0
Yes. I believe the loaner will contact you with a past due amount, or send you a bill. If this hasn't happened yet, contact the loaner and tell them you want possesion if the car is not being paid for by the buyer. * No. A cosigner has no legal right to a vehicle unless his or her name appears on the title. The cosigner will have to make the payments to keep the vehicle from being reposssesed or have the vehicle refinanced in his or her name with the primary borrower being released from the current agreement, this can only be done if the lender agrees.
Add your answer:
Earn +20 pts
What does it mean to have a guarantor on an auto loan?
A cosigner- someone who agreesto pay the loan if you default
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
Can you default on an auto loan if there is a cosigner and you are the primary?
Well, you CAN default but the co-signer would then be completely responsible for paying the loan that you defaulted on. The co-signers credit will be impacted by your default and all subsequent collections.
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
What happens to the cosigner if you are in chp 7 bankruptcy and you default on your car loan?
If you default on your loan, the cosigner is stuck with paying it off. If your credit had been any good in the first place, you would not have needed a cosigner.
Can a spouse be a cosigner on an auto loan?
yes
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 happens if a loan is in default and is deceased but has a co signer?
The cosigner now owes for the loan.
If you are a cosigner in someone's loan for a line of credit and he is at default what can the cosigner do to take his name back?
Nothing. The only option for being remove as a cosigner is to have the original loan refinanced without the cosigner participating.
Can a cosigner on an auto loan get insurance on the vehicle?
Yes
Does the cosigner have to drive the car?
No, the cosigner signs on to the loan. Usually, the primary signer owns the car and drives it. The cosigner is there in case the loan goes into default and needs to be paid for. After they sign on the car does not belong to them, but the person who took out the loan.
Who is a consigner?
If a lender does not feel comfortable with what they perceive as your ability to repay a loan they may ask that you get a cosigner. The cosigner is a person who would be guaranteeing the loan repayment if you were to default.
