I am trying to figure out the same thing. It's def tough.
Well if you have a decent down payment,,say $1500 or $2000 , the finance company may take the value of the car as collateral against the loan. They will place a lien on it anyway until it is paid off. And if something happens to it before the loan is paid, the insurance company will pay off the loan,,,not send you the money.
No.
Yes, you can switch the cosigner to the primary on a loan. The way to do this is to have the loan refinanced.
The only option is for the loan to be refinanced without the particpation of the present cosigner.
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.
The title has nothing to do with the loan. The loan will need to be refinanced using a different cosigner or only the primary borrowers.
Nothing. The only option for being remove as a cosigner is to have the original loan refinanced without the cosigner participating.
Normally a cosigner has to be able to pay the loan if the signer does not pay. So the cosigner should have better credit than the person seeking the loan.
The obligation of a cosigner is discharged by a borrower securing a loan to the satisfaction of the creditor. Paying off a loan will also discharge the obligation of a cosigner.
No, the refinancing without the consent or knowledge of the original cosigner created a breach of the original lending agreement and the cosigner is no longer legally obligated for the debt.
i was able to get an auto loan with the help of a cosigner and im under 18
The cosigner of the loan owns 1/2 of the property if they are on the title.
The only way to take a cosigner off of a loan is to refinance it.