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Co-signing

How long does the co-signer have to stay on an auto loan?


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Wiki User
2011-01-21 01:59:12
2011-01-21 01:59:12

A cosigner is obligated as long as the loan exisists. The loan must be paid off or refinanced into the primary borrower's name only to release the cosigner.

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As long as the loan is in force (until the loan is paid off)

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That will have to be arranged between the lender and the co-signor. The only way to remove anyone from a loan is to have the person being removed sign verifying that they want to be removed AND whoever will be left on (or added to) the loan must reapply for the loan on their own. This means, if the cosigner does not have good enough credit, then either the primary must stay on the loan or (if the loan is backed by collateral such as a car or house) then the collateral can be sold to a third party. In which case, of course, the primary and cosigner will be removed.

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NO. My wife went to auto dealer for new car and they said no auto loan can be approved without income. Either the spouse or relative/friend need as a co-signer.

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From my understanding it is until the loan is paid off or the other party refinances the loan. If you haven't already co-signed I would rethink the decision. It is a nightmare if the person you are co-signing for doesn't live up to their end of the bargain, even if it is family.

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A loan you usually have to pay back and with a grant as long as you stay within the criteria to have it, you don't have to pay it back.


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