It has the same effect on the credit.
Whether a repossession is done "voluntarily" by the primary or through the action of the lender, the primary borrower and the cosigner are still legally responsible for all the terms of the lending agreement. The affect the repossession has on the cosigner's credit history will depend upon the actions of the lender to recover the debt owed.
It depends on how your father's death, the repossession, and the cosigners credit are corelated.
Carly, it can affect what interest rate you pay(HIGHER THAN NORMAL), how much you have to pay down to even get a loan. It is NOT a positive thing to have on your CR.
As long as loan stays current, credit & other obligations irrelevant.
Goes on your credit as a repossession.
If your name was on the note, yes.
No. A foreclosure affects only the borrower and anyone else who signed the mortgage.No. A foreclosure affects only the borrower and anyone else who signed the mortgage.No. A foreclosure affects only the borrower and anyone else who signed the mortgage.No. A foreclosure affects only the borrower and anyone else who signed the mortgage.
The only person it affects is the person the item is being repossessed from. Unless, one of the family members is a co-signer on a loan of the repossessed item. Then, they can bear the responsibility of repaying the loan and it will show on their credit report as well. I'm not aware of what is being repossessed, but the implications of repossessions may affect others...just not financially, unless taxes are involved (like a home).
Stays on your credit rating for 7 years. Has a very negative effect.
No, not if the wife is the sole borrower.
Yes. If the original borrower defaults, and the cosigner is unable to take over the debt.
Yes it can and will effect your credit
A car reposession will leave a major black spot on your credit rating for 7 years.
The cosigner's credit will only be affected if the person that they cosign for defaults on the loan. The bankruptcy will not affect the cosigners credit.
Yes. I co-signed for an auto loan and the other borrower filed bankruptcy without notifying me. I was in the process of buying a home and before I went to settlement they pulled my credit again and her bankruptcy came up - preventing me from getting the house. So yes it will affect your credit because it will show up on your credit report that that person has filed for bankruptcy.
Yes. That is the whole purpose of having a co-signer. They are liable for repaying the loan if the primary borrower defaults.
If they were stolen in the first place, yes. If you returned them voluntarily, this may affect the sentencing severity.
Only if the dealer reports it to the credit bureaus.
You work with your attorney to affect the change in title that you want. Your attorney can guide you and advise you, so that you produce the documents required in order to change the title of ownership.
Yes. But it doesn't affect support payments. That is still determined by the state, not EITHER parent.
YES - the fact that the original term of the lease had past has nothing to do with it since the payments weren't made.
It will have no affect on the mortgage as long as the lending terms are met by the primary borrower.
It can have a negative effect if the primary borrower doe not make their payments on time. When you co-sign for a loan you are making a guarantee to the lender that the loan will be paid. If you decide to co-sign for someone else you need to make sure you can pay the loan if they stop making payments and you should also make certain the payments are being made on time. Late payments and missed payments will be reported to your credit record as well as that of the primary borrower.
Be very cautious about co-signing for a loan. If the primary borrower defaults, you are responsible for the loan payment. It also may affect your ability to get a loan if your debt to income ratio is already high.
AnswerIf the surviving spouse was not a joint borrower on the vehicle loan the repossession affect/appear on their credit report.