You need to discuss the situation with the lender and provide proof that the primary borrower lied on the application. However, the lender may not want to hear your story. You stepped up to guarantee that the loan would be paid. You may need to sue the primary borrower in court yourself if they have defaulted on the loan.
the borrower
Investopedia Says:A co-borrower is different that a cosigner in that a cosigner takes responsibility for the debt should the borrower default, but does not have ownership in the property
No, but if the borrower misses enough payments, the cosigner will start getting collection calls as well.
Does the cosigner have lega recourse monetary damages when the primary borrower defaults on a vechicle loan
Yes. But for now the lender has you and will get their money from you as they would the primary borrower. Cosigning is a really, really bad idea. At least for the cosigner. Everyone else seems to benefit.
the borrower
Investopedia Says:A co-borrower is different that a cosigner in that a cosigner takes responsibility for the debt should the borrower default, but does not have ownership in the 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.
No, but if the borrower misses enough payments, the cosigner will start getting collection calls as well.
No.
The cosigner has the same legal obligations to repay the debt as does the primary borrower. If the primary borrower defaults, the lender can begin proceedings to collect the full amount owed plus applicable fees from the cosigner. A cosigner can be sued just as can the primary borrower. And if the primary borrower claims bankrutpcy, the cosigner will still get "stuck" with the debt. The credit report of the cosigner will be equally affected, either in a positive or negative way, depending upon the circumstances.
The creditor wil try to get the debt from the cosigner as well.
Does the cosigner have lega recourse monetary damages when the primary borrower defaults on a vechicle loan
A cosigner has a right to be released from the loan if the borrower has made on-time payments for 48 months. The borrower will need to sign a release form, however, the lender will have to agree to terms.
Yes. But for now the lender has you and will get their money from you as they would the primary borrower. Cosigning is a really, really bad idea. At least for the cosigner. Everyone else seems to benefit.
The obligation of a cosigner is discharged by a borrower securing a loan to the satisfaction of the creditor. Paying off a loan will also discharge the obligation of a cosigner.
The cosigner I believe but check with the loan issuers it's in the details.