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

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โˆ™ 2006-03-17 03:51:15
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Anonymous

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โˆ™ 2020-11-02 17:04:02
I tried that.. being that my so called dad has a bow 3 year pfa on me and is refusing to remove his name.. I somehow will have to take him to courtย 
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Q: If the cosigner is refusing to refinance or pay the auto loan off how could the primary person on the auto loan remove his or her name?
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Related questions

Can the cosigner get her name off the loan or can she take the car if her name is not on the registration?

The only way to be relieved from cosigning obligations is for the primary borrower to refinance the vehicle. And no, if the person's name is not on the car title they have no ownership rights.


Who is the person that agrees to take responsibility for repayment of a loan if the primary borrower defaults?

Cosigner


Does a cosigner on a mortgage mean that person is an owner of the property?

Yes it does, Only after you refinance the property may you take the cosigners name of the mortgage loan.


Can a cobuyer refinance a auto loan and remove the buyer from loan?

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.


What if that person refuse to refinance the car in there name so the other person can get off the loan?

The co-signer cannot force the primary borrower to refinance. They must wait it out until the loan is paid.The co-signer cannot force the primary borrower to refinance. They must wait it out until the loan is paid.The co-signer cannot force the primary borrower to refinance. They must wait it out until the loan is paid.The co-signer cannot force the primary borrower to refinance. They must wait it out until the loan is paid.


Does a co-signer have the right to take away the car or ask for you to refinance only in your name because you broke up?

Yes, the cosigner is partly responsible for the car. Therefor they can take equal ownership or ask that you refinance in your own name so they are no longer liable if you default on a payment. Remember, missing payments will hurt both of your credit histories so they have a right to protect their reputation. * A cosigner has no legal right to any property unless his or her name is on the title, nor can a cosigner force someone to refinance a loan without taking the person to court and receiving a court order directing the primary borrower to take such action.


Do you need your cosigner to sign when you refinance?

If you need a cosigner they must sign because a co-signer is a person who accepts responsibility for repayment of a loan, credit card or other debt along with the original borrower. However, if the institution giving you the new loan doesn't require a cosigner, you don't need to have the cosigner on your original loan sign anything.


Does the cosigner have to drive the car?

No, the cosigner signs on to the loan. Usually, the primary signer owns the car and drives it. The cosigner is there in case the loan goes into default and needs to be paid for. After they sign on the car does not belong to them, but the person who took out the loan.


What is cosigner?

A cosigner is the person who agrees to pay off the full balance of the loan if the primary borrower fails to pay. A cosigner signs the loan documents and guarantees payment of the loan even if they have no ownership in the property covered by the loan.


What is a cosigner?

A cosigner is the person who agrees to pay off the full balance of the loan if the primary borrower fails to pay. A cosigner signs the loan documents and guarantees payment of the loan even if they have no ownership in the property covered by the loan.


What legal recourse is there for the cosigner when the person that was cosigned for has defaulted on the loan?

The usual legal recourse for the cosigner when the person named as the primary on a loan has defaulted, is to make the payments on the loan. Then, the cosigner can take the person who defaulted to court to try and recoup some of the money they are out. If the loan was for a car, some states allow the cosigner to take possession of the car and sell it to recoup losses also.


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.

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