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What else can I help you with?
If someone cosigns on a vehicle loan does it affect that their credit?
Yes. If the original borrower defaults, and the cosigner is unable to take over the debt.
When should someone take out personal loans?
As long as the debt is able to be handled then someone can take out a personal loan at any time as long as their credit and debt history is accepted by the bank.
You have a car loan can another person take over the payments?
If the loan company approves. If the loan company does not approve and transfer the loan you would still be legally responsible for the debt.
How do you sell your car and have someone take over payments?
For someone to take over the payments they must essentially get a new loan for the payoff amount in their name. This new loan will pay off your loan and will make thir payoff amount higher than yours.
What happens if someone has a loan default statement?
If someone has a loan default statement, it means that the person who took out the loan has not met the terms of the contract, for example they have not met the payments. If this happens then the person who gave out the loan and who the debt is loaned to can take action to recover the money, for example re-possession.
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.
Can you provide an example of secured debt?
Secured debt is a type of loan that is backed by collateral, such as a house or a car. If the borrower fails to repay the loan, the lender can take possession of the collateral to recover the debt. An example of secured debt is a mortgage, where the house serves as collateral for the loan.
Is there a way of having someone take over payments of my auto loan?
Yes, but it has to be with the agreement of the lender.
Can the primary borrower of an auto loan replace their name with someone else's for them to take over payments?
no
Can a husband let the wife take over the loan of a house without her having rights to own the house?
If the loan by the Bank than it will be on your name. Do not pay loan if someone else as name to the loan.
Can you pay for a cosigner to help secure a loan or rental agreement?
No, you cannot pay someone to be a cosigner for a loan or rental agreement. A cosigner is someone who agrees to take on responsibility for the debt if the primary borrower fails to pay. It is based on trust and financial stability, not on payment.
If someone cosigned an auto loan can someone else take over as the cosigner a few months later?
From my experience, you would have to re-finance the suto loan with the new co-signer.
