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If a parent cosigns on a car loan with hisher child and the child does not make payments can the parent return the car to the dealer?
Dont be silly you ninny this isn't an item from Walmart your the cosigner and if you take it back to the dealer which you could do it will be considered a voluntary repossession and will go on your credit as well as your child's for the next 7 years do the smart thing and sell it or take over the payments.
AnswerSo I'm guessing that's one way to say YES if you are on the loan you can return the vehicle to the bank. It will be marked as a voluntary and you run a great risk of still owing a lump sum after the vehicle is sold at auction so returning it does not constitute end of financial liability. AnswerCorrect. Returning the car to the dealer DOES NOT end financial responsibility or eliminate credit score DROPS.
What else can I help you with?
If a parent cosigns on a car loan with hisher child and the child does not make payments can the stepparent be held responsible or have their credit rating impacted if the payments are not made?
The cosigner is responsible for the loan and payments if the signer does not pay or keep up the payments. Your credit rating can be affected.
Can a minor take out a loan if their parent cosigns and if so is the cosigner financially responsible for the signer?
Yes, your parents can cosign for a loan and if you are smart keep up the payments on that loan as it will give you a good and early credit record. If you don't keep up the payments it's a lousy thing to do to your parents, and they will be stuck paying that loan. Marcy
Can a 17-year-old get an auto loan if a parent or guardian cosigns?
It depends on what state you are in. Call the bank or credit union your family deals with. Ask a loan officer if they will allow you to sign as primary with your parents as co-signers. Good Luck.
Is it possible to refinance Parent PLUS loans?
Yes, it is possible to refinance Parent PLUS loans through private lenders. Refinancing can potentially lower interest rates and monthly payments, but it may result in the loss of certain federal loan benefits.
How does taking out a parent loan affect my credit score?
Taking out a parent loan can affect your credit score in two main ways. First, it can increase your overall debt, which may lower your credit score if you have a high debt-to-income ratio. Second, if you miss payments or default on the loan, it can significantly damage your credit score. It's important to make timely payments to avoid negative impacts on your credit.
If a parent cosigns on a car loan with hisher child and the child does not make payments can the stepparent be held responsible or have their credit rating impacted if the payments are not made?
The cosigner is responsible for the loan and payments if the signer does not pay or keep up the payments. Your credit rating can be affected.
Can someone under eighteen make car payments?
yes, but you cannot sign a contract (so, you cannot buy a car from a dealer, or used car dealer without your parent).
Can a minor take out a loan if their parent cosigns and if so is the cosigner financially responsible for the signer?
Yes, your parents can cosign for a loan and if you are smart keep up the payments on that loan as it will give you a good and early credit record. If you don't keep up the payments it's a lousy thing to do to your parents, and they will be stuck paying that loan. Marcy
Can a 17 year old leave hisher home living with a biological parent and an adoptive parent and go live with hisher other biological parent?
In Missouri and Texas once your 17 you can up and leave, go anywhere you want, so if you live in one of those states, you can, if you don't you'll have to talk to a law enforcer or attorney to see if you can get the custody granted to the parent you want to live with.
Can a parent legally make educational decisions for an 18 year old meaning can a parent force a now adult to attend a particular college against hisher wishes?
No but they can refuse to pay the one you choose.
Does child support go to a child who is 18 and not living with custodial parent?
No. Unless specifically ordered otherwise, child support payments go to the custodial parent as ordered.No. Unless specifically ordered otherwise, child support payments go to the custodial parent as ordered.No. Unless specifically ordered otherwise, child support payments go to the custodial parent as ordered.No. Unless specifically ordered otherwise, child support payments go to the custodial parent as ordered.
Can a noncustodial parent discontinue disability payments to the minor child?
No.
Does a 17 year old's credit rating increase if he cosigns a credit card with a parent. Does it matter if he is primary or the cosigner?
From what I understand any credit activities on a minor's name is illegal. You must be 18 to establish credit.
Are social security payments to children of a disabled parent considered unearned income?
NO
In Washington State can car payments be considered child support?
No, not unless they are specifically addressed in the child support order. The obligor does not have the right to designate where child support payments will go. They are to be paid to the custodial parent. Any other payments will be viewed as voluntary or gifts.No, not unless they are specifically addressed in the child support order. The obligor does not have the right to designate where child support payments will go. They are to be paid to the custodial parent. Any other payments will be viewed as voluntary or gifts.No, not unless they are specifically addressed in the child support order. The obligor does not have the right to designate where child support payments will go. They are to be paid to the custodial parent. Any other payments will be viewed as voluntary or gifts.No, not unless they are specifically addressed in the child support order. The obligor does not have the right to designate where child support payments will go. They are to be paid to the custodial parent. Any other payments will be viewed as voluntary or gifts.
Can the custodial parent deny visitation to the non custodial parent that is behind on child support payments?
No - indeed, some jurisdictions will prosecute for this.
If a parent cosigns a loan that goes into default and the loan is paid in full what happens to the default status on the credit report can it be removed?
If in the US, then yes. The default will be replaced with paid in full. Simply send proof of the payment to the three credit bureaus.
