a cosigner is someone that also signs a note, meaning that if the original signer dose not pay the obligation the second signer or cosigner must pay. It means, if the person getting the loan does not pay it off, the cosigner is responsible for paying the loan off.
The only way to take a cosigner off of a loan is to refinance it.
No, the cosigner will not have rights to the car after its paid off because the purpose of a cosigner is to pay off the notice if you fail to do so. Being a cosigner does not give them to any rights to the car.
A cosigner cannot simply remove their name from the contract. The cosigner is obligated equally with the primary borrower until the loan is paid. A cosigner's credit history will be affected, hopefully in a positive way.
YES !!! He/she should certainly discuss it with the cosigner. It may be a gift or it may just be that the cosigner doesn't want to have that note appearing on his/her credit report. Whatever the reason, even if the cosigner did it as a gift, the primary should acknowledge and express appreciation. But be prepared if the cosigner expects the loan to be paid back.
A "Cosigner" is a "Co-owner." Cobuyers and buyers are equally responsible for the note they signed.
No. The loan must be paid off to release the co-signer from their obligation.
The only option to be removed as a cosigner is to have the secured property refinanced without the cosigner being involved.
A cosigner basically is a guarantor for the repayment of a loan or value and serves as cosigner of the debt. If the debtor fails to make payments or defaults, the cosigner is obligated to pay off the debt. No benefits for the cosigner, but cosigner benefits the debtor.
Can't unless you get your name off the loan. The person you co signed for has to get the loan changed out of your name.
They would need to have the vehicle refinanced in their name only or obtain another cosigner for the refinancing.
A cosigner cannot be removed from the debt obligation except by a refinancing of the loan without the original cosigner's participation.