Both are responsible until paid in full. It will also be on both credit reports as well.
Check your title paperwork. If the cosigner is listed on the title then you are co owners. If the cosigner is not listed on the title then you are the only owner. More times than not a cosigner is also listed on the title.
You don't have to contact anyone. The lender will report information on the primary borrower, cosigner, joint owner, guarantor, and other relationships.
owners capital is liability of business that's why it is credit balance.
A "Cosigner" is a "Co-owner." Cobuyers and buyers are equally responsible for the note they signed.
No they can not because then the cosinger can report te car being stolen. YES YOU CAN AS LONG AS YOU ARE THE PRIMARY OWNER OF THE VEHICLE. THE COSIGNER IS JUST A PERSON WHO HAS MADE AN AGREEMENT WITH THE BANK THAT IF FOR SOME REASON YOU SHOULD DEFAULT ON THE LOAN THE BANK CAN PURSUE THE COSIGNER. BECAUSE THE COSIGNER PRESUMABLY HAS BETTER CREDIT AND STRONGER WORK HISTORY, THUS THE ABILITY TO REPAY THE LOAN. OF COURSE YOU HAVE TO BE OF AGE AND FOLLOW ALL OF THE LAWS WHEN DRIVING.
No, Owners investment has credit balance and these are liabilities for business that's why it is gone to balance sheet
usually if you have no credit history they recommend you use a co-signer. However, if you are a student you may qualify for a first time credit card owner.
No, because the co-signor is not file a bankruptcy with you and the creditor will go after the co-signor instead of you.
Capital account has credit balance as a normal balance of account as it is the amount company requires to return back to it's owner at the time of liquidation.
Two things to consider here: First, the cosigner is an equal owner of the vehicle regardless of whether or not any payment has been made by him. This is a matter of contract law. Second, and typically in cases where payments are not current, the cosigner/co-owner can take possession of the vehicle to protect his credit if his intention is to surrender the unit or to make payments current.
Yes, the owner as well as the co-signer will be affected when you lease a car, being it negative or positive it will have an impact on both credit reports.
Yes. * No. Unless a cosigner is also named on the title to a vehicle or the deed to real property they have no legal rights or claim to said property.
No. The purpose of requiring a co-signer is that in the case of a default by the primary borrower, the cosigner has agreed to be fully responsible for the loan. Therefore, if the borrower defaults, that's what you're there for if you're the cosigner.
If the primary borrower defaults the cosigner can get "stuck" with a huge debt and ruined credit. A cosigner has the same legal obligation to repay a loan as does the primary borrower. In addition, a cosigner does not have property owner rights, only the debt. The real question is why would anyone agree to pay a mortgage for land they do not own. A co-signer has an equal obligation to pay the mortgage.
You can sue anybody for almost anything today. Now, if you can win or not is the question. Talk to a lawyer or at the very least your state attorney general.
No. You should have paid more attention to what you were signing.
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.
The cosigner issue here is misplaced. The liability of a cosigner comes into play if the primary owner of the car cannot make payments. In the case presented, the primary borrower is doing fine. There is nothing a cosigner can do to take a car away.
Unless you are also on the title you will need to do it through a lawsuit.
As the co-signer, you have vouched for the loan and can be held accountable for the balance.
Retained earnings are the profit of previous fiscal years and liability of business to return back to it's owner so it has a credit balance as of all liability accounts.
It can be easier if you use their credit by putting them on title on the home and use there credit, however they will be responsible for the loan and be on title as at least a part owner. If you use another persons credit to do a refinance, the other person must in most title states be put on title and will be responible for the loan even if you both sign which you would have to do.
Nothing unless they filed on your loan.
guess what, a cosigner is an owner under the eyes of the law and the dealer....