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How can you get out of cosigner even through you already cosigned?
Wiki User
∙ 12y ago
Pay the loan off and then collect payments from the person you cosigned for.
Wiki User
∙ 12y ago
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What is cosigned?
A cosigner is the person who agrees to pay off the full balance of the loan if the primary borrower fails to pay. A cosigner signs the loan documents and guarantees payment of the loan even if they have no ownership in the property covered by the loan.
If someone cosigned a lease to your apartment can they take their name off the lease even if you have been paying the payments?
No. Once a cosigner has signed the contract the only way they can be removed from the responsibility is a new agreement being made without the assistance of the original cosigner.
Will being a cosigner make it harder for you to get a loan in the future?
Yes, even if you're never asked to repay the debt, your liability for the loan may keep you from getting other loans because creditors will consider the cosigned loan as one of your obligations.
Can a cosigner purchase a new vehicle even though he has co-signed?
Yes. A cosigner can purchase as many vehicles as a lender well allow. Of course it depends on your income and credit rating as to whether or not the lenders will extend you any more credit. The loan you cosigned for is on your credit and will be taken into consideration when the lender looks at your credit to determine your elligability for a car loan.
If you are a cosigner for a car and own a car do you loose both cars?
The biggest threat to you losing both cars is if you used your car as collateral, and the person for whom you cosigned defaults on the loan, and you can't make the payments on the other person's car yourself. But, even if you didn't use your car as collateral, then the bank/finance company could still file a judgment against you for the remaining balance that was owed on the car you cosigned for.
If you cosigned a loan and then went bankrupt and the original loan person skipped on the loan are you now liable as the cosigner even though you went bankrupt before?
Yes you are still responsible, especially if you didnt put it in your Bankruptcy, Any obligation you dont include you are still responsible for
Cosigned a car loan for ex-girlfriend and have had to make about 25 percent of the payments and am paying the insurance in the state of Alabama can I take the car from her if I go to court?
You do not even need to take the person to court. You being the cosigner has just as much right to the vehicle as they do. You can go take the vehicle anytime you want to.
Does a cosigner have rights to the car even when its paid off?
No, the cosigner will not have rights to the car after its paid off because the purpose of a cosigner is to pay off the notice if you fail to do so. Being a cosigner does not give them to any rights to the car.
Can a cosigner take away your car even though payments are not delinquent?
No. Unless the cosigner is also a title holder they have no legal rights to the vehicle.
Can the PRIMARY owner of a vehicle sue the COSIGNER for half of the remaining balance if the COSIGNER had the vehicle voluntarily repossed even if the PRIMARY had already been making payments on time?
You can sue anybody for almost anything today. Now, if you can win or not is the question. Talk to a lawyer or at the very least your state attorney general.
Is the primary on a loan obligated to pay back a cosigner if the cosigner pays off the loan without the knowledge of the primary?
YES !!! He/she should certainly discuss it with the cosigner. It may be a gift or it may just be that the cosigner doesn't want to have that note appearing on his/her credit report. Whatever the reason, even if the cosigner did it as a gift, the primary should acknowledge and express appreciation. But be prepared if the cosigner expects the loan to be paid back.
Can a cosigner sue the primary for the full amount of loan when the cosigner pays it off?
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.
