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YES, you are in effect, buying the lenders interest in the loan and assuming their rights,including the right to repo.

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โˆ™ 2015-07-15 19:49:11
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Q: If a co-signer has to pay the loan because the 2nd party is not does the co-signer have the right to get the car?
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If the cosigner has had possession of vehicle 15 months paying the payments does the primary have the right to the vehicle?

will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle


If you want to get off of a loan as cosigner can you just sign a document saying you are no longer responsible for the car loan and that the other party is?

No. The only way to be removed as a cosigner is for the loan to be refinanced assuming the lender will allow that to happen.


Is it legal to give a verbal consent to be a cosigner?

No. You cannot be considered to be a cosigner unless you have signed the loan documents. The bank needs another party to guarantee the loan will be repaid. By signing you agree to pay the loan in full if the primary borrower fails to pay.No. You cannot be considered to be a cosigner unless you have signed the loan documents. The bank needs another party to guarantee the loan will be repaid. By signing you agree to pay the loan in full if the primary borrower fails to pay.No. You cannot be considered to be a cosigner unless you have signed the loan documents. The bank needs another party to guarantee the loan will be repaid. By signing you agree to pay the loan in full if the primary borrower fails to pay.No. You cannot be considered to be a cosigner unless you have signed the loan documents. The bank needs another party to guarantee the loan will be repaid. By signing you agree to pay the loan in full if the primary borrower fails to pay.


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.


How do you get your name off of an auto loan that you cosigned on if other party cannot get another loan and has nobody willing to take over as cosigner?

A cosigner cannot be removed from the debt obligation except by a refinancing of the loan without the original cosigner's participation.


Can you sue loan company for using minor as a cosigner?

A minor cannot enter into a legal contract. Any loan they are a party to is invalid.


How can I get a student loan without a cosigner?

Although it is very difficult to get loan without cosigner. Majority of the students don't apply because they don't have any cosigner. But now a day many organization are helping such student who don't have any cosigner. You can apply for such loan that not required cosigner. These loans called no cosigner student loans. You can find a detailed procedure through link that is in "Related Links"


Can you be a co-signer with no job?

You can, but the more likely scenario is that you will be listed as the primary and the person who can pay will be the cosigner to secure the loan. If you are hoping to secure the loan for another party as their cosigner, it is not likely to happen. Unless you are fabulously wealthy, and can provide evidence of this to the lender, you will not be accepted as a cosigner.


I just bought a new car but two days later the dealership called and said i need a cosigner I found one and they have very good credit should my APR and monthly payment go down with a cosigner?

No because you applied for the loan with YOUR credit. For whatever reason (you have the right to find out why) the dealership decided you were too big of a risk to be granted the loan you requested. The purpose of the cosigner is that in case you mess up your cosigner will be responsible for the loan.


Can you switch the cosigner to the primary?

Yes, you can switch the cosigner to the primary on a loan. The way to do this is to have the loan refinanced.


How can a cosigner be removed from the loan?

The only option is for the loan to be refinanced without the particpation of the present cosigner.


Can the cosigner of a student loan be removed when the loan owner stopped paying because she was convinced to by a third party who used defamation of character against the cosigner?

It may depend on your local state laws, but generally, no. Once you cosign, you are liable for payments if the other stops paying, no matter the reason.


How can one remove a cosigner from an equity loan if the cosigner is not on the first mortgage title?

The title has nothing to do with the loan. The loan will need to be refinanced using a different cosigner or only the primary borrowers.


What is a cosigner?

A cosigner is the person who agrees to pay off the full balance of the loan if the primary borrower fails to pay. A cosigner signs the loan documents and guarantees payment of the loan even if they have no ownership in the property covered by the loan.


Do you need your cosigner to sign when you refinance?

If you need a cosigner they must sign because a co-signer is a person who accepts responsibility for repayment of a loan, credit card or other debt along with the original borrower. However, if the institution giving you the new loan doesn't require a cosigner, you don't need to have the cosigner on your original loan sign anything.


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.


When a loan is in default does the lender have to notify the cosigner?

When a loan is in arrears (past due), the creditor has the legal right to contact the cosigner unless the loan is included in bankruptcy. The Fair Debt Collection Practices Act states this fact. The sole purpose of a cosigner/guarantor is to guarantee the loan, hence it is likely if no payment arrangements have been made by one, they will collect from the other.


Is the cosigner of an auto loan responsible for the loan if the loan was refinanced by the buyer without the knowledge or consent of the cosigner?

No, the refinancing without the consent or knowledge of the original cosigner created a breach of the original lending agreement and the cosigner is no longer legally obligated for the debt.


Can you get a student loan without a cosigner?

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.


The obligation of a cosigner is discharged by?

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.


Can you be seventeen and have a cosigner cosign for an auto loan?

i was able to get an auto loan with the help of a cosigner and im under 18


Why do it have to affect the co-signer when its your debt?

Because the cosigner guaranteed the to pay the loan if you do not. You fail to make a payment and the lender will be looking at the cosigner for the payment. You not only have an obligation to the lender who lent you the money but to the cosigner who also signed his name to the loan agreement.


If a cosigner of a car loan wants to get off the loan but it's not a good idea for the other party due to credit score can the cosigner take legal action to get off the loan?

Probably not. You, like the primary party, signed a contract as an independednt, free-thinking adult. It is assumed under the eyes of the law that you knew what your were getting into. You are as bound by contract law as the primary.


Can a cosigner ask the court to garnish the borrower's wages to make the loan payments?

The cosigner can ask but I seriously doubt they will be successful. The cosigner knew the risks when they signed the loan application. The cosigner knew, or should have known, the borower's history of successful loan payoffs were questionable at best. The cosigner assumed the responsibility when they signed on.


Is the APR of a student loan determined by the credit of the borrower or that of the cosigner?

The cosigner I believe but check with the loan issuers it's in the details.