answersLogoWhite

0


Best Answer

Several factors determine what a bank will & will not do concerning loans. With the current decline in vehicle values the likleyhood of being in an equity position on the vehicle is slim. Most lenders will lend a maximum amount of 115% of NADA trade value on a used vehicle. The best option here is to just let the co-buyer make the payments with a written contract between the buyer & co-buyer until the loan is paid off. When the title is received go to the DMV and have the vehicle retitled in co-buyers name only. Check with the individual lender where the vehicle is financed for their policy concerning this issue.

Check with the bank the loan is with. It depaends on the the persons credit. Usaully the reason for a co-signer is because the other persons credit is not good enough to get the loan in the first place by their self.

User Avatar

Wiki User

โˆ™ 2011-09-12 21:15:26
This answer is:
User Avatar
Study guides

Loans

26 cards

What is forfeiture

Which of these is the best description of delinquency

Which term is defined as property that is pledged as security on a loan

This is Paula's monthly budget What percent of her expenses is spent on insurance

โžก๏ธ
See all cards
5.0
โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…
1 Review

Add your answer:

Earn +20 pts
Q: If a two people signed on a car loan and the cosigner wants to take over payments can the primary signer get off the loan?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

Can someone garnish a cosigner for a car and garnish the primary also?

In the State of Texas, the answer would be "YES" as both parties signed for the car loan and both are responsible for the balance due. I was the primary signor but the cosigner had the car and was making the payments. Then she stopped making payments after owning the car for 3 years and the car was repossessed.


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.


Can a lender make you pay for a loan for which you co-signed if the borrower filed a Chapter 7 bankruptcy and is no longer making payments?

You guaranteed to pay the loan if the primary borrower does not. That is what a cosigner does. The lender is going to be looking at you for their money.


Should a co signer be told if something they signed for is getting repoed?

No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't paying then the cosigner must pay or their own credit record will be ruined and the lender can go after them for payment.No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't paying then the cosigner must pay or their own credit record will be ruined and the lender can go after them for payment.No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't paying then the cosigner must pay or their own credit record will be ruined and the lender can go after them for payment.No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't paying then the cosigner must pay or their own credit record will be ruined and the lender can go after them for payment.


Does a cosigner have rights to sue in small claims court if they pay a debt in full before the primary borrower pays it?

A cosigner can only sue if the primary borrower signed an agreement for the cosigner to pay the debt and then be reimbursed. The consignor can not sue if they, at their own liberty, decided to just pay the debt.


Can a cosigner sue the primary for the full amount of loan when the cosigner pays it off?

Yes, but the cosigner can only sue for the actual amount that was paid to prevent the loan from going into default. They might even request the title be signed over.


If you are a cosigner for someone and they default on the payments and the cosigner pays the debt off can you have the past due amount removed from your credit report?

No, you signed, you are equally responsible for the payments, you are also equally responsible for what happens with regard to default. This is why the lender permitted you to sign as a co-securer of the original loan.


Do you have a right to take a car away if you are the cosigner?

Well if the original person that you co-signed with defaults on the payments and you are stuck with the payments, technically it is your vehicle and you can take the person to court and take control of the vehicle.


What if primary account holder dies and there is a cosigner?

The co-signer will be required to pay off the debt. That's what they agreed to when they co-signed so that the primary could get the account.


If a borrower signed a loan for a cosigner is there a way the loan can be changed into the cosigner's name without refinancing?

No.


If someone cosigned a lease to your apartment can they take their name off the lease even if you have been paying the payments?

No. Once a cosigner has signed the contract the only way they can be removed from the responsibility is a new agreement being made without the assistance of the original cosigner.


Is the buyer still responsible for buying a vehicle if the cosigner refuses to sign?

The primary borrower is always responsible for the debt if he or she has signed a valid lending agreement. It would seem logical that if the lender required the primary to have a cosigner and the named person refused to take on that responsibility then the transaction would not occur.

People also asked