The loan must be paid off. Until then you are responsible.
The loan must be paid off. Until then you are responsible.
The loan must be paid off. Until then you are responsible.
The loan must be paid off. Until then you are responsible.
The loan must be paid off. Until then you are responsible.
The Cosigned assumes full responsibility of the loan.
Cosigner
The cosigner can ask but I seriously doubt they will be successful. The cosigner knew the risks when they signed the loan application. The cosigner knew, or should have known, the borower's history of successful loan payoffs were questionable at best. The cosigner assumed the responsibility when they signed on.
If you need a cosigner they must sign because a co-signer is a person who accepts responsibility for repayment of a loan, credit card or other debt along with the original borrower. However, if the institution giving you the new loan doesn't require a cosigner, you don't need to have the cosigner on your original loan sign anything.
A cosigner's responsibility is to pay the loan in full if the primary borrower fails to pay. The connection to the primary borrower is irrelevant, whether it is a family member or a friend. You should never co-sign unless you can afford to pay your friend's loan. You should also note that when you are required to pay the loan as a cosigner (after the primary borrower defaults) your own credit may be ruined and you will be paying for property that you do not own. The default rate for people who need co-signers is high.
The cosigner on an automobile loan is not the person who has to pay for insurance on the vehicle. The registered owner should pay the fees for insurance. However, it is the cosigner's responsibility to make sure the registered owner is carrying insurance for the vehicle.
You are on the hook if the primary borrower defaults. You cannot unilaterally abnegate your responsibility. You can, however, try to convince the primary lender to refinance the existing loan -- without you as cosigner, this time!
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.
Both are responsible until paid in full. It will also be on both credit reports as well.
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.