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Yes, you are responsible If the person you co-signed for is behind in payments and the insurance coverage expires you are responsible to insure the car until it is sold or the person gets the payments caught up and pays the insurance.
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How does cosigning for an auto loan affect your ability to get your own auto loan?
Never cosign a loan. While I agree that one should NOT cosign. cosigning can hurt or help. Remember that if they do not pay you have to. Cosigning will affect your credit and count towards your debt to income ratio and show as an open joint auto loan. You might be turned down to get your own auto loan without a cosigner if you cosign.
Does cosigning on a loan affect the cosigner's purchasing power?
Yes since it will show up on your credit record as your debt. You are fully responsible for any loan that you co-sign.
How does cosigning for a car loan affect your credit?
No.
When cosigning for someone does the bank notify you on the borrowers credit affairs?
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Will cosigning a loan effect your ability to get a loan?
Yes, it will affect your debt to income ratio.
How does cosigning for an auto loan affect your ability to get your own auto loan?
Never cosign a loan. While I agree that one should NOT cosign. cosigning can hurt or help. Remember that if they do not pay you have to. Cosigning will affect your credit and count towards your debt to income ratio and show as an open joint auto loan. You might be turned down to get your own auto loan without a cosigner if you cosign.
If you co-sign on an auto loan are you required to be on the title in Pennsylvania?
No, a cosigner generally has no legal rights to the property that they are cosigning for.
Can you qualify for an auto loan with no drivers license?
yes you can get a auto loan without a license but you can not get auto insurance with out one and you can't complete the loan closing without insurance.
If someone cosigns your auto loan are they responsible for your other debts or only the auto loan?
Just for the auto.
Does the cosigner on an auto loan have to be on the insurance policy?
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.
Does cosigning on a loan affect the cosigner's purchasing power?
Yes since it will show up on your credit record as your debt. You are fully responsible for any loan that you co-sign.
Cosigned on auto loan for son while married with high income now divorced with wage of 500 mo no way to make more loan is in default can they take my savings IRA etc?
Cosigning the loan makes you responsible to pay if signer does not. They can garnish your wages and get a court order to garnish bank accounts.
Minimum auto insurance on an auto loan?
full coverage
Is an auto insurance company responsible for the failure of safety feature malfunction in an accident of an auto they insure?
No. The maintenance of the vehicle is the responsibility of the owner. And, no, the bank is not responsible either because the bank only owns the loan, not the vehicle.
How does cosigning for a car loan affect your credit?
No.
Would cosigning a car loan hurt you for a mortgage?
It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.
Does your credit score drop after cosigning on a loan due to the amount of the loan?
Yes.
