Can a cobuyer refinance a auto loan and remove the buyer from loan?
Buy cobuyer I wonder if you mean cosigner on a loan. If this is the case then the answer is no. As a cosigner you are simply agreeing to pay the loan if the person who took it out does not. It is in his or her name and you are responsible for it if they do not pay it.
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If there is a buyer and co-buyer and the buyer does not want the auto can the co-buyer take over the loan because the buyer gets all the credit?
The co-buyer should contact the LENDER and ask to have the buyer removed from the loan. Nothing can be done legally without the LENDERS approval.
Answer . Both the buyer and co-buyer are equally and completely responsible. All parties on a contract are 100% responsible to pay the note in full per the terms of the contract. Neither person is "more" responsible than the other. My suggestion is to help the bank find the auto and they may cut …you some slack on the any remaining balance after the sale out of good faith but they have no obligation to do so.. ( Full Answer )
If you are the primary on an auto loan for your ex-girlfriend and she co-signed can you refinance to make her the primary?
"Co" signers are equally responsible, so there is no difference between being first or second on the loan. If you're trying to make her be the only one responbible for the loan, she would have to re-finance on her own. If you are both on the title, she would have to buy the car from both of you and …re-title in her own name. Find out what car dealers don't want you to know at www.dealertricks.com Not without her knowledge and signature. ( Full Answer )
No. Why would the lender allow that? Lender's require co-signers so they can go after 2 people instead of 1 for the same debt. If they thought the primary borrower credit worthy, there would be no need to co-sign. Cosigning is usually a really bad idea.
No. The cosigner would have to apply for a loan in their name using their credit, income data.
If the cosigner is refusing to refinance or pay the auto loan off how could the primary person on the auto loan remove his or her name?
Answer . \nThey would need to have the vehicle refinanced in their name only or obtain another cosigner for the refinancing.
Answer . \nYes, because then they have a vested interest in the property, whereas a cosigner usually has no legal rights to the vehicle and is only agreeing to assume the debt if the primary borrower defaults on the contract.
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?
Answer . \nNo, 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.
Answer . \nNo, a cosigner can only be relieved of the financial obligation by a refinancing of the loan agreement without them being a participant.
Answer . \nThe car loan will have to be paid off in order to remove your name. The other\nsigner will have to get a new loan in her/his name only.
Answer . \nyes - you can refinance an auto loan at any time. You will want to make sure you current bank does not charge a prepayment penalty though.
You can usually obtain an auto loan from the dealership you are purchasing from. If the establishment or private seller does not offer financing you can go to your personal bank to get an auto loan. Sometimes local credit unions will allow you to open an account with them, they usually have slightly… more aggressive rates on auto loans but may require you to carry a balance with them. ( Full Answer )
If the buyer does not pay the loan, then the lender comes after the co-signer. Late payments affect both credit reports. Most recommendations are not to co-sign a loan.
If you cosign an auto loan for someone and they refinance in one year and remove you from the loan how will that affect your credit assuming all payments are made on time?
Answer . The cosigner's credit isn't affected one ioto unless the person who was responsible for the loan payments defaulted, then and if the cosigner also defaulted. In other words, just being a cosigner does not affect ones credit ratings.
Answer Refinance the loan in your own name. Be sure your credit rating is better than it was when you needed co-signer or else your APR and monthly payments might go up depending on size of amount owed and year of vehicle being financed.
How can I terminate my ex-partner's obligation on a mortgage loan without removing him from the mortgage loan as I won't be approved for a refinance if I have sole responsibility for the loan?
No you can not. The best you can do is take him off the deed by having him sign a quick claim deed. You will need to qualify for a refinance to get him off the loan.
When you cancel your gap coverage, the company will give you your portion back in pro-rated funds, that you did not use.
Any loan means you've asked for money-on-credit from a lender. An auto loan money-on-credit from a lender, usually a bank, credit bureau, or dealership, given specifically to buy a car, and typically to buy a certain car that you've already picked out before the loan was approved.
Yes, they are. An auto loan is secured loan based on the collateral of your vehicle. If you don't pay the loan they will unfortunately come take your car away.
An auto loan and a personal loan are both loans. Personal loans canbe secured or unsecured. Secured meaning that there is some form ofcollateral to back up the loan in the event that the borrowerdefaults. Unsecured loans have no collateral which usuallytranslates into higher interest rates due to th…e added risk on thelender. An auto loan may carry a lower interest rate due to itbeing secured; if you don't make the payments you lose the car. ( Full Answer )
Well, it depends how the title was written. if it says buyer "or" cobuyer you dont need the other persons signature for anything .... if its written with "and" between your two names, u will have to have both people present to complete any removals or transfers. That or you can have the cobuyer sell… u the car. They will still need to be present though. ( Full Answer )
An auto loan is a secured loan. A lien on the car helps the lessen the risk for the lender.
There are multiple ways to refinance a loan. Most of the time a person would call their institution and make the request. This might come with a fee. Another way is to seek out a different institution with a better rate and term. Do your homework before approaching institutions.
