Yes because they are dually responsible for the car's payments. The loan also likely depended on their credit or income in order to purchase the vehicle; therefore, they have not only cosigned on the loan, they have co-purchased the vehicle.
Imho, No ... makes no sense, especially if nothing has been paid by the co-signer.
Besides, the interest on auto loans is not tax deductible. I was a co-signer on my sons car and never had to report anything on my taxes. The co-signer is only responsible for the loan in case the original signer defaults.
i was able to get an auto loan with the help of a cosigner and im under 18
No. The cosigner would have to apply for a loan in their name using their credit, income data.
Yes
yes it will, as a co-signer you are held just as responsible as the primary loan holder and it will appear on your credit report no matter if the payments are made on time or if they are late.
A cosigner- someone who agreesto pay the loan if you default
No, the refinancing without the consent or knowledge of the original cosigner created a breach of the original lending agreement and the cosigner is no longer legally obligated for the debt.
Nope
will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle
No, a cosigner can only be relieved of the financial obligation by a refinancing of the loan agreement without them being a participant.
By co-signing the loan, they are guaranteeing that you will repay the loan. They do not need to be on the auto insurance policy, but it would be in their best interest.
A cosigner cannot be removed from the debt obligation except by a refinancing of the loan without the original cosigner's participation.
They would need to have the vehicle refinanced in their name only or obtain another cosigner for the refinancing.