Can a finance company cancel the loan if the signer doesn't drive the car?
No. The loan was made and the person who made it owes for the loan. To take this one step further if the car was wrecked the loan is still owed. So, it doesn't matter who drives the car.
It depends on the policy of the finance company. I used to work in the auto finance business, and the companies that I worked for would not do it because there was no reason to. Technically speaking, the co-signer is fully liable for the loan, just like the primary signer, so whose name appeared first on the contract had nothing to do with anything.
I am trying to figure out the same thing. It's def tough. Well if you have a decent down payment,,say $1500 or $2000 , the finance company may take the value of the car as collateral against the loan. They will place a lien on it anyway until it is paid off. And if something happens to it before the loan is paid, the insurance company will pay off the loan,,,not send you the money.
When a car in Texas gets repossessed for failure of payment does the car company come after the main signer or the cosigner for paying off the rest of the loan?
Both. But in reality, they go after the money. If the primary is broke, doesn't have a job, homeless, whatever, the bank will go after the person with the money. Now aren't you glad that you co-signed? They'll first try to get the primary signer to pay the debt. If he can't, the company will hold the co-signer liable for it. A co-signer is just as legally liable for the debt as the primary signer…
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…
Can a co-signer on a jewelry account assume responsibility of the account because the primary isn't making the payments?
If the sole owner of a business dies and there is an authorized signer on the account is he the owner of the funds?
Nazi Germany (Tripartite Pact signer) Fascist Italy (Tripartite Pact signer) Slovakia (Tripartite Pact signer) Romania (Tripartite Pact signer) Hungary (Tripartite Pact signer) Yugoslavia (Tripartite Pact signer) Bulgaria (Tripartite Pact signer) Transylvania (Tripartite Pact signer) Croatia (Tripartite Pact signer)
The owner of an acount is the party responsible for the provision of sufficient funds to the account. A signer on an account is a party authorized by the owner to withdraw from the account. Example: Company ABC owns the account; Treasurer Mr. XYZ is authorized to withdraw funds (make payments, etc) from Company ABC account. The owner of the account can also be a signer of the account as in a personal checking account.
That's up to the owner, landlord or management company. There is no universal rule stating such. Generally, the co-signer remains on the lease for the life of the lease unless otherwise stated in the lease agreement. That's up to the owner, landlord or management company. There is no universal rule stating such. Generally, the co-signer remains on the lease for the life of the lease unless otherwise stated in the lease agreement. That's up to…
What should you do if a co-signer on a car loan totaled car with no insurance now you are paying the loan?
You should sue the co-signer. Even though you may be the primary person obligated to pay the loan, he is responsible to you for totalling your car. You still have to pay the loan company because you took out the loan; but the co-signer caused the loss. You won't be able to force the loan company to take payments from him though. Getting him to reimburse you will be your problem.
No. A co-signer has no such authority over the primary borrower. The co-signer is on the hook until the loan is paid off. No. A co-signer has no such authority over the primary borrower. The co-signer is on the hook until the loan is paid off. No. A co-signer has no such authority over the primary borrower. The co-signer is on the hook until the loan is paid off. No. A co-signer has no such…
If the co signers credit is going to be affected because of the lack of payments from the payee, and if the co signer is paying for the payments, then yes the car can be given over to the co signer, especially if the payee is not paying for the car that was agreed upon. check with the finance companies, and your local state, county laws.
I bought a car but i used my brother's name now my brother wants to remove his name but the car is not paid off yet?
If the brother was the signer or co-signer of the loan, he is on the hook for the full amount of the loan until the car is fully paid for. If you default on the loan it goes against his credit rating. If the brother did not sign the loan, but his name was used, that is identity theft and forgery and may seem petty ... but is a serious felony. If the brother wants…
You cannot get your name removed from a valid loan. If you signed the contract your name remains in place until the loan is paid off. The only time I have seen the name on a valid loan adjusted was when a signer passed away and another party legally assumed the loan from the finance company. And no, divorce decrees will not help you.