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Co-signing

How old does the cosigner have to be for an automobile?

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2005-11-09 16:39:20
2005-11-09 16:39:20

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

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

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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.

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Not possible as the applicant is a minor.

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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.

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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.

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

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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.

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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.

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

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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.

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

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legal rights of cosigner on mortgage

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

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No, the word 'automobile' is a noun, a word for a thing.A pronoun is a word that takes the place of a noun in a sentence.The pronoun that takes the place of the noun 'automobile' is it.Example: That automobile is very old. It is also in good condition.

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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.

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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.

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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.

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Yes if you are a US Citizen you may get a loan without a cosigner. However, your % will be higher in terms of interest. As a result it is best to have a cosigner.

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Not unless the the cosigner is on the vehicle title. If not on the title the only entitlement the cosigner has is to pay the bill.

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The obligation of a cosigner is discharged by a borrower securing a loan to the satisfaction of the creditor. Paying off a loan will also discharge the obligation of a cosigner.

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a cosigner is a person who is responsible for the rest of the rent that you don't pay if u get evicted the person who signed as a cosigner will have to go to court


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