No. Unless you are in a recission period allowed by law or by the lender no party to the contract can cancel it unless terms of the contract specify otherwise. During the normal course of a typical consumer loan the co-signer can not cancel the contract unless that co-signer is a minor in a state that holds minors harmless for contractual agreements. Think of it this way: Loans can not be "canceled" they can only be satisfied. Satisfying a loan means providing money or some other tender that the lender accepts as payment. You can return a car to a lender, offer partial payment in a settlement, or otherwise re-negoitate the terms (subject to agreement by the lender) but you can't "cancel" it. Additionally, a co-signer may have limited access to the account and changes to it. They also share liability and the lender used them as additional security, which means they can't just be taken off the loan.
Sure. You do that before the loan is taken out. Once the money is owed you have just as much legal obligation as the student.
If the loan was disbursed, it's too late to cancel unless the entire amount is returned to the lender. but you can just as easily turn that loan right around and prepay the disbursement.
The cosigner must be present at the time the contract is signed. Before a cosigner is accepted by the lender him or her must meet the lender's requirements which will include a check of their complete credit history, employment status, etc.
No.
The only option is for the loan to be refinanced without the particpation of the present cosigner.
Yes, you can switch the cosigner to the primary on a loan. The way to do this is to have the loan refinanced.
They can still come after the cosigner, and it will still reflect poorly on your cosigner's credit history. You have been absolved of the debt, not your cosigner.
The title has nothing to do with the loan. The loan will need to be refinanced using a different cosigner or only the primary borrowers.
Nothing. The only option for being remove as a cosigner is to have the original loan refinanced without the cosigner participating.
No, 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.
Normally a cosigner has to be able to pay the loan if the signer does not pay. So the cosigner should have better credit than the person seeking the loan.
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.
i was able to get an auto loan with the help of a cosigner and im under 18