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If two people are listed on title of car and person on loan defaults is other person responsible?
Wiki User
∙ 15y ago
The car goes back regardless. If BOTH of the two people are on the loan, then BOTH are responsible. But if only one is on the loan then ONLY that person is reponsible.
Wiki User
∙ 15y ago
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Is a person who is 65-years-old and retired responsible for paying a loan they co-signed for if the owner defaults?
Yes - unfortunately when you cosign a loan - you cosigned a loan and if the owner defaults you are still responsible no matter how old you are. You could check with the lenders but wait until they contact you.
Who is held responsible for the loan on a repossessed vehicle?
The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.
Can you take possession of a car that you co-signed for if the primary is making the payments?
NO. Cosigning means the person is promising to be responsible for the debt if the primary borrower defaults.
If you are a co-signer and the other person dies are you still responsible for the debt?
Yes, that is the whole point of co-signing. Someone has to cover the debt. If one person dies, defaults or goes bankrupt then the co-signer is responsible. In death the estate is still responsible for the debt. If there is nothing left then the co-signer has to cover it.
You co-signed they are coming after you for the debt What can you do?
You cosigned that you would pay the debt if the other person is late or defaults. That means you have to pay the debt if the other person is late or defaults.
The person responsible for having the shipping?
The person responsible for having the shipment may very depending on the terms listed in the bill of lading. The Bill of lading lays out the terms between the merchant and the shipping company when moving cargo.
Am I responsible to repay a cosigned mortgage upon default?
If you are the co-signer the answer is yes. That's why the bank required a co-signer. When you signed you agreed to be responsible for paying the full amount of the loan if the primary borrower defaults. In the case of a mortgage for another person's property, you agreed to pay for property that you don't own. You should read the documents you signed.If you are the co-signer the answer is yes. That's why the bank required a co-signer. When you signed you agreed to be responsible for paying the full amount of the loan if the primary borrower defaults. In the case of a mortgage for another person's property, you agreed to pay for property that you don't own. You should read the documents you signed.If you are the co-signer the answer is yes. That's why the bank required a co-signer. When you signed you agreed to be responsible for paying the full amount of the loan if the primary borrower defaults. In the case of a mortgage for another person's property, you agreed to pay for property that you don't own. You should read the documents you signed.If you are the co-signer the answer is yes. That's why the bank required a co-signer. When you signed you agreed to be responsible for paying the full amount of the loan if the primary borrower defaults. In the case of a mortgage for another person's property, you agreed to pay for property that you don't own. You should read the documents you signed.
Can they break the lease for 1 signer of the orig lease and not the other?
No you cannot. The apartment community approved both of you not just one person. If one person wants to be approved he or she must be approved based upon his or her credit only. If one person defaults on the rent the other will be held responsible.
How should you address a qualification that is listed for a job but that you do not have?
List the expirence that is most closely related to the qualifications, particularly if it demonstrates that you are a responsible person.
Can a non resident relative be listed on your personal auto insurance as a driver?
Any person who drives your vehicle should be listed as a driver on your auto insurance policy. Not only should they be listed but according to the policy terms you are required to notify the insurance company of any and all drivers and household residents. If a person has an accident while driving your vehicle and you have not listed that person as a driver you could be guilty of material misrepresentation and the claim could be denied by the insurance company. In the terms of the policy both the company and the policyholder both have requirements that they are responsible for. The policyholder is responsible for being truthful, providing answers to their questions, and paying the premiums on a timely manner. The company is responsible to pay claims that they are responsible to pay under the terms of the policy.
If a person defaults on mortgage payments will this affect the cosigners on their student loan?
yes
What makes you a co-signer on a credit card account and liable for the debt when the person who initiated the account dies?
Someone who becomes a co-signer for a financial transaction is pledging to be responsible for the debt if the primary borrower defaults. FYI, an authorized user of a cc account is not the same thing, and is not responsible for the cc debt.
