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Can you have someone co-sign for your car purchase if they currently have a co-signer on their car?
Wiki User
∙ 13y ago
They can on in theory as many cars their credit will allow. It will be another debt they are liable for. The bank/institution that would do the approval process may consider the individual 'overextended' if he were to do such, and would not allow him to.
Another PerspectiveIf your intended co-signer needed a co-signer for their own loan then chances are their credit isn't good enough for another lender to accept them as a co-signer on your loan. After all, the bank's purpose for requiring a co-signer is to make certain the loan will be paid. They will go after the co-sogner if the primary borrower defaults on the loan.
Wiki User
∙ 13y ago
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If cosigner has a car loan already may she cosign for someone and be approved for that person and the cosigner has good credit?
Yes.
When you cosign for someone how long are you required to be their cosigner?
For the length of the contract you sign. If you cosign on a 3 yr loan, you are responsible for the debt for 3 years.
Will a cosigner's credit be affected if they cosign for someone who has a bad credit score because of a Chapter 7 bankruptcy?
The cosigner's credit will only be affected if the person that they cosign for defaults on the loan. The bankruptcy will not affect the cosigners credit.
When you cosign for a vehicle will it be on your credit report and therefore effect the cosigner when they attempt to make a major purchase in the future?
Yes, all action on the part of the primary borrower will be reflected on the cosigner's credit report.
Is it possible for someone to cosign when they reside outside the state?
That depends upon the lender and there are lenders who will allow a cosigner to reside outside the state where the purchase is made and will use UCC laws to insure the contract remains valid.
Is a cosigner liable for an automotive repossession in Michigan?
When you cosign for an automobile purchase you are typically liable for an automobile repossession in Michigan. The reason why is because you are responsible for car payments as a cosigner if the primary debtor cannot pay.
Can you be seventeen and have a cosigner cosign for an auto loan?
i was able to get an auto loan with the help of a cosigner and im under 18
Can someone be a cosigner for an apartment if they live in another state?
Whether or not an apartment complex would allow someone from another state to become a cosigner would be up to them to decide. They have the right to set their own rules in regards to who would be allowed to cosign.
Does a cosigner need a driver's license?
You need a lisence to drive the car, but not to cosign a loan.
Can a cosigner of a home loan receive half of the proceeds?
Did you help make payments? If all you did is to cosign, then no.
If you cosign for a car loan can you be sued successfully?
Yes. If the signer defaults on the loan, then you, as the cosigner, would be liable.
Can any adult cosign for a teen to get a credit card?
Yes, but if you don't pay the bill the cosigner will be held responsible
