If you are late on your loan payment and are a cosigner on your daughters car can they repposses the car?
No, the cosigner signs on to the loan. Usually, the primary signer owns the car and drives it. The cosigner is there in case the loan goes into default and needs to be paid for. After they sign on the car does not belong to them, but the person who took out the loan.
The loan must be paid out of the estate (sell of home, life insurance policy, etc...) Otherwise, the estate will be held up in litigation and will not be closed or the beneficiaries will be forced to pay the loan.
They can still come after the cosigner, and it will still reflect poorly on your cosigner's credit history. You have been absolved of the debt, not your cosigner.
Possible fraud charges.
If you owe money on a car loan or are a cosigner for a car loan, yes.
The usual legal recourse for the cosigner when the person named as the primary on a loan has defaulted, is to make the payments on the loan. Then, the cosigner can take the person who defaulted to court to try and recoup some of the money they are out. If the loan was for a car, some states allow the cosigner to take possession of the car and sell it to recoup losses also.
You select a cosiger have good credit history is big qualification for car loan.
Some who has character My Friend it is very difficult to get car loan with no credit and no cosigner although you have to contact some good car lenders in your area they can guide you better.
If you default on your loan, the cosigner is stuck with paying it off. If your credit had been any good in the first place, you would not have needed a cosigner.
The insurance reuire by your lender.
Yes, if your credit is good enough. I have never had to have a cosigner for a car loan.
If you need a cosigner for the loan because of bad credit, it means you can't afford the car.
You should be able to get a car loan with a qualified cosigner. Even with a repossession on your credit you should be able to finance a car loan.
No, they just need good credit.
IF YOU LEGALLY REMOVED THE COSIGNER FROM YOUR CAR LOAN,TITLE AND ALL. IT NOW BECOMES A CIVIL MATTER,WITH EVIDENCE ON HAND A LOCAL SHERIIFF'S MIGHT BE HELPFUL SINCE THEY HANDLE CIVIL MATTERS. I DON'T FORSEE ANY PROBLEMS IN ACQUIRING YOUR VEHICLE.
Yes. If you signed the loan, you are still legally responsible for it.
Yes. If the signer defaults on the loan, then you, as the cosigner, would be liable.
When the primary borrower defaults the cosigner becomes legally responsible for the loan. If the cosigner is not able to pay the loan he or she can also be subject to legal action by the lender and the cosigner's credit score will be seriously affected.
The terms of the loan are between the bank, and you and your cosigner. To remove the cosigner, the bank would have to agree to pay off the loan and issue a new loan in your name only. Since the value of the car has probably decreased faster than you are paying down the loan, it is unlikely that there is any credit being generated.