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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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2006-03-17 03:50:21
2006-03-17 03:50:21

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

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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.

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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.

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

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

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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.

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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.

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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.

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

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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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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.

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You cannot sell the car as you do not own it. The only thing you can do is try and persuade the owner to sell the car.

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Yes. Be aware that the cosigner is the person whom the bank will go after 2nd if the primary signer defaults on payment. If this person cannot afford to have 2 different banks come after them, then they should not sign on 2 loans. So hopefully this consigner trusts both people to make their payments.

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Those willing to progress.

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A minor cannot enter into a legal contract. Any loan they are a party to is invalid.

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Not if the cosigner has been making the payments on time. But often the cosigner doesn't know the loan is in default until it is past due 30 days or more, so if you have received two or three (depends on state laws) Right To Cure Default letters, the bank can foreclose.

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As a contract, a lease is binding on the parties under its terms, and there may be specific words about what to do in this situation, but usually you can get out only if everyone else agrees to start over. In general: If you cosigned then you are a partner with all the other cosigners (for the purpose of paying rent) until they agree to carry your portion of the burden and the landlord agrees to release you from your obligation (accepting a new agreement with the remaining cosigners). First you should get agreement from your partners (to release you) and then they can present their new offer to the landlord, perhaps with a substitute for you.

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The co-signer cannot be released until the lease has expired unless the lessor agrees to release the co-signer in writing.

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The spouse cannot be held liable, however it is quite possible that the debt is no longer valid for collection. The person who cosigned the loan should find out what the SOL is in the state in which the contract was signed.

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Such checks cannot be accomplished on this site.

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If the cosigner has not been financially impacted by the actions of the primary borrower, then there is not valid grounds for a lawsuit. This does not mean the suit could not be brought, but the plaintiff would be wasting time and money as a judgment cannot be awarded where damages have not occurred.

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You cannot get it, you have to trade across with an older version or find someone willing to trade with you (cannot see on gts nego)


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