By doing it.
The estate has to settle the title. The secondary person can be held responsible for the loan until it is resolved.
2 years of secondary school
Yes, it is possible for a cosigner to become the primary borrower on a car loan through a process called refinancing. This typically involves the cosigner applying for a new loan in their name only, which pays off the existing loan and transfers the responsibility solely to the cosigner.
Depends how ill you are. But I'm sure no matter what, they'll make you pay off the car loan.
If you were to loose your home for example...and the forclosure took in 100k, and you had a primary loan of 90K, and a secondary loan of 90K, then ... the primary (senior), loan gets 90K, and the secondary loan gets 10K.
Both of you. The payer may have greater rights to the vehicle, but both of you legally own it.
Yes, a co-signer can take over a car loan if the primary borrower is unable to make payments. The co-signer would then become responsible for repaying the loan.
When a consumer defaults on a car loan their credit becomes negatively affected. Not only that, the previously purchased vehicle will become subject to repossession if the payment is not received.
If you co-sign a car loan and the primary borrower passes away, you may become responsible for repaying the loan. It is important to carefully consider the risks before agreeing to co-sign a loan.
Yes, a cosigner can take over a car loan if the primary borrower is unable to make payments. The cosigner would become responsible for the loan and would need to make payments to avoid default.
after paying the auto loan to cover the car and more. What's left is the interest rate the lender adds on at the end of a loan, if you become delinquent in paying on the interest added, can the care get repo'd?
Since the car is financed, it already is collateral for a loan. Your car loan uses the car as collateral for that loan. I think the only way for you to use the car as collateral for a different loan is to have the NEW lender pay off your car loan, tack the ammount of the car loan on to the new loan you are getting, therefore they would then be the leinholder on the car.