NO! that is wrong In the state of Maryland the must send a certified letter to the co-signer also. Check your state laws
No
If a co-signer has no credit, the person may not be able to obtain what they are wanting. This might be a car, or house, but if a co-signer is lacking something, the company may not allow the purchase.
No. There is no legal obligation for the lender to notify the cosigner that the primary borrower is in default.
The question is a liitle vague. Can your credit be too bad that even having a co-signer won't help? Not necessarily, as long as the co-signer has excellent credit. The co-signer's credit history overrides the applicant's. Can your credit be too bad that you cannot act as a co-signer? Absolutely.
Levy by credit card company
That would depend on your age and credit rating and the rules of the loan company.
Yes. The purpose of requiring a co-signer is to guarantee the loan will be paid if the primary borrower fails to pay. Therefore the lender will check the co-signer's credit and the loan will appear as a debt on the co-signer's credit record.Yes. The purpose of requiring a co-signer is to guarantee the loan will be paid if the primary borrower fails to pay. Therefore the lender will check the co-signer's credit and the loan will appear as a debt on the co-signer's credit record.Yes. The purpose of requiring a co-signer is to guarantee the loan will be paid if the primary borrower fails to pay. Therefore the lender will check the co-signer's credit and the loan will appear as a debt on the co-signer's credit record.Yes. The purpose of requiring a co-signer is to guarantee the loan will be paid if the primary borrower fails to pay. Therefore the lender will check the co-signer's credit and the loan will appear as a debt on the co-signer's credit record.
Read the contract you co-signed. It should relate the info you want. USUALLY, lenders dont notify the co-signor until the car is sold at auction and its time to PAY UP.
The late payment(s) will show on the co-signer's credit report. If the loan defaults, the company can look for the co-signer to pay the remainder. Co-signing is very risky if the primary borrower has poor credit--it reflects poor payment habits.
They sign the papers with you. Basically the lender understands that if you have bad credit, then they will depend on the co-signer to help you out. Otherwise the co-signer will soon have bad credit also.
The purpose of a co-signer is to guaranty the loan will be repaid. The bank would approve a co-signer with perfect credit but the co-signer should be fully informed that they will guaranty the repayment of the loan. If the borrower with poor credit doesn't pay the co-signer must pay or their perfect credit will be ruined. If the co-signer has no ownership interest in the property they may end up paying for property they don't own.The purpose of a co-signer is to guaranty the loan will be repaid. The bank would approve a co-signer with perfect credit but the co-signer should be fully informed that they will guaranty the repayment of the loan. If the borrower with poor credit doesn't pay the co-signer must pay or their perfect credit will be ruined. If the co-signer has no ownership interest in the property they may end up paying for property they don't own.The purpose of a co-signer is to guaranty the loan will be repaid. The bank would approve a co-signer with perfect credit but the co-signer should be fully informed that they will guaranty the repayment of the loan. If the borrower with poor credit doesn't pay the co-signer must pay or their perfect credit will be ruined. If the co-signer has no ownership interest in the property they may end up paying for property they don't own.The purpose of a co-signer is to guaranty the loan will be repaid. The bank would approve a co-signer with perfect credit but the co-signer should be fully informed that they will guaranty the repayment of the loan. If the borrower with poor credit doesn't pay the co-signer must pay or their perfect credit will be ruined. If the co-signer has no ownership interest in the property they may end up paying for property they don't own.
Yes, the obligation will be reflected on the co-signer's credit. Lenders do not differentiate between a signer and a co-signer. Both are responsible for the repayment of the loan. If the signer stops making payments, the lender will look to the co-signer for full repayment of the obligation. Co-signer be aware!