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โˆ™ 2006-09-20 01:34:55
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Q: 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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When you cosign for someone how long are you required to be their cosigner?

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.

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

Can someone be a cosigner for an apartment if they live in another state?

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.

Do you need a credit card to have credit?

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.

What if the cosigner has two car loans and a mortgage can they still cosign?

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.

Does a cosigner need a driver's license?

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

Can a cosigner of a home loan receive half of the proceeds?

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

If you cosign for a car loan can you be sued successfully?

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

If you need a cosigner for a loan and you have someone with a credit score of 700 who will cosign but they only made 12k last year will they be approved?

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.

How many time can you cosign a car?

how many times can someone cosign a car

Can any adult cosign for a teen to get a credit card?

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

How can you be a cosigner if the title is in the name of the person you cosigned for?

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.

Does a cosigner have to be physically present to cosign a loan?

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.

If you already have a car loan out can you cosign for a friends car loan?

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.

Does a cosigner have to have a good credit rating to cosign?

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.

How can a cosigner get out of a collection from a car reposession?

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.

Is a cosigner liable for an automotive repossession in Michigan?

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.

Is it possible for someone to cosign when they reside outside the state?

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.

When someone is a cosigner on the loan of your car does that mean he owns any part of it?

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

When the cosigner dies is the spouse responsible for a repossion that she did not cosign for?

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.

Can a cosigner get out of that agreement?

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.

Can someone cosign a mortgage if they already have a mortgage of their own?

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

Can someone not related to you cosign a car?


Do a cosigner have to be physically present in order to cosign for someone?

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.

If you can't get a loan and ask someone to cosign can the dealer still say no even if the cosigner has really good credit?

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.