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Bill, ONLY if the co-signor is listed ON THE TITLE as CO-OWNER. Co-signors only responsibliity is to make the notes if the signor doesnt. Signor is just USING co-signors creditworthiness.

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โˆ™ 2015-07-14 16:06:35
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Q: Can a cosigner take the car away from the borrower if he is in default and the cosigner has a key and is paying the payments?
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Should a co signer be told if something they signed for is getting repoed?

No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't paying then the cosigner must pay or their own credit record will be ruined and the lender can go after them for payment.No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't paying then the cosigner must pay or their own credit record will be ruined and the lender can go after them for payment.No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't paying then the cosigner must pay or their own credit record will be ruined and the lender can go after them for payment.No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't paying then the cosigner must pay or their own credit record will be ruined and the lender can go after them for payment.


If you are a cosigner on a vehicle loan and your name is listed on the title as OR then what rights do you have when the primary buyer defaults on payments?

You have the right to pay the loan. When a cosigner enters into a loan agreement he is promising to assume responsibility for the debt should the borrower ever default on the loan. This means simply that if the borrower stops making payments the cosigner will have to take over the payments. You may even be responsible for the full payment of the loan in the event that the borrower dies or is disabled. The cosigner, or in many times, the co-borrower is equally responsible for the debt. The debt will be reflected on the co-signors credit report and may negatively impact the person's credit should the debt become delinquent. If the primary borrower cannot pay the debt, the lender will pursue the co-signor just as equally as the primary borrower. In some cases the lender may only go after the cosigner. If you cosign on a auto loan and the borrower does not make his payments, you will be responsible for making the payments even though you do not have posession of the vehicle. The borrower will be driving around in a vehicle that you are paying for, and it can be a nightmare to extract yourself from this situation. You will not only be responsible for any arrears of the loan; you will also be responsible for any late fees, additional interest, and collection fees.


Can a person with bad credit get a loan with a cosigner with good credit?

Possibly. However, the cosigner needs to understand all the implications should the one needing the cosign on the load default on payments. If the primary borrower doesn't pay the co-signer will be held personally responsible for paying the loan in full. That's what they agree to when they sign as co-signer.


The obligation of a cosigner is discharged by?

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.


What is a cosigner responsible for on a car loan?

The co-signer will be completely responsible for paying the loan if the primary borrower defaults on the payments even though the co-signer will have no ownership interest in the vehicle. A co-signer should always be completely informed about the consequences of co-signing. They are guaranteeing that you will pay. If you miss payments it will affect their credit record. If you default it will also wreck their credit. In short, co-signers are responsible in making sure that the primary borrower is able to make the payments on time, and if not, will be their responsibility to continue and settle the payments if the primary borrower fail to do so.


What happens to the cosigner if you are in chp 7 bankruptcy and you default on your car loan?

If you default on your loan, the cosigner is stuck with paying it off. If your credit had been any good in the first place, you would not have needed a cosigner.


Can a cosigner who is on the title of a leased car be sued for not paying any payments on the car when the primary leasee is paying off the loan?

First of all it would not be possible to be on the title of a leased vehicle, as the leasor retains ownership rights. A cosigner is only responsible for the debt if the primary borrower defaults on the lending agreement.


Can a cosigner take possession of a car if the primary signer is not paying the payments?

Not unless the the cosigner is on the vehicle title. If not on the title the only entitlement the cosigner has is to pay the bill.


Does the primary owner have rights to a auto the cosigner wont pay for?

The primary is the one responsible for paying the loan. If they default (stop making payments) the co-sihner will be responsible for paying the balance or both their credit records will be ruined. If the co-signer's name is not on the title they will not own the property even if they paid for it. They would have to sue the primary borrower in court and obtain a favorable judgment.


Would cosigning a car loan hurt you for a mortgage?

It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.


What are the rights of the cosigner to sell a car?

None, unless the cosigner is also on the title of the vehicle they have no legal rights to the property. When someone cosigns a loan for any reason they accept the responsibility of paying the debt if the primary borrower defaults. The only option a cosigner has in recovering money paid out in connection with the loan is to sue the primary borrower in the appropriate court, in the city or county where the borrower lives.


Is the cosigner of a vehicle responsible for the negligent operation of the vehicle?

No. A cosigner is just responsible for paying it off if the negligent driver wrecks it and and can't work to make the payments.


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


When is co signer required to take over student loan payments?

