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Can a co-signer of a car transfer all debt to the main signer of a car?
Wiki User
∙ 11y ago
No. The co-signer will be responsible for paying the loan until it is paid off.
No. The co-signer will be responsible for paying the loan until it is paid off.
No. The co-signer will be responsible for paying the loan until it is paid off.
No. The co-signer will be responsible for paying the loan until it is paid off.
Wiki User
∙ 11y ago
Wiki User
∙ 11y agoNo. The co-signer will be responsible for paying the loan until it is paid off.
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Is a cosigner responsible for a car loan if the main borrower dies?
Yes. The co-signer should negotiate a resolution as soon as possible. If the debt goes into default the co-signer's credit will be ruined. The co-signer should try to get the lender to take back the vehicle and negotiate the amount it will take to write off the debt. On the other hand, the co-signer could try to get title from the decedent's estate and then pay off the loan.
Can a collection agency sue a co-signer on a credit card even if the main signer is alive?
Yes, the primary borrower and the cosigner are both equally and legally responsible for repaying the debt in question. A creditor/collector will take legal action against the party which they believe they are most likely to be successful in collecting monies owed. For example, if the cosigner is currently employed and the primary borrower is not, the creditor might "go after" the cosigner in the hopes of obtaining a judgment that can be executed as a wage garnishment.
When a car in Texas gets repossessed for failure of payment does the car company come after the main signer or the cosigner for paying off the rest of the loan?
Both. But in reality, they go after the money. If the primary is broke, doesn't have a job, homeless, whatever, the bank will go after the person with the money. Now aren't you glad that you co-signed? They'll first try to get the primary signer to pay the debt. If he can't, the company will hold the co-signer liable for it. A co-signer is just as legally liable for the debt as the primary signer. You know when it's a good idea to become a co-signer? Never.
What if the primary borrower files bankruptcy is the cosigner still responsible for making payments on the vehicle Can the co-signer take their name off the vehicle?
A Co-signer is always responsible for the item unless the primary borrower refinances and removes the co-signer. Unfortunately if the primary borrower filed bankrupcy it doesn't seem likely they will be able to refinance. Yes. Cosigner means that if for ANY reason the main borrower cannot pay, cosigner will be responsible to pay.
Does a cosigner have to have a good credit rating to cosign?
Yes, that is the main purpose of having a cosigner. The person is accepting equal resposibility for repayment of the debt if the primary borrower should default. Therefore a cosigner needs to the have acceptable financial status as required by the lender.
If you are a co-borrower not a cosigner are you responsible for repayment of the loan?
Yes, a co-borrower is as responsible for a debt as is the primary borrower. The main difference between co-buyers and cosigners is that a cosigner generally does not have any claims to the property in question but bears the responsibility of repaying the debt should the primary borrowers default on the agreement.
What happens to my credit as a co-signer when a loan isn't paid?
Depending on the loan amount it could hurt you tremendously. Being a cosigner means that if the main loanee can't pay for any reason, you are responsible for payment.
What are the rights of cosigners when primary borrowers won't pay loan?
Once a co-signer signs a loan agreement, they are guaranteeing payment of that expense. If the primary borrower either hits upon hard times or simply chooses not to pay, the company will go after a cosigner for the money they agreed to pay, if the main signer did not pay.
If the primary debtor files bankruptcy is the co-signer still responsible for the loan?
Yes Discussed many times in similar questions. Simply, it is obviously one of the main reasons a co-signer was required. However, under C 13 bankruptcy, the cosigner is provided certain protections while the process is run.
If you co-sign for a car and also have an agreement that is notarized stating if even 1 payment is late the car reverts to cosigner Can the cosigner go into court and get the car?
Yes. If there is a notarized document with the signatures of both parties stating the terms then winning in court should be no problem. It is always up to a judge to establish the validity of the notarized document. However, it seems that what is in the hands of the co-signer is a contract and if the contract is not up held by the main person on the loan, then it seems like the co-signer is in all his/her rights to go to court.
What is the main signer of two door cinema clubs name?
Alex Trimble
Is a co signer responsible for parent plus loan if main borrower dies?
Yes.
