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How do you take off the primary person and make the co-buyer the primary on the car loan?
Wiki User
∙ 19y ago
You have to re-write the loan note with the bank... Banks are not usually very willing to remove the co-signer from a loan, as it cuts the individuals that would be liable to pay off the debt in 1/2. Good luck! You'd have an easier time refinancing the note through another bank.
Wiki User
∙ 19y ago
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What legal recourse is there for the cosigner when the person that was cosigned for has defaulted on the loan?
The usual legal recourse for the cosigner when the person named as the primary on a loan has defaulted, is to make the payments on the loan. Then, the cosigner can take the person who defaulted to court to try and recoup some of the money they are out. If the loan was for a car, some states allow the cosigner to take possession of the car and sell it to recoup losses also.
Can you write off the interest of a home loan if you are the primary owner but not the primary resident?
If you make the interest payments, you can normally write them off on taxes.
If you are a co-applicant on a car loan but not the primary does it get reported on your credit report as well as the primary applicant?
Yes. And it will make a difference in your income to debt ratio.
How do you get a co-buyer off of a car loan if they are in default?
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.
What are the duties of a guarantor?
When a person does not have good enough credit to secure a loan or financing on their own, they need a guarantor. A guarantor is a co-signer, and that means if the person taking out the loan does not make the payments, then the guarantor has to make the payments.
What happens to your credit if you co-sign for someone and they quit making payments?
When you co-signed you agreed to pay the loan if the primary borrower defaults. That is the only purpose of requiring a co-signer. The person who applied for the loan doesn't have a good credit record and the lender wants to make certain the loan is paid so they arrange for someone with better credit to co-sign the loan. If you don't make the payments your credit will be ruined.When you co-signed you agreed to pay the loan if the primary borrower defaults. That is the only purpose of requiring a co-signer. The person who applied for the loan doesn't have a good credit record and the lender wants to make certain the loan is paid so they arrange for someone with better credit to co-sign the loan. If you don't make the payments your credit will be ruined.When you co-signed you agreed to pay the loan if the primary borrower defaults. That is the only purpose of requiring a co-signer. The person who applied for the loan doesn't have a good credit record and the lender wants to make certain the loan is paid so they arrange for someone with better credit to co-sign the loan. If you don't make the payments your credit will be ruined.When you co-signed you agreed to pay the loan if the primary borrower defaults. That is the only purpose of requiring a co-signer. The person who applied for the loan doesn't have a good credit record and the lender wants to make certain the loan is paid so they arrange for someone with better credit to co-sign the loan. If you don't make the payments your credit will be ruined.
What legal recourse is there for the cosigner when the person that was cosigned for has defaulted on the loan?
The usual legal recourse for the cosigner when the person named as the primary on a loan has defaulted, is to make the payments on the loan. Then, the cosigner can take the person who defaulted to court to try and recoup some of the money they are out. If the loan was for a car, some states allow the cosigner to take possession of the car and sell it to recoup losses also.
What are the options if a co signer of a student is retired and cannot afford the payments?
Once you co-sign you are responsible for the loan until the loan is paid off. Retirement does not change your obligations under the loan. If the primary fails to make payments the lender will go after you.Once you co-sign you are responsible for the loan until the loan is paid off. Retirement does not change your obligations under the loan. If the primary fails to make payments the lender will go after you.Once you co-sign you are responsible for the loan until the loan is paid off. Retirement does not change your obligations under the loan. If the primary fails to make payments the lender will go after you.Once you co-sign you are responsible for the loan until the loan is paid off. Retirement does not change your obligations under the loan. If the primary fails to make payments the lender will go after you.
You are the primary owner listed on your car loan and your husband was supposed to be a co - signer but they made him a co buyer and now he took your car what are your rights Can he do this legally?
I had a problem like this in Florida. the person-cobuyer took off with the car and didnt make the payments. There was not a thing I could do. The only thing you can do is try to get your hands on the car but you cannot cause a disturbance where the police are called. If you do get the car then he can do the same thing if he has a key. Maybe you can get the ignition switch changed if you get your hands on the car.
Can a cosigner remove the primary from the loan?
No. Only the lender can make changes to the parties responsible for paying the loan. If the co-signer is paying the loan because the primary isn't paying, that's exactly what they signed on for by co-signing.No. Only the lender can make changes to the parties responsible for paying the loan. If the co-signer is paying the loan because the primary isn't paying, that's exactly what they signed on for by co-signing.No. Only the lender can make changes to the parties responsible for paying the loan. If the co-signer is paying the loan because the primary isn't paying, that's exactly what they signed on for by co-signing.No. Only the lender can make changes to the parties responsible for paying the loan. If the co-signer is paying the loan because the primary isn't paying, that's exactly what they signed on for by co-signing.
Why should a person be careful when co-signing a loan?
The primary reason is that a person who needs a co-signer is a poor credit risk. They do not have a history of paying back debts. Also, every potential co-signer should be reminded they they are responsible for paying the loan if the primary borrower defaults. A co-signer should monitor the borrower to make certain the loan payments are being paid on time.
Can the primary on a car loan have the cosigner's name taken off the loan without the cosigner's permission or knowledge?
IF the primary has the credit score to satisfy the LENDER, YES. The co-signor will be notified they are no longer on the loan, which will likely make them VERY HAPPY.
How do you take off the primary person and make the co buyer the primary on the car loan?
You have to re-write the loan note with the bank... Banks are not usually very willing to remove the co-signer from a loan, as it cuts the individuals that would be liable to pay off the debt in 1/2. Good luck! You'd have an easier time refinancing the note through another bank.
What is the difference between a co-signer and the primary on an auto loan?
The primary is the person who needs to borrow the money to purchase the auto. The primary owns the car. The primary is expected to pay back the amount of the loan.If the primary doesn't make the payments the co-singer promises to pay and the lender can go after the co-singer for full payment if there is a default.The primary is the person who needs to borrow the money to purchase the auto. The primary owns the car. The primary is expected to pay back the amount of the loan.If the primary doesn't make the payments the co-singer promises to pay and the lender can go after the co-singer for full payment if there is a default.The primary is the person who needs to borrow the money to purchase the auto. The primary owns the car. The primary is expected to pay back the amount of the loan.If the primary doesn't make the payments the co-singer promises to pay and the lender can go after the co-singer for full payment if there is a default.The primary is the person who needs to borrow the money to purchase the auto. The primary owns the car. The primary is expected to pay back the amount of the loan.If the primary doesn't make the payments the co-singer promises to pay and the lender can go after the co-singer for full payment if there is a default.
Can you write off the interest of a home loan if you are the primary owner but not the primary resident?
If you make the interest payments, you can normally write them off on taxes.
If you cosign on a car and the other person files chapter 13 and is paying on the loan can the company make you pay for the loan too?
Absolutely. That's the responsibility you took on as a co-signer: that you would assume payments in the event the primary could not make them. If that person is making payments mutually agreed to by him and his creditor, then they have no reason to coma after you. However, if because of the Chapter 13 he can't make payments, you become legally responsible for them.
If you are a co-applicant on a car loan but not the primary does it get reported on your credit report as well as the primary applicant?
Yes. And it will make a difference in your income to debt ratio.
