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If one cosigns for a car is the cosigner responsible for any personal property taxes?
Wiki User
∙ 11y ago
Yes - If you live in the state of Virginia.
If the person in possession of the vehicle refuses to pay the personal property taxes, the co-signer will have their ss# locked down and be unable to register their own vehicle until the taxes are paid on that joint vehicle.
NEVER CO-SIGN ON A LOAN!
Very simply - a co-signer of a loan is responsible for absolutely everything as the "other" signer )who may be called primary signer). No difference.
So whatever the responsibility, or recourse, (legal or financial) is for whatever action or lack of action required under the loan (and frequently under law too as many times you are considered the owner of any property connected with the loan), you are subject to also.
Wiki User
∙ 11y ago
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What happens when someone cosigns for a bond that you have to make payments on and you don't pay?
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
What are the rights of a cosigner?
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.
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.
What can a cosigner do when the car was involved in an accident and he was not the driver?
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.
What are the rights of the cosigner to sell a car?
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.
If someone cosigns on a vehicle loan does it affect that their credit?
Yes. If the original borrower defaults, and the cosigner is unable to take over the debt.
Who is the owner of a loan that is co-signed?
The lender is the owner of the loan.The person who cosigns a loan is equally responsible for paying it if the primary borrower does not pay.See related question link.The lender is the owner of the loan.The person who cosigns a loan is equally responsible for paying it if the primary borrower does not pay.See related question link.The lender is the owner of the loan.The person who cosigns a loan is equally responsible for paying it if the primary borrower does not pay.See related question link.The lender is the owner of the loan.The person who cosigns a loan is equally responsible for paying it if the primary borrower does not pay.See related question link.
If someone cosigns your auto loan are they responsible for your other debts or only the auto loan?
Just for the auto.
If one spouse cosigns a loan is the other spouse responsible?
Yes, so be careful. You have to be sure that you will stay with your spouse.
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
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.
If your spouse cosigns a loan for their child from a previous marriage will you have any personal obligation for the debt or will it affect your credit rating?
*The point is they are married and although it won't affect her credit rating if her husband is stuck with this loan it will reflect on both of them as far as possibly putting them into debt. If your spouse just cosigned then yes, they are responsible for that debt if their child decides not to pay. If the child does pay the payments then there should be no problem. Cosigning is never a good idea even if it is family because the cosigner is 100% responsible for that debt. * The non signing spouse would not be responsible for the debt nor would it affect his or her credit rating with perhaps the exception of applying for joint credit. Even if the married couple live in a community property state under such circumstances a spouse would not be responsible for the other's financial obligation that involved children of a previous marriage.
