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Can the primary borrower of an auto loan replace their name with someone else's for them to take over payments?
Wiki User
∙ 13y ago
no
Wiki User
∙ 13y ago
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How can a co-buyer take possession of a truck when the primary borrower is not making the payments?
When someone co-signs, they are basically just agreeing to making the payments when the signer can not. * Any legal rights that a cosigner or a co-buyer(borrower) have depend upon whether or not their name is on the title to the vehicle.
Does the co signer have to have a job?
Most likely, but alot of it depends on the co signers credit score, also if they have sources of income other than a job. The purpose of a co signer is for the bank to have someone to go after for a debt if you don't pay.
How does it work when you buy a house for someone and they make the payments?
You should be a non-occupying co-borrower on the note, which means that you will not be living at the residence but you are vouching for the primary borrower in case he/she cant make payments. So basically, your credit is on the line. If you didnt handle the situation in that manner there are numerous other possibilities.
Is someone cosigns for you does it help your credit or theirs if payments are made on time?
It will be reported to the credit bureaus under both names, but will have a greater effect on the primary borrower's report. If payments are made on time, it will never indicate which party actually made the payment.
Can co-signing a car loan affect your credit score?
It can have a negative effect if the primary borrower doe not make their payments on time. When you co-sign for a loan you are making a guarantee to the lender that the loan will be paid. If you decide to co-sign for someone else you need to make sure you can pay the loan if they stop making payments and you should also make certain the payments are being made on time. Late payments and missed payments will be reported to your credit record as well as that of the primary borrower.
What are the consequences if a person quits making payments and the car is in your name?
If your name is the borrower name and someone else is making payments and they suddenly stop; then the car will eventually get repoed and it will show on your credit report.
If you are on the title with the primary buyer can you get the car and not make payments?
Either party ON THE TITLE is entitled to possession, but someone will HAVE to make payments or it will be repoed.
What happens to the co signer if the borrower files bankruptcy?
If you are talking about someone who cosigned for your loan filing bankruptcy, As long as you continue to make your payments on time, nothing will happen. If you are talking about someone you cosigned for taking bankruptcy, you may very well have to pay this loan. Contact the lender.
What happens to your credit if you co-sign for someone and they quit making payments?
When you co-signed you agreed to pay the loan if the primary borrower defaults. That is the only purpose of requiring a co-signer. The person who applied for the loan doesn't have a good credit record and the lender wants to make certain the loan is paid so they arrange for someone with better credit to co-sign the loan. If you don't make the payments your credit will be ruined.When you co-signed you agreed to pay the loan if the primary borrower defaults. That is the only purpose of requiring a co-signer. The person who applied for the loan doesn't have a good credit record and the lender wants to make certain the loan is paid so they arrange for someone with better credit to co-sign the loan. If you don't make the payments your credit will be ruined.When you co-signed you agreed to pay the loan if the primary borrower defaults. That is the only purpose of requiring a co-signer. The person who applied for the loan doesn't have a good credit record and the lender wants to make certain the loan is paid so they arrange for someone with better credit to co-sign the loan. If you don't make the payments your credit will be ruined.When you co-signed you agreed to pay the loan if the primary borrower defaults. That is the only purpose of requiring a co-signer. The person who applied for the loan doesn't have a good credit record and the lender wants to make certain the loan is paid so they arrange for someone with better credit to co-sign the loan. If you don't make the payments your credit will be ruined.
Is someone who co-signs on a loan up a creek if the primary borrower no longer will keep in contact?
YES !!!!!!, You will be the next person they come looking for.
What are the rights of the cosigner to sell a car?
None, unless the cosigner is also on the title of the vehicle they have no legal rights to the property. When someone cosigns a loan for any reason they accept the responsibility of paying the debt if the primary borrower defaults. The only option a cosigner has in recovering money paid out in connection with the loan is to sue the primary borrower in the appropriate court, in the city or county where the borrower lives.
What are the legal rights if someone co signs for a car and dies before the note is paid in full?
== == * Many people do not realize that by co-signing you are also a borrower on the loan; so even though the other borrower (co-borrower) may have died, you are now solely responsible for repayment of the debt. == == * If the note is secured by a mortgage on real estate that the borrower owned, the borrower's estate may have an interest in the property that can be liquidated to pay off the loan. Life insurance may also help protect a co-signer from bearing the entire burden in a situation like this.
