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If a car is in the shop and the primary can't afford to pay for the service can the cosigner who is listed on title pay the service fee and take possession of car?
Wiki User
∙ 17y ago
The person can pay the bill if the want, but that does not give them ownership of the car. Vehicle ownership is determined by the names that appear on the title.
Wiki User
∙ 17y ago
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What are the options of a cosigner when the other party has taken possession of the car and moved across the country and is consistently late on payments and you cannot afford to pay it for him?
None. When a person cosigns any financial agreement they are entering into a legally binding contract to repay the debt if the primary borrower defaults on the loan. Although it would seem the cosigner should be allowed to be relieved of the debt responsiblity due to the actions of the primary borrower, it is unlikely a judge would take the same view. The cosigner does have legal option to recover money spent to cover the primary borrower's financial obligation. In a case such as cited it would be very difficult to file a lawsuit against the person in question. The person in possession of the vehicle however may be in violation of criminal statutes for removing the vehicle from the state if he or she did not receive prior approval from the lender.
What is a sentence using cosigner?
If you need a cosigner for the loan because of bad credit, it means you can't afford the car.
What should you do if you are the primary on your car loan but the cosigner has been paying and you cannot afford the payments any longer?
Sign off your interest in the vehicle to the primary, letting him/her have the right to sell or drive the vehicle. Either way, the primary needs to have control of the property that he/she is paying for.
Is a cosigner still responsible if the first party filed bankruptcy but reaffirmed the car loan?
The company wants their money so if the primary doesnt pay then the cosigner must. Their is no way of getting around this. Bankruptcy should be outlawed. If you cant afford things dont take on the debt.
What the loan cosigner's responsibility when the loan is for a friend?
A cosigner's responsibility is to pay the loan in full if the primary borrower fails to pay. The connection to the primary borrower is irrelevant, whether it is a family member or a friend. You should never co-sign unless you can afford to pay your friend's loan. You should also note that when you are required to pay the loan as a cosigner (after the primary borrower defaults) your own credit may be ruined and you will be paying for property that you do not own. The default rate for people who need co-signers is high.
Will a cosigner be approved if they still owe money on a car?
It depends on the amount of their income- whether they can afford to pay both loans. A co-signer will be required to pay if the primary borrower defaults on the loan.
If the primary has let her insurance lapse due to non-payment is the cosigner in danger of being sued in the event of an accident?
The co-signor isin danger of having to pay the balance due on the loan at all times. If the signor cant afford ins, the notes will be the next thing they cant afford. NEVER CO_SIGN.
Can a cosigner sign for one person at one place and also sign for someone different at another?
Yes. Be aware that the cosigner is the person whom the bank will go after 2nd if the primary signer defaults on payment. If this person cannot afford to have 2 different banks come after them, then they should not sign on 2 loans. So hopefully this consigner trusts both people to make their payments.
i have a laptop, but i can"t afford internet service. how can i get free wireless service?
i have a laptop, but i cant afford internet services i have a laptop, but i cant afford internet services. how can i get free wireless service
What is the risk to be a co signer on a leased car?
A common misconception is that the "cosigner" is not financially responsible for the security of the loan/lease (the car) until after the primary has defaulted. Nothing could be more wrong. The primary and cosigner are simply terms used to differentiate between the two signors. Legally, both are equally responsible for the debt, from the signing of the document until the last payment is made. If payments are missed, both will have their credit rating dinged. If the contract goes into default, both will be contacted by the lender or its agents. In truth, one should never cosign for anyone if that one cannot be trusted unquestionably and unless the cosigner can afford to pay the loan if that should become necessary.
If a lender does not provide a cosigner agreement am I still liable for the loan?
# I have never had to provide a cosigner agreement to someone who is cosigning a loan. I am talking about Tx, NY. and Kentucky. If you signed the same promissory note with the other person, then you are both responsible! CORRECTION: If you are speaking of the Notice to Cosigner below: Notice to Cosigner You are being asked to guarantee this debt. Think carefully before you do. If the borrower doesn't pay the debt, you will have to. Be sure you can afford to pay if you have to, and that you want to accept this responsibility. It is against the FTC rules and against the law not to provide have have a potential cosigner sign.
How can companies afford to offer free internet service?
Generally, companies simply can't afford to offer free internet service. If they do, it usually comes with a contract to pay much higher rates for the same service later.
