No. However, they may end up paying for a car they don't own. A co-signer should make sure they are fully informed before co-signing another person's loan. The co-signer is fully responsible for paying the loan if the primary borrower doesn't make the payments. One very serious complication when co-signing for a car loan occurs when the primary doesn't insure the car, wrecks it and stops paying the loan since, remember, they didn't have any money or credit in the first place. In that case, the bank will go after the co-signer for payment of the balance of the loan and everyone's credit will be in ruins.
If, on the other hand, you are a part owner of the vehicle then your property may become vulnerable in the case of an underinsured or uninsured accident with property damages and injuries. You should discuss the legal aspects of the proposed co-signing with a quick consult with an attorney.
If only one person signed the loan agreement then there is no co-signer. That one person would be the borrower and the borrower must pay the loan.
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.
Both parties on the loan. Co-signer and other person they co-signed for
When you co-sign that is YOUR LOAN! I am sure your banking institution made you aware of this. When one chooses to co-sign it's because the person they co-signed for cannot get a loan for one reason or the other. In over 90% of the cases the person you co-signed for does not pay off the loan. I suggest you go into your banking institution where you co-signed for that loan and make an appointment and see what they can do for you. However you handle this you will be paying out something.
Yes, if that is what they agreed to when they co-signed the loan. Remember, when you co-sign a loan you are fully responsible for paying it if the primary borrower fails to pay. The co-signer should review all the documents they signed when the loan was granted.Yes, if that is what they agreed to when they co-signed the loan. Remember, when you co-sign a loan you are fully responsible for paying it if the primary borrower fails to pay. The co-signer should review all the documents they signed when the loan was granted.Yes, if that is what they agreed to when they co-signed the loan. Remember, when you co-sign a loan you are fully responsible for paying it if the primary borrower fails to pay. The co-signer should review all the documents they signed when the loan was granted.Yes, if that is what they agreed to when they co-signed the loan. Remember, when you co-sign a loan you are fully responsible for paying it if the primary borrower fails to pay. The co-signer should review all the documents they signed when the loan was granted.
If your aunt co-signed a loan then she is responsible for paying the loan. That's exactly what she agreed to do when she co-signed. It is not your debt.
The lender will view the loan you co-signed as your debt since you are fully responsible for paying that loan if the primary borrower defaults.The lender will view the loan you co-signed as your debt since you are fully responsible for paying that loan if the primary borrower defaults.The lender will view the loan you co-signed as your debt since you are fully responsible for paying that loan if the primary borrower defaults.The lender will view the loan you co-signed as your debt since you are fully responsible for paying that loan if the primary borrower defaults.
It's the same as co-signing for a loan. If they don't pay, you will be contacted. If you don't pay it can be reported to the credit bureau. When you co-sign any contract or loan, you are guaranteeing the payment(s) on behalf of the person you co-signed for. If the person you co-signed for does not make the payment(s), the person who is owed has a right to demand payment from you. By co-signing, you entered into a legal contract.
Not for a new loan. Your name as co-signer for a loan can only be applied if you signed the original loan document as co-signer. Now, 11 years later if the person you co-signed for the first time tries to open another loan using you as co-signer they will have to get you to sign a loan document again, just like the first time. If you find that you are a co-signer without having signed the document you should ask the furniture store to see the loan document. You may find that your signature has been forged.
When you co-signed you agreed to pay the loan if the primary borrower defaults. That is the only purpose of requiring a co-signer. The person who applied for the loan doesn't have a good credit record and the lender wants to make certain the loan is paid so they arrange for someone with better credit to co-sign the loan. If you don't make the payments your credit will be ruined.When you co-signed you agreed to pay the loan if the primary borrower defaults. That is the only purpose of requiring a co-signer. The person who applied for the loan doesn't have a good credit record and the lender wants to make certain the loan is paid so they arrange for someone with better credit to co-sign the loan. If you don't make the payments your credit will be ruined.When you co-signed you agreed to pay the loan if the primary borrower defaults. That is the only purpose of requiring a co-signer. The person who applied for the loan doesn't have a good credit record and the lender wants to make certain the loan is paid so they arrange for someone with better credit to co-sign the loan. If you don't make the payments your credit will be ruined.When you co-signed you agreed to pay the loan if the primary borrower defaults. That is the only purpose of requiring a co-signer. The person who applied for the loan doesn't have a good credit record and the lender wants to make certain the loan is paid so they arrange for someone with better credit to co-sign the loan. If you don't make the payments your credit will be ruined.
Not if you qualify with both payments. Since you co-signed for another loan, they will count that debt and payment into your debt ratios. If you still qualify, there should be no issues unless multiple car loans to one person is prohibited by a lending policy.
No. Only the lender can make changes to the parties responsible for paying the loan. If the co-signer is paying the loan because the primary isn't paying, that's exactly what they signed on for by co-signing.No. Only the lender can make changes to the parties responsible for paying the loan. If the co-signer is paying the loan because the primary isn't paying, that's exactly what they signed on for by co-signing.No. Only the lender can make changes to the parties responsible for paying the loan. If the co-signer is paying the loan because the primary isn't paying, that's exactly what they signed on for by co-signing.No. Only the lender can make changes to the parties responsible for paying the loan. If the co-signer is paying the loan because the primary isn't paying, that's exactly what they signed on for by co-signing.