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If you Co-sign auto loan and the person defaults on the loan- can the finance company take your house?
Wiki User
∙ 14y ago
No. If you cosign on a car loan and the person defaults, the finance company can not take your house in this state. After the finance company seizes the car, both you and the other person would still owe the unpaid balance of the loan.
Wiki User
∙ 14y ago
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Will a cosigner's credit be affected if they cosign for someone who has a bad credit score because of a Chapter 7 bankruptcy?
The cosigner's credit will only be affected if the person that they cosign for defaults on the loan. The bankruptcy will not affect the cosigners credit.
Can someone with no credit cosign for someone?
A lot of creditors will not accept a co-sign from someone with no credit. They want proof that if the person who takes out the loan defaults, the co-signer will have the credit funds available to pay off the loan.
Can someone without a job co-sign on a car?
Yes, a person without a job can cosign on a car loan. However, the person must have great credit before they can cosign.
What happens if you cosign a loan and the other person dies?
yes
Is collateral needed to cosign a loan?
Co-signing a loan may not specifically require collateral, but if the person for whom you co-sign defaults , anything you own becomes fair game. Don't co-sign for anything for which you cannot comfortably cover the loss in case of default.
Will a cosigner's credit be affected if they cosign for someone who has a bad credit score because of a Chapter 7 bankruptcy?
The cosigner's credit will only be affected if the person that they cosign for defaults on the loan. The bankruptcy will not affect the cosigners credit.
What is the post of a person in a company handling finance and admin?
Finance and administration manager
Cosign for a car loan which gets paid off the title goes to?
The cosignatory of a promissory note agrees to pay if the person signing the note defaults. If he doesn't default, but completes payments then he also gets the title.
Who is the lessor vs lessee in auto registration?
The Lessor is the finance company. The lessee is the person leasing the vehicle from the finance company
Can someone with no credit cosign for someone?
A lot of creditors will not accept a co-sign from someone with no credit. They want proof that if the person who takes out the loan defaults, the co-signer will have the credit funds available to pay off the loan.
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.
Can someone without a job co-sign on a car?
Yes, a person without a job can cosign on a car loan. However, the person must have great credit before they can cosign.
Will I be able to get a student loan if you cosign on someone elses for about 50000?
The loan you cosign is going to count as a loan that you have. If you have the income to support that loan, plus yours, from a loan officer's point of view, you may be able to get a loan. Generally, though, cosigning is a bad idea for anyone.
Can you cosign for person arrested in another state?
NOT a good idea.
What happens if you cosign a loan and the other person dies?
yes
Can a person without a drivers license cosign for someone?
Yes
Is collateral needed to cosign a loan?
Co-signing a loan may not specifically require collateral, but if the person for whom you co-sign defaults , anything you own becomes fair game. Don't co-sign for anything for which you cannot comfortably cover the loss in case of default.
