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In the eyes of the court, no minor can legally contract. Thus to be a co-signor on a loan (which is a contract to pay back borrowed money) each person must be over the age of 17. Only 18 or older may sign legal contracts.

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โˆ™ 2005-11-09 16:39:20
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Q: How old does the cosigner have to be for an automobile?
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Related questions

Does the cosigner on an automobile loan have to be on the automobile jnsurance policy?

Not in my state.


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.


Can a cosigner help you get an automobile if your other automobile was repossessed?

this is the main reason why people need someone to sign for them.(bad credit) the answer is yes


Cosigner need insurance?

The cosigner on an automobile loan is not the person who has to pay for insurance on the vehicle. The registered owner should pay the fees for insurance. However, it is the cosigner's responsibility to make sure the registered owner is carrying insurance for the vehicle.


Can a17 year old get a loan with a cosigner?

Yes, as long as the cosigner is a legal gardian or a parent.


What are the benefits of a cosigner?

A cosigner basically is a guarantor for the repayment of a loan or value and serves as cosigner of the debt. If the debtor fails to make payments or defaults, the cosigner is obligated to pay off the debt. No benefits for the cosigner, but cosigner benefits the debtor.


Can you replace a cosigner for an apartment with another cosigner?

Yes, you can replace a cosigner for an apartment with another cosigner. However, you need to get the consent of the landlord.


Can an 18 year old be a cosigner for an adult?

Yes, an 18 year old can be a cosigner for an adult. At the age of 18, the individual themselves is considered an adult. Any adult, depending on whether or not their credit is good or bad, can cosign for another adult.


Do first time renters need a cosigner on a lease?

No, first time renters do not generally need a cosigner. They may if they are young like 18 years old or have credit or financial issues.


Can a 17 year old get a student loan without a cosigner?

Not possible as the applicant is a minor.


Can a 19-year-old without credit who is not a student sign a lease without a cosigner?

No.


What can a 70-year-old cosigner on a car loan be held responsible for if the loan is found in default?

The cosigner has the same legal obligations to repay the debt as does the primary borrower. If the primary borrower defaults, the lender can begin proceedings to collect the full amount owed plus applicable fees from the cosigner. A cosigner can be sued just as can the primary borrower. And if the primary borrower claims bankrutpcy, the cosigner will still get "stuck" with the debt. The credit report of the cosigner will be equally affected, either in a positive or negative way, depending upon the circumstances.


Does a cosigner have to have a job?

No, a cosigner can be retired, or just in good standing with the federal credit bureau. They do not necessarily have to have a job. But the deal with a cosigner is that if the individual they are cosigning for does not pay the bill, the cosigner is responsible for the payment.


How old to have auto insurance in Illinois?

If you are an automobile driver, you must be covered by automobile insurance regardless of age.


If you are a cosigner in someone's loan for a line of credit and he is at default what can the cosigner do to take his name back?

Nothing. The only option for being remove as a cosigner is to have the original loan refinanced without the cosigner participating.


If we have bad credit will a cosigner help us get a mortgage?

Yes, a person with bad credit can get a cosigner for a mortgage. The cosigner will have to have excellent credit and must go into the office to sign papers to become a cosigner.


If a 17-year-old with a 6-month-old wanted to move out in Missouri could they sign a contract with a cosigner for an apartment?

Until you are 18, or are legally emancipated, you won't be able to sign a binding contract for the lease. But the owner may accept the cosigner's signature.


Can you be sued in case of an accident as cosigner?

No. The only obligation the cosigner has is to the lender.


What makes a legal cosigner?

Capacity and intent of the cosigner to be bound is required.


What are the legal rights of a cosigner on a mortgage?

legal rights of cosigner on mortgage


Does a cosigner have rights to the car even when its paid off?

No, the cosigner will not have rights to the car after its paid off because the purpose of a cosigner is to pay off the notice if you fail to do so. Being a cosigner does not give them to any rights to the car.


Do student loans require a cosigner?

No, for the majority of student loans available in the United States you will not need a cosigner. However, for private loans, you will need a cosigner.


Is the cosigner of a vehicle liable if the it gets repossessed?

Yes. That is the point of the lender asking for a cosigner. The cosigner will have a repossession showing on their credit as well as the primary lender.


As a cosigner can you have a vehicle repossessed without affecting the cosigner credit rating?

Nope.


What happens to a cosigner of a car loan when the primary loan holder files bankruptcy and the loan is discharged and they do a voluntary repossession?

They can still come after the cosigner, and it will still reflect poorly on your cosigner's credit history. You have been absolved of the debt, not your cosigner.