Can you be a cosigner on an auto loan if you are filing bankruptcy?
Anyone who a lender accepts as a co-signer (or a primary borrower) can be. There aren't laws about this...lenders have the right to decide who they lend to, as borrowers have the right to decide who they borow from (or not) on what terms. A co-signer is needed because the primary doesn't have good enough credit to qualify on their own and the Cosigner normally has very good, or at least much better, credit. If your close to BK yourself...you probably won't qualify as a co-signer to the lender anyway. Also, as a co-signer you have basically all the same obligations of the primary for payments and such, without the benefit of possession and rights to the property. If your close to BK, you apparently have enough trouble handling your own obligations to even consider becoming responsible for someone elses...esepcially someone else that apparently has a poor credit history or is taking on more of a debt than a lender thinks they could handle.
What happens when a loan is cosigned and the borrowers file bankruptcy but the cosigner is deceased?
The answer is that the cosigner would be left responsible for taking over the payments. If the cosigner wants to maintain his or her credit rating (which is probably damaged due to your filing bankruptcy), If the consignor does not want the auto loan people to sue for any remaining balance, then he or she will need to keep making the payments. If the auto loan company sues for any remaining balance and gets a…
What are the rights of a cosigner when the primary filed bankruptcy then didnt pay the bankruptcy so the bankruptcy was dismissed?
As a cosigner, you are not at all protected if the primary signer files for bankruptcy. In many cases, filing for bankruptcy relieves the primary signer on the loan from his obligations towards the loan, at which point the lender will turn to the cosigner for payment. You'll either have to pay the loan or file for your own bankruptcy (if necessary). Unfortunately, you're stuck with the loan regardless of whether or not the primary…
What happens to a cosigner of a car loan when the primary loan holder files bankruptcy and the loan is discharged and they do a voluntary repossession?
Is the cosigner of an auto loan responsible for the loan if the loan was refinanced by the buyer without the knowledge or consent of the cosigner?
If the cosigner has had possession of vehicle 15 months paying the payments does the primary have the right to the vehicle?
If the cosigner is refusing to refinance or pay the auto loan off how could the primary person on the auto loan remove his or her name?
Once the bankruptcy is dismissed or discharged it is quite acceptable to file for a new loan. In fact once your chapter 7 or chapter 11/13 is discharged, lending institutions will be lining up to loan you money. The potential of getting a loan approved if your bankruptcy is dismissed is extremely remote however. Considering the reasons for filing bankruptcy might be a good pre-loan application exercise though.
If you have bed credit, sometimes having a cosigner is the only way you can get an auto loan. The people who lend you the money so you can purchase the car want their money back with interest. If you have bad credit, they may think you will not pay them back. They may think your cosigner does not want his credit ruined and will pay them back. So, while they would not give you…
When a loan is in arrears (past due), the creditor has the legal right to contact the cosigner unless the loan is included in bankruptcy. The Fair Debt Collection Practices Act states this fact. The sole purpose of a cosigner/guarantor is to guarantee the loan, hence it is likely if no payment arrangements have been made by one, they will collect from the other.
I cosigned a loan for my granddaughter she has filed bankruptcy will her creditors come after you too?
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?
One of the best ways to recover from bad credit after filing bankruptcy is to get a car loan and make the payments on time. Perhaps it is possible to get an auto finance loan while in Bankruptcy but, there are a couple of issues to note. The interest rate for an auto loan while in Bankruptcy will not be good. Bankruptcy Trustee approval is needed if you do finance a vehicle while re-paying a…
If you are filing for bankruptcy, and you try to cosign -- two things can happen. 1. the lender will turn you down. 2. If the court finds out you have applied for credit the bankruptcy can be stopped. If you mean that the car and loan will be for you during or after the bankruptcy, this still has to be disclosed and again the bankruptcy can be stopped.
If you are a cosigner on a vehicle and the other person gets the vehicle repossessed then files for bancruptcy what happens to the cosigner?
If you file bankruptcy return the auto can the bank go after your cosigner for the difference between what you owed and what they auctioned it for?
Consumers looking for a way to get an auto loan with a bankruptcy on their record may consider payday loans to meet their needs. Payday loans are unsecured loans meant to help out those who need cash fast, and who do not have a good credit score. These loan companies do not check their customers credit score, and even a repossession or bankruptcy will have no bearing on the eligibility of the loan. For those…
If the cosigner of a auto loan files bankruptcy and the borrower can't make payments what happens to the auto and the balance of the loan?
Yes! The whole point of cosigning a loan, from the lender's perspective, is that they have 2 people on the hook for the loan in the event it goes sour. If the person stops making payments (bankruptcy or not), they will come after the cosigner, making the cosigner wish he/she had never, ever cosigned.