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Answered 2007-01-23 15:32:31

If the borrower isn't living up to their obligations, and affecting the co-signer's credit rating, they have every right to ride the borrower about it. The borrower convinced them that they were worthy of the co-signer's trust. they need to live up to that obligation.

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Is there a way for the cosigner to be removed as cosigner if primary owner defaults?

No. The purpose of requiring a co-signer is that in the case of a default by the primary borrower, the cosigner has agreed to be fully responsible for the loan. Therefore, if the borrower defaults, that's what you're there for if you're the cosigner.


Does the cosigner have legal recourse monetary damages when the primary borrower defaults on a vechicle loan?

Does the cosigner have lega recourse monetary damages when the primary borrower defaults on a vechicle loan


What can a 70-year-old cosigner on a car loan be held responsible for if the loan is found in default?

The cosigner has the same legal obligations to repay the debt as does the primary borrower. If the primary borrower defaults, the lender can begin proceedings to collect the full amount owed plus applicable fees from the cosigner. A cosigner can be sued just as can the primary borrower. And if the primary borrower claims bankrutpcy, the cosigner will still get "stuck" with the debt. The credit report of the cosigner will be equally affected, either in a positive or negative way, depending upon the circumstances.


Can the primary borrower be sued by the cosigner if a loan is in default and the lender sues the cosigner?

Yes. But for now the lender has you and will get their money from you as they would the primary borrower. Cosigning is a really, really bad idea. At least for the cosigner. Everyone else seems to benefit.


Are a primary borrower and a secondary borrower on a car loan equally responsible for the loan?

Yes, the cosigner/co-borrower has the same legal responsibility to repay the debt/loan as does the primary borrower. If the primary defaults the creditor can attempt to collect from the co-borrower before the primary borrower.


Does the lender have to notify you as a cosigner if the primary borrower fails to make a payment?

No, but if the borrower misses enough payments, the cosigner will start getting collection calls as well.


Does the cosigner have to pay the bill for vehicle if the primary borrower doesnt pay?

Yes!


Does a cosigner have rights to sue in small claims court if they pay a debt in full before the primary borrower pays it?

A cosigner can only sue if the primary borrower signed an agreement for the cosigner to pay the debt and then be reimbursed. The consignor can not sue if they, at their own liberty, decided to just pay the debt.


Who is the person that agrees to take responsibility for repayment of a loan if the primary borrower defaults?

Cosigner


Is the cosigner the only one responsible on the loan?

The primary borrower is responsible for making the payments and adhering to the terms of the lending contract. The cosigner is legally obligated only if the primary borrower defaults on the lending agreement or files bankruptcy (chapter 7).


If a primary borrower defaults on a loan and the cosigner sues them will that prevent the lender from being able to take action against the cosigner?

No. The cosigner will still be equally responsible for the debt


Can a cosigner take the primary borrower to court to get possession of the car that the primary has made all the payments on and the car is insured and registered to the primary?

No.


What if the primary borrower files bankruptcy is the cosigner still responsible for making payments on the vehicle Can the co-signer take their name off the vehicle?

A Co-signer is always responsible for the item unless the primary borrower refinances and removes the co-signer. Unfortunately if the primary borrower filed bankrupcy it doesn't seem likely they will be able to refinance. Yes. Cosigner means that if for ANY reason the main borrower cannot pay, cosigner will be responsible to pay.


Can a cosigner in California take possession of a vehicle if the primary borrower is not making the payments in Georgia?

Only if the cosigner is also named on the vehicle title.


What are the rights of the cosigner to sell a car?

None, unless the cosigner is also on the title of the vehicle they have no legal rights to the property. When someone cosigns a loan for any reason they accept the responsibility of paying the debt if the primary borrower defaults. The only option a cosigner has in recovering money paid out in connection with the loan is to sue the primary borrower in the appropriate court, in the city or county where the borrower lives.


Does the cosigner have to live with you?

. Generally, no. A co-signer on a loan does not have to reside at the same residence as the primary borrower. Once the co-signer signs for the primary borrower; he or she is as liable as the primary borrower. It should be noted that some lenders may have their own requirement that the co-signer live at the same address as the primary borrower.


If you are a co-borrower not a cosigner are you responsible for repayment of the loan?

Yes, a co-borrower is as responsible for a debt as is the primary borrower. The main difference between co-buyers and cosigners is that a cosigner generally does not have any claims to the property in question but bears the responsibility of repaying the debt should the primary borrowers default on the agreement.


How long does a cosigner need to be on the contract?

untill its paid off * The other option is for the primary borrower to have the loan refinanced without the participation of the original cosigner.


Can a cosigner ask a lender to garnish the wages of the primary borrower?

A lender can't garnish wages; that has to be done by court order. That can be accomplished, but usually only after the lender has made the cosigner responsible for the debt and failed to collect. After all, that's the responsibility of being the cosigner -- to provide payment should the primary borrower fail to pay.


Can a cosigner take the primary borrower to court to get possession of the car that the primary has not made all the payments?

If the cosignatory is willing to take over the payments, and the creditor agrees. But if the primary borrower rufuses to cede posession then yes.


What are the consequences of signing a car loan when the primary borrower defaults on the payments?

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.


Can the cosigner of a motorbike loan take possession of the bike if the primary borrower isn't making payments?

yes


If the primary borrower dies is the cosigner now resonsible for the loan?

Yes, unless the loan is settled by the estate.


Do you always need a cosigner?

A cosigner is needed when the primary borrower does not, for whatever reason, (age, income, credit rating, etc.) does not qualify for a loan on their own merit.


Can your cosigner take your car if you have been making payments on time?

The cosigner issue here is misplaced. The liability of a cosigner comes into play if the primary owner of the car cannot make payments. In the case presented, the primary borrower is doing fine. There is nothing a cosigner can do to take a car away.