The co-signer is fully responsible for paying the loan and, therefore, they should take over the payments immediately to prevent damage to their own credit record.Cosigners should make certain they know what their obligations are before they sign. A person who has poor credit or no credit record needs a cosigner when they borrow money. A cosigner is a person who accepts the responsibility of repayment of a loan along with the primary borrower. The lender requires a cosigner to increase the chances that it will be repaid. The cosigner is sometimes referred to as the guarantor because they guarantee the full repayment of the loan in the event the borrower defaults. The cosigned loan will appear as a debt on the cosigners credit record.The co-signer is fully responsible for paying the loan and, therefore, they should take over the payments immediately to prevent damage to their own credit record.Cosigners should make certain they know what their obligations are before they sign. A person who has poor credit or no credit record needs a cosigner when they borrow money. A cosigner is a person who accepts the responsibility of repayment of a loan along with the primary borrower. The lender requires a cosigner to increase the chances that it will be repaid. The cosigner is sometimes referred to as the guarantor because they guarantee the full repayment of the loan in the event the borrower defaults. The cosigned loan will appear as a debt on the cosigners credit record.The co-signer is fully responsible for paying the loan and, therefore, they should take over the payments immediately to prevent damage to their own credit record.Cosigners should make certain they know what their obligations are before they sign. A person who has poor credit or no credit record needs a cosigner when they borrow money. A cosigner is a person who accepts the responsibility of repayment of a loan along with the primary borrower. The lender requires a cosigner to increase the chances that it will be repaid. The cosigner is sometimes referred to as the guarantor because they guarantee the full repayment of the loan in the event the borrower defaults. The cosigned loan will appear as a debt on the cosigners credit record.The co-signer is fully responsible for paying the loan and, therefore, they should take over the payments immediately to prevent damage to their own credit record.Cosigners should make certain they know what their obligations are before they sign. A person who has poor credit or no credit record needs a cosigner when they borrow money. A cosigner is a person who accepts the responsibility of repayment of a loan along with the primary borrower. The lender requires a cosigner to increase the chances that it will be repaid. The cosigner is sometimes referred to as the guarantor because they guarantee the full repayment of the loan in the event the borrower defaults. The cosigned loan will appear as a debt on the cosigners credit record.


Does default means not pay?

Default means that you have not made the agreed-upon payments in full on time. You may be making partial payments (ie, paying $250 a month instead of $350 a month), but still be in default.


Can you default on an auto loan if there is a cosigner and you are the primary?

Well, you CAN default but the co-signer would then be completely responsible for paying the loan that you defaulted on. The co-signers credit will be impacted by your default and all subsequent collections.


Does cosigner have to pay back loan if original signer dies?

Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.


Can you repo a car you co signed for?

Only if you took the necessary steps to make that possible in the case of a default. If you didn't you may need to sue the primary borrower in court. In any case, you are fully responsible for paying the loan.Only if you took the necessary steps to make that possible in the case of a default. If you didn't you may need to sue the primary borrower in court. In any case, you are fully responsible for paying the loan.Only if you took the necessary steps to make that possible in the case of a default. If you didn't you may need to sue the primary borrower in court. In any case, you are fully responsible for paying the loan.Only if you took the necessary steps to make that possible in the case of a default. If you didn't you may need to sue the primary borrower in court. In any case, you are fully responsible for paying the loan.


What happens if a co signer on a car loan passes away?

The surviving borrower is solely responsible for paying the loan.The surviving borrower is solely responsible for paying the loan.The surviving borrower is solely responsible for paying the loan.The surviving borrower is solely responsible for paying the loan.


Can you cosign on a CA auto loan without being on title and registration?

Yes, but you should be fully informed that you would be the guarantor on the debt. If the primary borrower fails to make their payments you would be held fully responsible for paying the debt. In that event you would be paying for something you don't own.Yes, but you should be fully informed that you would be the guarantor on the debt. If the primary borrower fails to make their payments you would be held fully responsible for paying the debt. In that event you would be paying for something you don't own.Yes, but you should be fully informed that you would be the guarantor on the debt. If the primary borrower fails to make their payments you would be held fully responsible for paying the debt. In that event you would be paying for something you don't own.Yes, but you should be fully informed that you would be the guarantor on the debt. If the primary borrower fails to make their payments you would be held fully responsible for paying the debt. In that event you would be paying for something you don't own.


How do you get out of being a cosigner on a bike loan?

The loan must be paid off and refinanced in the sole name of the primary borrower. Otherwise you are fully responsible for paying the loan if the primary borrower defaults or wrecks the bike.The loan must be paid off and refinanced in the sole name of the primary borrower. Otherwise you are fully responsible for paying the loan if the primary borrower defaults or wrecks the bike.The loan must be paid off and refinanced in the sole name of the primary borrower. Otherwise you are fully responsible for paying the loan if the primary borrower defaults or wrecks the bike.The loan must be paid off and refinanced in the sole name of the primary borrower. Otherwise you are fully responsible for paying the loan if the primary borrower defaults or wrecks the bike.


Upon signing a contract where it says Primary Buyer and Co-Buyer where is a Co-Signer supposed to sign?

Cobuyer, cosigner, they are the same thing. Wherever you sign as co-signer you should be aware that if the primary borrower defaults on payments you will be held equally responsible for paying the loan.


Who is held responsible for the loan on a repossessed vehicle?

The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.


Can the cosigner of a student loan be removed when the loan owner stopped paying because she was convinced to by a third party who used defamation of character against the cosigner?

It may depend on your local state laws, but generally, no. Once you cosign, you are liable for payments if the other stops paying, no matter the reason.


If a car is in your name as the primary but your cosigner has been making payment for the last year and many of those payments have been paid late can you legally take that car from the cosigner?

Since the cosigners isn't paying, unless you start paying instead, and catch up on all late payments, the dealer or the bank will repossess the vehicle shortly anyway, so your question is moot.