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.
A cosigner is a person who signs with another person for a loan of some sort due to credit issues or financial reasons. A cosigner unfortunately does not have as many rights as the person who is first listed on a loan. For example, if you purchase a car and your boyfriend/girlfriend cosigns for you and you two break up, they cannot take the car away from you. However, if you are late on payments, the cosigner will then be responsible for the payments.
Then the cosigner is responsible for paying. most plases uses caladeral like a car or house, if the bond is not paid the car or house is taken
my mother cosigned for a leased car for my sister. my mom has died. what do we do with the car? will my sister now be responsilbe?
Yes. If the original borrower defaults, and the cosigner is unable to take over the debt.
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
if you are paying on time there is no risk to the co signer
I'm sure you won't like this answer, but only the lender can repossess the collateral. If the cosigner is also a co-owner and listed on the title, he could insist on taking his turn driving the car. But essentially, the only right a cosigner has is the "right" to make the payments if the primary borrower does not.
I've seen enough 'Judge Judy' episodes to almost recite her exactly... Anyone who cosigns for something - is equally liable for any costs. Although they were not responsible for the actual accident - the other party can sue each cosigner for the cost of repairing the damages.The cosigner who was not driving - would then have to sue the driver to recover their money.
None, unless the cosigner is also on the title of the vehicle they have no legal rights to the property. When someone cosigns a loan for any reason they accept the responsibility of paying the debt if the primary borrower defaults. The only option a cosigner has in recovering money paid out in connection with the loan is to sue the primary borrower in the appropriate court, in the city or county where the borrower lives.
From what I understand any credit activities on a minor's name is illegal. You must be 18 to establish credit.
No, you don't get any rights over the car. Co-signing just agrees that you have an obligation to pay all or part of the debt in case the other person does not. You can't really 'get out' if it unless you complete the obligation.