Until the loan is paid.
Until the loan is paid.
Until the loan is paid.
Until the loan is paid.
Until the loan is paid.
No.
No, the primary signer is still liable. But if a loan is not dischargeable, such as a student loan (actually is is extremely hard to discharge), both the primary and co-signer will STILL be liable after the bankruptcy
It depends on how the business and the loan are titled. If the business is a partnership, the business may be responsible for paying the loan. If the borrowers signed as individuals the surviving signer may be able to make a claim against the estate. You should consult with an attorney who can review the loan and any business documents and explain your responsibilities and options.
Yes. If the signer defaults on the loan, then you, as the cosigner, would be liable.
No. A co-signer is a person who guarantees the loan and a co-buyer is a person who has equal ownership and liability. An example is when a young married couple wants to buy a car but does not have good or sufficient credit or enough collateral for the loan. They might get one of their parents to guarantee payment of the loan by becoming a co-signer. If the couple defaults on the loan, the co-signer becomes liable. In this same case, the couple as husband and wife, sign the loan (co-borrowers) and the purchase document for the car as co-buyers, sharing equally ownership and primary liability.
Yes.
the co-signer
Yes. That is the whole purpose of having a co-signer. They are liable for repaying the loan if the primary borrower defaults.
It should have a good effect if its on time.
Yes. If there are multiple borrowers responsible for the loan, regardless of how they are part of the loan (either co-signer or a joint borrower), the status of the auto loan will appear on their respective credit reports. However, if the auto loan is guaranteed by another person other than the borrower, the guarantor will NOT have the auto loan appear on their credit report UNLESS the loan goes into default.
Generally, yes, assuming that the "car owner" is the person who took out the loan that was co-signed AND that the owner defaulted on the loan and the co-signer was forced to pay the balance of the loan. Typically, the main borrower, i. e. the car owner, is primarily liable for the loan while a co-signer is only secondarily liable. This means that the co-signer has no obligation to make payments unless the primary borrower defaults. In most contracts involving co-signers, the contract will have a provision that if the co-signer has to pay on behalf of the primary borrower, then the primary borrower must indemnify the co-signer. If the primary borrower refuses to pay the co-signer, the co-signer can sue the car owner to recover what he paid for the car owner.
No, that's the point of being a co-signer. Your role is to make sure the payments are made. If the primary person on the loan cannot make the payments, the co-signer is responsible for covering the payments. If a cosigner was not held responsible for the loan, it wouldn't make much sense to even have a co-signer.