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My question is i co -sign for someone they put the down paid made all of the late now the car has been rep, is their a court i can go to for hepl, i am about to loose every thing i have work so hard for, and i have know money, what can i do for help
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∙ 15y ago
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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.
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?
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.
How do you get your name off of an auto loan that you cosigned on if other party cannot get another loan and has nobody willing to take over as cosigner?
A cosigner cannot be removed from the debt obligation except by a refinancing of the loan without the original cosigner's participation.
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?
They would need to have the vehicle refinanced in their name only or obtain another cosigner for the refinancing.
Is it better for a person considering cosigning on an auto loan to be a co-buyer versus cosigner?
Yes, 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.
Can the cosigner be taken off the auto loan contract if stated and the loan is in good standing for 12 months?
No the co-signer is on for the life of the loan
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
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 is the insurance liability for the cosigner of an auto loan?
None. A cosigner is entering into a legally binding contract to repay the debt if the primary borrower defaults on the lending agreement. The cosigner does not have any other obligation nor ownership rights to the property.
Can a cosigner on an auto loan get insurance on the vehicle?
Yes
What does it mean to have a guarantor on an auto loan?
A cosigner- someone who agreesto pay the loan if you default
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?
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.
If you apply for an auto loan and have a cosigner will that decrease the amount of positive credit you get from having that loan?
Nope
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
Are there legal options that a cosigner can use to be removed from an auto loan?
No, a cosigner can only be relieved of the financial obligation by a refinancing of the loan agreement without them being a participant.
Does the cosigner on an auto loan have to be on the insurance policy?
By co-signing the loan, they are guaranteeing that you will repay the loan. They do not need to be on the auto insurance policy, but it would be in their best interest.
How do you get your name off of an auto loan that you cosigned on if other party cannot get another loan and has nobody willing to take over as cosigner?
A cosigner cannot be removed from the debt obligation except by a refinancing of the loan without the original cosigner's participation.
