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If cosigner has a car loan already may she cosign for someone and be approved for that person and the cosigner has good credit?

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2006-09-20 01:34:55
2006-09-20 01:34:55

Yes.

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For the length of the contract you sign. If you cosign on a 3 yr loan, you are responsible for the debt for 3 years.

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

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Whether or not an apartment complex would allow someone from another state to become a cosigner would be up to them to decide. They have the right to set their own rules in regards to who would be allowed to cosign.

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No you can build credit by taking out a loan and paying it back ON TIME. Or have someone cosign a loan for you in order to get approved for a card or loan but make sure the cosigner fully understands the agreement because they'll take on most of the risk.

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You need a lisence to drive the car, but not to cosign a loan.

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They could still cosign. It would mainly land on the bank to see if they would approve this person as a cosigner. More then likely they would if they have a mortgage as well as 2 other car loans that are up to date. This person probably has very good credit and all they'd need is a good amount of funds coming in to get approved.

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Did you help make payments? If all you did is to cosign, then no.

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Yes. If the signer defaults on the loan, then you, as the cosigner, would be liable.

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The credit score could indicate that the person is responsible in their financial dealings. Unfortunately the salary amount would not be favorable. Many lenders will, however, look at the overall financial picture of the cosigner; for example the person's debt to income ratio, potential for increased future income, etc.

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how many times can someone cosign a car

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Yes, but if you don't pay the bill the cosigner will be held responsible

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Many people cosign a loan for property they don't own. Many are uninformed of the consequences of cosigning. They don't realize they are agreeing to be completely responsible for a loan for property that belongs to someone else. If the primary borrower defaults on the loan and the cosigner must make the payments, the cosigner has no automatic right to the property.

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That would depend on the rules and procedures of the loan provider. If the cosigner alleged that the signature was not theirs, it could create a problem if the signature was not properly witnessed.

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Yes you can be a cosigner if your credit is approved by the lender. Also, you should be certain you can afford to make the car payments in case the primary borrower fails to pay. You will be held equally responsible for paying the loan. In most cases where someone needs a co-signer, their credit is not up to speed, and the risk that they will not pay is passed to you. Think twice about getting entangled in their financial situation.

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Yes, that is the main purpose of having a cosigner. The person is accepting equal resposibility for repayment of the debt if the primary borrower should default. Therefore a cosigner needs to the have acceptable financial status as required by the lender.

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I don't think you can. You are stuck. That's what it means to cosign. If the person doesn't pay they have you to pay.

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When you cosign for an automobile purchase you are typically liable for an automobile repossession in Michigan. The reason why is because you are responsible for car payments as a cosigner if the primary debtor cannot pay.

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That depends upon the lender and there are lenders who will allow a cosigner to reside outside the state where the purchase is made and will use UCC laws to insure the contract remains valid.

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when you cosign on any kind of loan you dont have to pay anything unless the person you cosigned for does not pay the loan, then you are responsible for that the remaining balance on the loan

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The spouse is not responsible and should not have this on her credit. But the estate of the deceased will still be responsible for the debt.

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No, not until the loan is paid in full. You cosign and you are stuck with that decision just like any other contract you enter into.

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Yes. My boss owned a home and co-signed for me. It all depends on your credit. Yes

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Of course. The lender will take the necessary steps to verify the co-signers identity and income since the co-signer is agreeing to pay the loan if the primary borrower defaults.

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A lender can say no for any reason at all. Usually, though, if you can establish employment and have a good co-signer, a lender will agree.

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Yes, an 18 year old can be a cosigner for an adult. At the age of 18, the individual themselves is considered an adult. Any adult, depending on whether or not their credit is good or bad, can cosign for another adult.


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