Don't know of any state that allows a co-buyer. There might be. For this purpose, let's use co-signer. What legal action does the co-signer have if the buyer doesn't make the car payments? In reality, the co-signer signed as a guarantee that the payment would be made and on time on the specified dat…e. The buyer is the one buying. That's 2 different operations. The co-signer, at last known fact, cannot take the car because he is not buying it. He's paying THE LOAN since (and we're assuming here) the buyer is not paying. In my experience, if the buyer wants to be a horse patootie, he can drive that car with a smile on his face and not make payments because the co-signer IS OBLIGATED TO MAKE THE PAYMENTS. If the co-signer does not make the payments, then HIS CREDIT IS RUINED! Never co-sign, if at all possible. ( Full Answer )
Absolutely. Most people who are refinancing a car loan are, indeed, underwater.The reason is that your car value depreciates much faster than theloan is paid down. Lenders understand that the LTV will be above 100%, which is whymost have LTV threshold around 115-125% (depending on creditworthiness… of the consumer). ( Full Answer )
The rate that PNC Bank charges will depend on several factors. First of all, rates vary by states. Secondly, the rate is generally lower if you choose larger payments, and higher for smaller payments. Their most popular plan is at a 3.05% rate in my area.
The lender has the right to receive all the payments. A co-buyer has no rights TO the payments. The co-buyer is equally responsible for making the payments. The lender has the right to receive all the payments. A co-buyer has no rights TO the payments. The co-buyer is equally responsible …for making the payments. The lender has the right to receive all the payments. A co-buyer has no rights TO the payments. The co-buyer is equally responsible for making the payments. The lender has the right to receive all the payments. A co-buyer has no rights TO the payments. The co-buyer is equally responsible for making the payments. ( Full Answer )
You can refinance an auto loan at any place you can get an auto loan. It may be best to use an agency in which you have already gotten a loan through before.
Current interest rates are at historical lows. If you purchased your vehicle more than two years ago and currently have a high interest rate refinancing may lower your rate.
To refinance an auto loan, work with your bank or credit union to pay off your existing loan and get better or more spread-out terms for a new loan. Often, it is not worth the hassle of refinancing, unless your current interest rate is 1 to 1-1/2 points higher than what you could get with a new loan…. ( Full Answer )
If you refinance your auto loan you are most likely going to save a lot of money. However most people do not know this. You pay off your current car loan with a refinancing car loan from a different lender.
In order to be qualified for refinance auto loans, most companies require that you be over the age of 18, that you posses a valid drivers license, you must be a current US Citizen, you must have a yearly salary of 26,000 or act as a cosigner, and you must have proof of a current auto insurance.
It is possible to refinance an auto loan. Refinancing offers the opportunity to lower your interest rate and save money over the term of your loan, which lowers your monthly payment.
Bank of America (BAC) offers auto loan refinance programs with interest rates as low as 3.74%. Also bankrate offers a calculator to figure auto loan payments.
Usually no because the leinholders when to make sure their car will get paid for if their is an accident.
When an auto loan is refinanced, repayment is structured depending on the amount outstanding on the loan and the amount of months left to repay at time of refinancing. This may enable a person to save extra money by lowering the cost of the loan payments.
One should pay off their existing car loan with a new loan of lower APR. This lowers the interest rates of the new loan, which is a very good idea. Using different websites which show refinancing auto loan rates, they can help one save a few percent and their monthly payments are lowered.
The purpose of a refinance auto loan calculator is that it helps you to find out if you can afford to change your loan terms. It will tell you what your new monthly payments will be.
When looking for information on how to refinance auto loans, the best place to get that information is from banks. Banks offer refinancing loans for homes and automobiles.
You can find information on auto loan refinance rates through your local bank website or branch. You can also find out about them by contacting the company you originally received the loan from and asking if they can give you some information and if you would qualify.
One can refinance their auto loan at any bank. One simply has to apply for an auto refinance loan. It is important to compare all of the available options; that way a lot of money can be saved.
One can get an auto loan refinance with bad credit from several providers of this type of loan from such companies as, Road Loans, Get Me Car Finance and Midland Credit.
Reputable lenders are likely to be the only solution if someone has developed bad credit. An auto loan is a loan taken out against a person's car, and if the payments are extremely high for any reason, it is likely that the person will not be able to afford the repayments.
There are some finance companies that will offer credit to people who have bad credit ratings. However caution should be taken as the interest is likely to be very high when choosing this option.
Lending Tree, Road Loans, Auto Credit Express, CarsDirect and Harbor Credit are all places to see about refinancing an auto loan with bad credit. Local banks and credit unions, may also be able to help with this.
One can find an Auto Loan Refinance Calculator online at Lending Tree or PNC. One could also find an Auto Loan Refinance Calculator from Nationwide or NFM Lending.
A person can try Road Loans the website to get a loan to refinance their car while they have bad credit. One can also try BankRate, Harbor Credit, eLoan, or use Auto Credit Finders.
If one wants to refinance their auto loan, a good place to start is to look at the same lender when they got their first auto loan. There can be a significant rate drop. They can also compare rates offered by different banks and credit union.
One can find information on refinancing an auto loan through many financial institutions. They will be able to inform the individual of amount outstanding, how much one would qualify for, and interest rates. Some include RBC, TD Bank, and Scotiabank.
There are hundreds of companies which will offer you auto loan refinancing, however it is important to research the company first to make sure it is not a scam or a predatory lender. A website like Bankrate is both free and objective, so it is a good resource to find safe and reliable refinancing co…mpanies. ( Full Answer )