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How do you get a co-buyer off of a car loan if they are in default?
Wiki User
∙ 14y ago
You don't. If the cobuyer has possession of the vehicle and is no longer making payments, you as the buyer may take possession and either take up and make current the payments, or voluntarily surrender the vehicle. Failure to do so will result in repossession, and will adversely affect your credit.
Wiki User
∙ 14y ago
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What happens to the cosigner if you are in chp 7 bankruptcy and you default on your car loan?
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.
Should you pay off a default loan before or after you apply for a Mortgage?
You should pay off your default loan before because you may not qualify for a mortgage loan because you already owe money.
I bought a car but i used my brother's name now my brother wants to remove his name but the car is not paid off yet?
If the brother was the signer or co-signer of the loan, he is on the hook for the full amount of the loan until the car is fully paid for. If you default on the loan it goes against his credit rating. If the brother did not sign the loan, but his name was used, that is identity theft and forgery and may seem petty ... but is a serious felony. If the brother wants his name off the loan, he could force you to sell the car. Or you could find the money to pay off the car in full. There is almost no way the finance company will ever let a co-signer off of a loan.
How can one get out of student loan default?
The easiest way for an individual to get out of student loan default is to pay off the remaining balance of the debt in full. This would also be the quickest way to rectify the issue.
What can you do if a car dealership approving a car loan only to require a cosigner or return the car?
There is not much you can do. You could try to get a loan through a credit union or loan company, but the dealership can do this if your loan requirements were not met when you bought the car. Since you need a cosigner my guess is your credit is not good or you don't have enough. Your options are get a independent loan, get a cosigner, or return the car. *********************************************************** There's not much you can do except pay it off. If the lender does not feel comfortable that you, the borrower, can service the debt; then he is within his rights to require a co-signer for the loan. If you default, then it falls upon the co-signer to pay the debt off. Co-signers are notorious for getting burnt on deals like this.
What happens to the cosigner if you are in chp 7 bankruptcy and you default on your car loan?
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 are gifted a car in a will that is not paid for how long does the estate legally have to give you to pay off lien?
If you inherit a car that is subject to an outstanding car loan you need to keep up the payments with the LENDER according to the terms of the original loan. If you default on the loan payments the loan company can repossess the car.
Should you pay off a default loan before or after you apply for a Mortgage?
You should pay off your default loan before because you may not qualify for a mortgage loan because you already owe money.
Can a co signer refuse to return a car?
All a co-signer is someone who agrees to pay off the debt if the loan goes into default
Can a default payment amount stop repossession?
No, once the loan is in default, the only way to assure that you keep your stuff is to pay off the loan in full.
If you are late on your car loan by two or three payments but you got a letter saying you are in breech of your loan will you still lose your car and if you pay it up to date?
You can pay off the note but if the lender has declared the note in default that means that you have to pay it off now or the car will be repossessed and sold to cover expenses. Most notes have a description of what constitutes default. Late payments can result in just what you're describing. Your only choices are to pay it off (you might need to get another loan) or sell it yourself or turn it back to the lender.
If someone cosigns on an auto loan and you want to sell the car before it is paid off does the cosigner need to be a part of the sale?
You can as long as the title says:(example) John Doe or Jane Doe, if it says John Doe and Jane Doe then the cobuyer has to be a part of the sale.
I bought a car but i used my brother's name now my brother wants to remove his name but the car is not paid off yet?
If the brother was the signer or co-signer of the loan, he is on the hook for the full amount of the loan until the car is fully paid for. If you default on the loan it goes against his credit rating. If the brother did not sign the loan, but his name was used, that is identity theft and forgery and may seem petty ... but is a serious felony. If the brother wants his name off the loan, he could force you to sell the car. Or you could find the money to pay off the car in full. There is almost no way the finance company will ever let a co-signer off of a loan.
How do you get out of a used car loan?
To get out of a used car loan, pay off the loan or find someone else who will do that.
How can one get out of student loan default?
The easiest way for an individual to get out of student loan default is to pay off the remaining balance of the debt in full. This would also be the quickest way to rectify the issue.
If you are sent a zero ballance letter from you mortgage company stating your loan is closed can they default on it without notice?
Confused. If the loan is paid off - hence 0 balance...then it can't said to be in default...there is nothing due. (and you are the only one that can be in default, not the lender). If it was charged or written off, then it is in default and still due. The letter is not saying there is a 0 balance.
What can you do if a car dealership approving a car loan only to require a cosigner or return the car?
There is not much you can do. You could try to get a loan through a credit union or loan company, but the dealership can do this if your loan requirements were not met when you bought the car. Since you need a cosigner my guess is your credit is not good or you don't have enough. Your options are get a independent loan, get a cosigner, or return the car. *********************************************************** There's not much you can do except pay it off. If the lender does not feel comfortable that you, the borrower, can service the debt; then he is within his rights to require a co-signer for the loan. If you default, then it falls upon the co-signer to pay the debt off. Co-signers are notorious for getting burnt on deals like this.
