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Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.
Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.
Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.
Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.
Wiki User
∙ 12y ago
Wiki User
∙ 12y agoYes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.
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What if primary account holder dies and there is a cosigner?
The co-signer will be required to pay off the debt. That's what they agreed to when they co-signed so that the primary could get the account.
Is a cosigner responsible for a car loan if the main borrower dies?
Yes. The co-signer should negotiate a resolution as soon as possible. If the debt goes into default the co-signer's credit will be ruined. The co-signer should try to get the lender to take back the vehicle and negotiate the amount it will take to write off the debt. On the other hand, the co-signer could try to get title from the decedent's estate and then pay off the loan.
What happens when a co signer dies and you stop paying on car loan?
bank takes back
Why would a co signer of a car loan take life insurance?
If the person the co signer was signing for died they would not be liable for the remaining amount due. Also the other way around if the cosigner dies then the car would be paid for after death, but there would probably be two different plans for that.
If someone with poor credit bought a car with a relative as cosigner and the cosigner dies can the loan company call the loan or repossess the car if the other person continues to make payments?
In most cases the co-signer is in fact the borrower. I would think as long as you make the payments on time the lender will be o.k. with it, they usually want the money not the collateral back. I would read the finance contract(yes all the small print) there should be something stipulating the conditions for "due on demand". Hope thishelps.
Will my car be taken if my cosigner dies?
Not as long as you make your payments on time. A co-signer guarantees that you will pay your loan off. If your co-signer dies and you don't make your payments the lender will repossess the car and go after you for any deficiencies.
What if primary account holder dies and there is a cosigner?
The co-signer will be required to pay off the debt. That's what they agreed to when they co-signed so that the primary could get the account.
Is a cosigner responsible for a car loan if the main borrower dies?
Yes. The co-signer should negotiate a resolution as soon as possible. If the debt goes into default the co-signer's credit will be ruined. The co-signer should try to get the lender to take back the vehicle and negotiate the amount it will take to write off the debt. On the other hand, the co-signer could try to get title from the decedent's estate and then pay off the loan.
What happens when a co signer dies and you stop paying on car loan?
bank takes back
What happens if you are a borrower and the co-signer dies?
If the co-signer dies the surviving borrower is responsible for paying the loan.
Can a cosigner be taken off the loan if the primary applicant dies?
Generally, no. The co-signer would become solely responsible for paying the loan.Generally, no. The co-signer would become solely responsible for paying the loan.Generally, no. The co-signer would become solely responsible for paying the loan.Generally, no. The co-signer would become solely responsible for paying the loan.
Why would a co signer of a car loan take life insurance?
If the person the co signer was signing for died they would not be liable for the remaining amount due. Also the other way around if the cosigner dies then the car would be paid for after death, but there would probably be two different plans for that.
What happens if co-signer of a student loan dies?
The other signer is responsible.
If the co-signer on a repo'ed car dies who is responsible for paying the credit company the deceased's estate or the original owner?
EITHER/OR. they both signed and agreed to pay.
Is a cosigner on a credit card responsible after the primary dies?
Yes.
What if the borrower dies and there was a co signer?
The lender will go after the co-signer for payment.The lender will go after the co-signer for payment.The lender will go after the co-signer for payment.The lender will go after the co-signer for payment.
What if the borrower dies and there was a co-signer?
The lender will go after the co-signer for payment.The lender will go after the co-signer for payment.The lender will go after the co-signer for payment.The lender will go after the co-signer for payment.
