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If there is a buyer and co-buyer and the buyer does not want the auto can the co-buyer take over the loan because the buyer gets all the credit?
Wiki User
∙ 8y ago
The co-buyer should contact the LENDER and ask to have the buyer removed from the loan. Nothing can be done legally without the LENDERS approval.
Wiki User
∙ 8y ago
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Who is responsible for the auto loan buyer or cobuyer?
If the buyer does not pay the loan, then the lender comes after the co-signer. Late payments affect both credit reports. Most recommendations are not to co-sign a loan.
Can a buyer remove a co-buyer from auto loan?
Well, it depends how the title was written. if it says buyer "or" cobuyer you dont need the other persons signature for anything .... if its written with "and" between your two names, u will have to have both people present to complete any removals or transfers. That or you can have the cobuyer sell u the car. They will still need to be present though.
Can the primany buyer of an auto loan refinance the auto loan in the cosigner's name only?
No. The cosigner would have to apply for a loan in their name using their credit, income data.
Can lender report joint auto loan closed for both buyers to credit agencies and repo year later while payment continues?
KEY WORD="CO-buyer". They are EQUALLY responsible for the debt. IF one is slick enough to file CH7 and get out of that responsibility, the entire debt falls on the OTHER buyer.
When cosigning for someone does the bank notify you on the borrowers credit affairs?
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Who is responsible for the auto loan buyer or cobuyer?
If the buyer does not pay the loan, then the lender comes after the co-signer. Late payments affect both credit reports. Most recommendations are not to co-sign a 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.
Can a buyer remove a co-buyer from auto loan?
Well, it depends how the title was written. if it says buyer "or" cobuyer you dont need the other persons signature for anything .... if its written with "and" between your two names, u will have to have both people present to complete any removals or transfers. That or you can have the cobuyer sell u the car. They will still need to be present though.
Your ex has filed bankruptcy and you are a cobuyer on the auto loan what will happen now?
You will be responsible for the loan payments
Can the primany buyer of an auto loan refinance the auto loan in the cosigner's name only?
No. The cosigner would have to apply for a loan in their name using their credit, income data.
Can a primary buyer have a co buyer removed from an auto loan if the co buyer was never needed to get the loan?
That will be up to the LENDER.
Where might a person with poor credit go to receive an auto loan?
There are a staggering amount of auto loan companies who will offer loans to those with bad credit; the trick is finding a reliable one. Auto Credit Express is one example of a company that might be more reputable. They work with multiple lenders so that the buyer can avoid getting multiple loan applications rejected, thus lowering their credit score even more. In general, go into the bartering process armed with information: get your credit score beforehand so you know what it is.
Auto Loans With No Credit?
There are many people who have suffered lower credit scores during the current economic upheaval, so it is possible to secure auto loans with no credit. Lenders understand that a person has to have a chance to establish credit. Most people that do not have credit are young people entering into the buyer's market. Other people that may need to get auto loans with no credit are spouses that have not established credit during a marriage. Lenders will look at a few factors to determine whether a person qualifies for the loan. First, the person needs to have adequate income to cover the expenses. Next, the person does not need to have debt that exceeds their income.
What companies offer auto credit to those with a bad credit rating?
There are a few companies which offer auto credit to those with a bad credit rating. A common one in the United States is called Auto Credit Express Loans.
How can you get a Saturn rebate?
According to The Auto Channel's Saturn Buyer's Guide and Auto Loan Daily, there are currently no valid rebate offers for Saturns. This is likely because General Motors has discontinued manufacturing Saturns.
Does an auto loan rewrite hurt your credit?
I think yes....the auto loan rewrite can hurt your credit
Is it easy to refinance an auto loan?
Getting a refinance auto loan can be hard or easy for some people, because it depends on your credit status. If your credit score has improved since your last car purchase, you have great chance of getting approved for a refinance auto loan.
