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A cosigner cannot be removed from the debt obligation except by a refinancing of the loan without the original cosigner's participation.

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โˆ™ 2006-03-17 03:50:21
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Q: How do you get your name off of an auto loan that you cosigned on if other party cannot get another loan and has nobody willing to take over as cosigner?
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What happens when my cosigner doesn't want to be my cosigner anymore?

The contract cannot be changed without refinancing, your cosighner is stuck with it unless the loan is paid off one way or another.


Can a cosigner coowner repossess a vehicle if the primary has not defaulted payment on the loan?

A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.


Is it legal to give a verbal consent to be a cosigner?

No. You cannot be considered to be a cosigner unless you have signed the loan documents. The bank needs another party to guarantee the loan will be repaid. By signing you agree to pay the loan in full if the primary borrower fails to pay.No. You cannot be considered to be a cosigner unless you have signed the loan documents. The bank needs another party to guarantee the loan will be repaid. By signing you agree to pay the loan in full if the primary borrower fails to pay.No. You cannot be considered to be a cosigner unless you have signed the loan documents. The bank needs another party to guarantee the loan will be repaid. By signing you agree to pay the loan in full if the primary borrower fails to pay.No. You cannot be considered to be a cosigner unless you have signed the loan documents. The bank needs another party to guarantee the loan will be repaid. By signing you agree to pay the loan in full if the primary borrower fails to pay.


What are the rights of a cosigner?

A cosigner is a person who signs with another person for a loan of some sort due to credit issues or financial reasons. A cosigner unfortunately does not have as many rights as the person who is first listed on a loan. For example, if you purchase a car and your boyfriend/girlfriend cosigns for you and you two break up, they cannot take the car away from you. However, if you are late on payments, the cosigner will then be responsible for the payments.


Can you remove a repossession off your credit report if your cosigner has a judgment on the repossession?

No you cannot remove a repossession off your credit report if your cosigner has a judgement on the repossession.


Can your cosigner take your car if you have been making payments on time?

The cosigner issue here is misplaced. The liability of a cosigner comes into play if the primary owner of the car cannot make payments. In the case presented, the primary borrower is doing fine. There is nothing a cosigner can do to take a car away.


What are the options if an exfiance wants off a cosigned student loan but the borrower cannot get another loan to pay off or refinance the cosigned loan and no the loan has never defaulted?

Since your ex-fiance cosigned on the loan, they are just as much obligated to the contract as you are. The only way they could get their name "off the loan" was, as you said, for the original borrower to obtain a new loan, in order pay off the original obligation. If this is not possible, then she is locked into the original contract.


If your a cosigner and want to remove your name before the loan is paid off will this affect your credit in any way?

A cosigner cannot simply remove their name from the contract. The cosigner is obligated equally with the primary borrower until the loan is paid. A cosigner's credit history will be affected, hopefully in a positive way.


If the cosigner for a car loan lives in a different state but cannot travel can the dealer travel to them to get the cosigner forms completed?

U.S.Mail or Fax and a Notary Public is all you need.


Can you get a credit card at age 12?

Generally no; you cannot get your own credit card until you are age 18. A card can be issued in your name from another adult cosigner, but a legal minor cannot sign a binding contract to repay the loan.


If you are making sporadic payments to a collection agency and they cash them can they still sue the cosigner?

Unless you have a specific repayment plan that the collection agency agreed to, there is no legal reason that cannot sue the cosigner.


Is a cosigner liable for an automotive repossession in Michigan?

When you cosign for an automobile purchase you are typically liable for an automobile repossession in Michigan. The reason why is because you are responsible for car payments as a cosigner if the primary debtor cannot pay.

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