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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.

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โˆ™ 2007-10-26 01:32:29
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Q: 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?
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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


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.


If you refinance the house after a year can you take the cosigner off the mortgage loan?

Yes.


Who is the person that agrees to take responsibility for repayment of a loan if the primary borrower defaults?

Cosigner


Can a cosigner take over the total loan on a car?

Yes. You need to discuss this with the lender.


Can a cosigner take the vehicle even if no payments are late?

NO! He is only guaranteeing the loan. He has no legal right to take the car.


Do you need a credit card to have credit?

No you can build credit by taking out a loan and paying it back ON TIME. Or have someone cosign a loan for you in order to get approved for a card or loan but make sure the cosigner fully understands the agreement because they'll take on most of the risk.


Can the cosigner of a motorbike loan take possession of the bike if the primary borrower isn't making payments?

yes


What are the rights of a cosigner?

A cosigner is a person who signs with another person for a loan of some sort due to credit issues or financial reasons. A cosigner unfortunately does not have as many rights as the person who is first listed on a loan. For example, if you purchase a car and your boyfriend/girlfriend cosigns for you and you two break up, they cannot take the car away from you. However, if you are late on payments, the cosigner will then be responsible for the payments.


Does a cosigner have the right to take possession of the car when the primary borrower has made all the payments and has not defaulted on the loan?

No, a cosigner has no legal rights to a vehicle unless his or her name appears on the vehicle title.


Does a cosigner need good credit?

A cosigner is only needed because the primary doesn't have adequate credit rating/history for the needed loan. Hence, the cosigner needs to have credit good enough to qualify for the loan, presumably good, at least betterr than the primary! (Credit scores are not combined or added to get to the needed level). Understand, being a cosigner is essentially the exact same as getting a loan - the cosigner is just as liable as if he got the loan on his own..in fact needs to be more responsible, because he now has to take on the obligations of the primary too, if needed, likely without the control/posession/benefit of what was purchased.


How can you take a cosigner off of a loan without refinancing?

You have the title company write up a "quit-claim deed" for the property. You need to sign it and then the person you want off the loan has to sign it (but they MUST have it notarized), then it can be mailed back to the title company for completion.


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.


Can a primary signer get off the loan when the cosigner wants to take over payments?

Not likely, the lender will probably require you to refinance the loan in only the co-signers name.


How can the cosigner of a car immediately have possession of it after it was repossessed by the bank?

When you cosign for anyone you are taking 100% responsibility for the payments on that car. If the person that gets the car doesn't keep their payments up it will be repossessed by the bank with an option for the cosigner to take over payments or sell the car and pay back the loan. Marcy


If someone stops making payments on their car loan and you are the cosigner and your name is also on the title can you pay the loan off and take possession of the vehicle?

Possibly. Contact an attorney for a definite answer.


I am 17year's old and i need a loan for 8000. I have a cosigner I need this money to pay for my room and boarding at my campus since i cant no longer live with my father?

Since you are 17, most states still consider you a minor. Your cosigner will probably have to take the loan out in their name only and be responsible for its repayment.


Who is responsible for a deceased mother's car loan if the loan company is holding the title as collateral?

Nobody is responsible for the loan if there was on cosigner. If the car was inherited by someone, then that person has a right to pay the debt owed and take possession of the title.