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Can a co-signer help get a person with bad credit get the same rate that a person with excellent credit gets?
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∙ 8y ago
Not likely.
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∙ 8y ago
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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.
Who gets garnished for student loan The borrower or the cosigner?
the borrower
If you purchase a home with a cosigner and file Chapter 7 will his credit be in jeopardy too?
Without knowing your co-signer's finances, this is impossible to answer. However, if you obtain a discharge of your liability on a mortgage loan, the co-signer would have 100% liability for the remaining balance. If that person is able to make the payments, then no harm would come to their credit record. If the loan gets paid late, goes into default and foreclosure; those derogatory listings would be reflected on that person's credit report and THAT would jeopardize his/her credit.
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.
Who gets the credit when you have a cosigner on a new car?
Both
Is the cosigner of a vehicle liable if the it gets repossessed?
Yes, the cosigner is typically liable for the vehicle if the primary borrower defaults and the vehicle is repossessed. The cosigner is equally responsible for the loan and may be pursued for any outstanding debts, fees, or deficiencies resulting from the repossession. It's important for cosigners to understand their obligations before agreeing to cosign a loan.
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 made a couple of late payments on your apartment will this affect your cosigner's credit rating?
Yes, If the co-signer gets "dinged" on the credit report just like they where the signer
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.
What legal options does a cosigner havewhen making a oral agreementt?
Oral agreement makes no difference to written since unenforceable, essentially loan is your in most states, other person only gets credit for payments made on time
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.
Who gets garnished for student loan The borrower or the cosigner?
the borrower
If you purchase a home with a cosigner and file Chapter 7 will his credit be in jeopardy too?
Without knowing your co-signer's finances, this is impossible to answer. However, if you obtain a discharge of your liability on a mortgage loan, the co-signer would have 100% liability for the remaining balance. If that person is able to make the payments, then no harm would come to their credit record. If the loan gets paid late, goes into default and foreclosure; those derogatory listings would be reflected on that person's credit report and THAT would jeopardize his/her credit.
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.
How can the cosigner of a car immediately have possession of it after it was repossessed by the bank?
When you cosign for anyone you are taking 100% responsibility for the payments on that car. If the person that gets the car doesn't keep their payments up it will be repossessed by the bank with an option for the cosigner to take over payments or sell the car and pay back the loan. Marcy
