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Can a cosigner take your car and pay off the loan then do you have to pay him back for the loan and fixing the car?
Wiki User
∙ 16y ago
It sounds entirely reasonable that you would pay them back for the remaining amount of the loan and for the needed repairs. I assume that the co-signer was trying to get the loan off of his credit and that perhaps you were not paying regularly or on time. There may be other circumstances that are not addressed here.
Wiki User
∙ 16y ago
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If you are a cosigner in someone's loan for a line of credit and he is at default what can the cosigner do to take his name back?
Nothing. The only option for being remove as a cosigner is to have the original loan refinanced without the cosigner participating.
Can my cosigner take their name off the loan without my permission?
The only way to take a cosigner off of a loan is to refinance it.
If you want to take out a loan and are in the process of getting your license will you be able to take out a loan with a cosigner?
You don't need a license to get a loan. Your credit rating will determine whether you need a cosigner or not.
What legal recourse is there for the cosigner when the person that was cosigned for has defaulted on the loan?
The usual legal recourse for the cosigner when the person named as the primary on a loan has defaulted, is to make the payments on the loan. Then, the cosigner can take the person who defaulted to court to try and recoup some of the money they are out. If the loan was for a car, some states allow the cosigner to take possession of the car and sell it to recoup losses also.
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.
Can you take a vehicle back if you are the cosigner?
ONLY if you are listed on the TITLE as co-owner. Othwise you have NO rights to possession, ONLY payment of the loan.
If a primary borrower defaults on a loan and the cosigner sues them will that prevent the lender from being able to take action against the cosigner?
No. The cosigner will still be equally responsible for the debt
Can you refinance your car without a cosigner if your current loan has a cosigner?
if you take it to your personal bank and ask them how much you need to have paid already they can indeed refinace you and remove the cosigner
If you refinance the house after a year can you take the cosigner off the mortgage loan?
Yes.
Can they take money from my check for a car i don't have?
If you owe money on a car loan or are a cosigner for a car loan, yes.
Can a cosigner take over the total loan on a car?
Yes. You need to discuss this with the lender.
Who is the person that agrees to take responsibility for repayment of a loan if the primary borrower defaults?
Cosigner
