Auto Loans and Financing
Car Selling
Personal Finance
Loans
Co-signing
Money Management

If someone cosigns on an auto loan and you want to sell the car before it is paid off does the cosigner need to be a part of the sale?

313233

Top Answer
User Avatar
Wiki User
2010-01-14 09:45:34
2010-01-14 09:45:34

You can as long as the title says:(example) John Doe or Jane Doe, if it says John Doe and Jane Doe then the cobuyer has to be a part of the sale.

1
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0

Related Questions

User Avatar

A cosigner- someone who agreesto pay the loan if you default

User Avatar

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

User Avatar

An auto cosigner, in the state of Indiana, has to meet all of the requirements of the contract. In most cases the cosigner has the same obligations as the primary signer.

User Avatar

No, the cosigner has no legal liability in such a case, unless, of course, he or she was the driver of the vehicle at the time of the accident.

User Avatar

From my experience, you would have to re-finance the suto loan with the new co-signer.

User Avatar

No, the refinancing without the consent or knowledge of the original cosigner created a breach of the original lending agreement and the cosigner is no longer legally obligated for the debt.

User Avatar

They would need to have the vehicle refinanced in their name only or obtain another cosigner for the refinancing.

User Avatar

No, a cosigner can only be relieved of the financial obligation by a refinancing of the loan agreement without them being a participant.

User Avatar

will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle

User Avatar

None. A cosigner is entering into a legally binding contract to repay the debt if the primary borrower defaults on the lending agreement. The cosigner does not have any other obligation nor ownership rights to the property.

User Avatar

No. You are only cosigner on the one vehicle you signed for. All bets are off once the car is traded.

User Avatar

If you have bed credit, sometimes having a cosigner is the only way you can get an auto loan. The people who lend you the money so you can purchase the car want their money back with interest. If you have bad credit, they may think you will not pay them back. They may think your cosigner does not want his credit ruined and will pay them back. So, while they would not give you an auto loan, they would give you an auto loan with a cosigner who has good credit.

User Avatar

Chances are unlikely. Unless, you have perfect strong credit and a lot of money

User Avatar

By co-signing the loan, they are guaranteeing that you will repay the loan. They do not need to be on the auto insurance policy, but it would be in their best interest.

User Avatar

A cosigner is obligated as long as the loan exisists. The loan must be paid off or refinanced into the primary borrower's name only to release the cosigner.

User Avatar

No. The cosigner would have to apply for a loan in their name using their credit, income data.

User Avatar

Buy cobuyer I wonder if you mean cosigner on a loan. If this is the case then the answer is no. As a cosigner you are simply agreeing to pay the loan if the person who took it out does not. It is in his or her name and you are responsible for it if they do not pay it.

User Avatar

The cosigner's credit isn't affected one ioto unless the person who was responsible for the loan payments defaulted, then and if the cosigner also defaulted. In other words, just being a cosigner does not affect ones credit ratings.

User Avatar

No, a cosigner generally has no legal rights to the property that they are cosigning for.

User Avatar

Co-signers are only asked to help you qualify if you have not been approved for the auto loan.

User Avatar

Usually not. The decision is up to the lender, but it would be a very odd requirement.

User Avatar

The answer is that the cosigner would be left responsible for taking over the payments. If the cosigner wants to maintain his or her credit rating (which is probably damaged due to your filing bankruptcy), If the consignor does not want the auto loan people to sue for any remaining balance, then he or she will need to keep making the payments. If the auto loan company sues for any remaining balance and gets a judgment, then the auto loan company will go after the assets of the consignor and or garish their earnings. attempt o seize their assets or garnish their earnings.

User Avatar

yes it does, it will go down even more if the co signer has good credit.

User Avatar

A cosigner cannot be removed from the debt obligation except by a refinancing of the loan without the original cosigner's participation.


Copyright ยฉ 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.