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Can a primary borrower have their name removed from a loan with a cosigner?
Wiki User
∙ 13y ago
Names cannot be removed from loan contracts. New contracts can be written to superceed prior contracts, which in the case of a personal, auto or home loan means refinancing the loan. The lender offered the credit based on the qualifications of the parties who signed; therefore removing a party changes the qualifications for the loan.
Wiki User
∙ 13y ago
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Does the cosigner have legal recourse monetary damages when the primary borrower defaults on a vechicle loan?
Does the cosigner have lega recourse monetary damages when the primary borrower defaults on a vechicle loan
Are a primary borrower and a secondary borrower on a car loan equally responsible for the loan?
Yes, the cosigner/co-borrower has the same legal responsibility to repay the debt/loan as does the primary borrower. If the primary defaults the creditor can attempt to collect from the co-borrower before the primary borrower.
If the primary goes to jail can your name be taken off of the loan?
No, a cosigner or co-borrower can only be removed from the obligation of the debt by refinancing.
What are the consequences of signing a car loan when the primary borrower defaults on the payments?
When the primary borrower defaults the cosigner becomes legally responsible for the loan. If the cosigner is not able to pay the loan he or she can also be subject to legal action by the lender and the cosigner's credit score will be seriously affected.
Can a co-signer have a negative entry removed from a credit report if the lender failed to notify him that the primary borrower was in default of the loan agreement?
No. There is no legal obligation for the lender to notify the cosigner that the primary borrower is in default.
Is there a way for the cosigner to be removed as cosigner if primary owner defaults?
No. The purpose of requiring a co-signer is that in the case of a default by the primary borrower, the cosigner has agreed to be fully responsible for the loan. Therefore, if the borrower defaults, that's what you're there for if you're the cosigner.
Does the cosigner have legal recourse monetary damages when the primary borrower defaults on a vechicle loan?
Does the cosigner have lega recourse monetary damages when the primary borrower defaults on a vechicle loan
Are a primary borrower and a secondary borrower on a car loan equally responsible for the loan?
Yes, the cosigner/co-borrower has the same legal responsibility to repay the debt/loan as does the primary borrower. If the primary defaults the creditor can attempt to collect from the co-borrower before the primary borrower.
If the primary goes to jail can your name be taken off of the loan?
No, a cosigner or co-borrower can only be removed from the obligation of the debt by refinancing.
What are the consequences of signing a car loan when the primary borrower defaults on the payments?
When the primary borrower defaults the cosigner becomes legally responsible for the loan. If the cosigner is not able to pay the loan he or she can also be subject to legal action by the lender and the cosigner's credit score will be seriously affected.
Can a co-signer have a negative entry removed from a credit report if the lender failed to notify him that the primary borrower was in default of the loan agreement?
No. There is no legal obligation for the lender to notify the cosigner that the primary borrower is in default.
What can a 70-year-old cosigner on a car loan be held responsible for if the loan is found in default?
The cosigner has the same legal obligations to repay the debt as does the primary borrower. If the primary borrower defaults, the lender can begin proceedings to collect the full amount owed plus applicable fees from the cosigner. A cosigner can be sued just as can the primary borrower. And if the primary borrower claims bankrutpcy, the cosigner will still get "stuck" with the debt. The credit report of the cosigner will be equally affected, either in a positive or negative way, depending upon the circumstances.
Will refinancing a car loan under the primary borrower's name remove the cosigner from the loan obligation?
Yes.
If the primary borrower dies is the cosigner now resonsible for the loan?
Yes, unless the loan is settled by the estate.
Who is the person that agrees to take responsibility for repayment of a loan if the primary borrower defaults?
Cosigner
What can you do if you co-signed an auto loan and three months later you want your name taken off?
The only way to be removed is to have the loan refinanced by the primary borrower without the participation of the cosigner.
Can the primary borrower be sued by the cosigner if a loan is in default and the lender sues the cosigner?
Yes. But for now the lender has you and will get their money from you as they would the primary borrower. Cosigning is a really, really bad idea. At least for the cosigner. Everyone else seems to benefit.
