The only option is for the loan to be refinanced without the particpation of the present cosigner.
IF YOU LEGALLY REMOVED THE COSIGNER FROM YOUR CAR LOAN,TITLE AND ALL. IT NOW BECOMES A CIVIL MATTER,WITH EVIDENCE ON HAND A LOCAL SHERIIFF'S MIGHT BE HELPFUL SINCE THEY HANDLE CIVIL MATTERS. I DON'T FORSEE ANY PROBLEMS IN ACQUIRING YOUR VEHICLE.
No. The only way to be removed as a cosigner is for the loan to be refinanced assuming the lender will allow that to happen.
If you are late on your loan payment and are a cosigner on your daughters car can they repposses the car?
No, the cosigner signs on to the loan. Usually, the primary signer owns the car and drives it. The cosigner is there in case the loan goes into default and needs to be paid for. After they sign on the car does not belong to them, but the person who took out the loan.
That will have to be arranged between the lender and the co-signor. The only way to remove anyone from a loan is to have the person being removed sign verifying that they want to be removed AND whoever will be left on (or added to) the loan must reapply for the loan on their own. This means, if the cosigner does not have good enough credit, then either the primary must stay on the loan or (if the loan is backed by collateral such as a car or house) then the collateral can be sold to a third party. In which case, of course, the primary and cosigner will be removed.
Possible fraud charges.
Yes: Your spouse/children can be included on your insurance policy regardless of who was/if there was a cosigner on the car.
If you owe money on a car loan or are a cosigner for a car loan, yes.
No, a cosigner can only be relieved of the financial obligation by a refinancing of the loan agreement without them being a participant.
Some who has character My Friend it is very difficult to get car loan with no credit and no cosigner although you have to contact some good car lenders in your area they can guide you better.
You select a cosiger have good credit history is big qualification for car loan.
The usual legal recourse for the cosigner when the person named as the primary on a loan has defaulted, is to make the payments on the loan. Then, the cosigner can take the person who defaulted to court to try and recoup some of the money they are out. If the loan was for a car, some states allow the cosigner to take possession of the car and sell it to recoup losses also.
No. The loan must be paid off and you must refinance without the co-signer.
They can still come after the cosigner, and it will still reflect poorly on your cosigner's credit history. You have been absolved of the debt, not your cosigner.
If you default on your loan, the cosigner is stuck with paying it off. If your credit had been any good in the first place, you would not have needed a cosigner.
If you need a cosigner for the loan because of bad credit, it means you can't afford the car.
No, they just need good credit.
Yes, if your credit is good enough. I have never had to have a cosigner for a car loan.
Yes. If the signer defaults on the loan, then you, as the cosigner, would be liable.
Yes. If you signed the loan, you are still legally responsible for it.