for an auto loan and have a cosigner will that decrease the amount of positive credit you get from having that loan?
Nope
If the cosigner has had possession of vehicle 15 months paying the payments does the primary have the right to the vehicle?
will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle
Cosigner need insurance?
The cosigner on an automobile loan is not the person who has to pay for insurance on the vehicle. The registered owner should pay the fees for insurance. However, it is the cosigner's responsibility to make sure the registered owner is carrying insurance for the vehicle.
How can insurance liability be used against you?
Insurance liability is found in different scenarios, but for this example I will use Auto Insurance liability. Most automobile lenders require anyone with an auto loan to have insurance liability. This means if you cause an accident while operating your vehicle, you may be made liable to pay the costs of damages and medical bills. While insurance liability is a good thing to have, especially if you are the one who is the victim of an accident, it can also be a costly, though necessary thing to have.
