Best Answer

If the cosigner has not been financially impacted by the actions of the primary borrower, then there is not valid grounds for a lawsuit. This does not mean the suit could not be brought, but the plaintiff would be wasting time and money as a judgment cannot be awarded where damages have not occurred.

User Avatar

Wiki User

โˆ™ 2006-04-06 03:34:21
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: If the cosigner sues the primary and the primary has never defaulted on the loan will they be likely to win?
Write your answer...
Related questions

Does a cosigner have rights to a vehicle?

No, a cosigner only has the legal obligation to pay the debt if the primary borrower defaults on the lending agreement.The exception to this would be if the cosigner is a joint title holder of the vehicle.COSINGER!Does a consignor have rights to the vehicle if the people who is buying the car never missed a payment?

Does a cosigner have legal rights to take your car if the borrower never defaults on payments?

No. He/she simply has to pay the loan if you don't. Has no real right to the car even if you do miss payments. Has to go to court and show you have defaulted on the loan and has paid on it.

Does a cosigner have any legal rights to sell your house if there has never been a missed payment or late payment?

No, a cosigner has no legal rights to the property unless their name is on the title or deed. A cosigner is accepting the responsibility of the debt if the primary borrower defaults; a co-buyer/borrower is a different matter entirely.

What is the risk to be a co signer on a leased car?

A common misconception is that the "cosigner" is not financially responsible for the security of the loan/lease (the car) until after the primary has defaulted. Nothing could be more wrong. The primary and cosigner are simply terms used to differentiate between the two signors. Legally, both are equally responsible for the debt, from the signing of the document until the last payment is made. If payments are missed, both will have their credit rating dinged. If the contract goes into default, both will be contacted by the lender or its agents. In truth, one should never cosign for anyone if that one cannot be trusted unquestionably and unless the cosigner can afford to pay the loan if that should become necessary.

If a cosigner is forced to make payments on the loan because the borrower has defaulted can the car be confiscated from the borrower by the cosigner?

No. The car is not your property, nor do you have legal authority to sieze property. It would be considered grand theft. As a co-signer, you agreed to be just as legally liable for the debt as the borrower. That's why it's a good idea to NEVER co-sign ANYTHING.

How do you get out of a cosigner contract?

You can't. You are just as legally bound as the primary signer on the contract and as such are obligated to satisfy the terms of the contract. That's why it's NEVER a good idea to be a co-signer.

Can the borrower of a private student loan change the cosigner during the term of a loan or must she refinance to do that?

AnswerThe short answer is no, you can never change cosigner on a private student loan. If they die, however, it is transferred to you.

How long does a company have to inform a cosigner that the borrower is in default in payment?

It is their legal right to never inform you and simply allow your credit deteriorate. It is your job as the cosigner to make sure the contract is up-to-date.

Can the cosigner sue the primary borrower for the debt if it was included in bankruptcy?

Yes You Can. This Leaves A Mark On Your Credit Report, Plus Since You Did Not File; You Now Are Responsible For The Debt. NEVER EVER COSIGN++++++++++++ MONEY 101 * Probably not. If the debt was discharged in bankruptcy then it is not subject to collection procdures including a lawsuit. In some state filed BK's a cosigner has protection in this area if specific circumstances exist.

How can you register and make legal the car whose loan you defaulted on but which was never repossessed?

You'll have to pay off the bank and get the title cleared.

Is jetfire a atobot or decepticon on transformers 2?

jetfire was a decepticon but defaulted to an autobot because he grew tired of the never ending war.

If a lender does not provide a cosigner agreement am I still liable for the loan?

# I have never had to provide a cosigner agreement to someone who is cosigning a loan. I am talking about Tx, NY. and Kentucky. If you signed the same promissory note with the other person, then you are both responsible! CORRECTION: If you are speaking of the Notice to Cosigner below: Notice to Cosigner You are being asked to guarantee this debt. Think carefully before you do. If the borrower doesn't pay the debt, you will have to. Be sure you can afford to pay if you have to, and that you want to accept this responsibility. It is against the FTC rules and against the law not to provide have have a potential cosigner sign.

If you defaulted on a student loan does this mean you can never get financial aid from any college anywhere ever again?

In the US, the answer is no. You can rehabilitate or consolidate the defaulted loans. To rehabilitate, you need to make 9-12 ontime payments to your current lender. Consolidation is immediate relief and only takes 30-60 days. If you need help with the consolidation of your defaulted student loans, click on the link below.

Can your private pension be garnished for a defaulted student loan?

I am a Federal Student loan expert and I have never heard of a private pension being garnished for defaulted student loans, so I would say no. If you need help getting out of default on your student loans, click on my profile, StudentLoaner, below.

What primary school did Harry Potter go to?

The name of his primary school was never mentioned.

What type of job should you go for while you only have primary education?

In primary education, age most likely will be an issue, depending on where you live. Best option however, would be to try fast food shops in the area. You never know, you could be lucky.

What makes you a is judgment proof?

You are judgement proof if you don't owe anyone money and have not defaulted on any of your debts. Keep your finances in order and you will never have to worry about a judgement.

In MI can a parent be liable for a joint car loan account defaulted by their child if the parent knew nothing of the account and never signed an agreement or made a purchase?


Why would treasury bills be a safer investment than buying real estate or common stocks?

Because they are secured by the U.S. government and the government has never defaulted on on its debt.

If the primary has let her insurance lapse due to non-payment is the cosigner in danger of being sued in the event of an accident?

The co-signor isin danger of having to pay the balance due on the loan at all times. If the signor cant afford ins, the notes will be the next thing they cant afford. NEVER CO_SIGN.

If you are a cosigner on a house and the person does not pay are you responsible?

Absolutely, just as financially obligated as the primary contract singer. As a co-signer, you agree to become financially obligated should the other party default for any reason. You don't then get the house, by the way, only the payments. That's why it's wise to NEVER be a co-signer for anyone.

What the loan cosigner's responsibility when the loan is for a friend?

A cosigner's responsibility is to pay the loan in full if the primary borrower fails to pay. The connection to the primary borrower is irrelevant, whether it is a family member or a friend. You should never co-sign unless you can afford to pay your friend's loan. You should also note that when you are required to pay the loan as a cosigner (after the primary borrower defaults) your own credit may be ruined and you will be paying for property that you do not own. The default rate for people who need co-signers is high.

Can you get a car loan without a co-signer a small loan only about 4000?

Yes, if your credit is good enough. I have never had to have a cosigner for a car loan.

Can you remove yourself as a cosigner?

Not unless the the money is paid back by the borrower or if it's a lease, it's until they move. Usually when the principle person defaults on a loan or rent, they come after the cosigner. So, unless the person responsible for the moneys credit goes up so they don't need a cosigner, you are responsible if they default. Never, ever, cosign for anyone, especially family. The same goes for lending money too. If you're going to "lend" money out, you mind as well expect never getting it back. This is how so many relationships are ruined.

How you create or assign primary key?

A primary key is never null and is also unique . Example of primary key is create table emp (ecode integer NOT NULL PRIMARY KEY);