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If you cosign for a car loan can you be sued successfully?

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Answered 2010-06-20 14:21:35

Yes. If the signer defaults on the loan, then you, as the cosigner, would be liable.

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ok Should not be a problem. A car loan is about credit, not driving.

i cosign for a car am on ssd the car was rep ode now there after me to pay the loan

No. It doesn't come off until the loan is paid and if the person who is getting the loan doesn't pay you will owe for the loan. When you cosign it also goes on your credit report.

You need a lisence to drive the car, but not to cosign a loan.

Absolutely anyone that can qualify for credit can cosign a loan for anyone. But be careful, as the person cosigning takes full responsibility for seeing the loan is payed and will be the one sued for failure to pay (not the person they cosigned for) should the lender decide it is necessary to sue (e.g. the car was destroyed while uninsured and thus cannot be repossessed and no insurance settlement will be made).

Yes, a person without a job can cosign on a car loan. However, the person must have great credit before they can cosign.

You can cosign but both names will be on title.

If you can find a lender who will accept your signature, sure. Unlikely.

Depending on the state you must at least cosign.

Call the loan company and try to work with them. Next step is you loose the car.

I am dealing with my own drama in a cosign arrangement. I have found that the only way to get your name off of the loan is to have her get a new loan through refinance.

It does not matter if you don't have the car any more. What matters is the unpaid loan you took out on it when you bought it. It is because of the loan, not the car, that you are being sued. You can try re-negotiating with the car dealership and with the financial company. If that fails, you can try to hire a lawyer to protect your interests.

how many times can someone cosign a car

when you cosign on any kind of loan you dont have to pay anything unless the person you cosigned for does not pay the loan, then you are responsible for that the remaining balance on the loan

I assume you mean how do you get your name off the car LOAN! The only ways to do that would be to either pay off the loan or have your mom refinance it under just her name (or get someone else to cosign THAT loan)

As long as you have enough credit available yes. Just remember even if the payment is from another source, you are responsible and it eats into your available credit until it is gone.

When they get out of jail for selling property with a lien on it, and after YOU pay off the loan, you might consider NOT co-siging again.

If your car was repossessed, they will sue you for the difference in what the car sells for and the balance on the loan, plus repossession fees.

The best place to get a car loan when you have no credit is at the local bank or credit union that you have had an account at for a prolonged period of time. If you've never belonged to a bank or credit union you can ask your family if they will cosign a loan at their financial institution.

You can only be sued if your name is on the title as well. Financial institutions require a co- signers name on the title. But if it slipped by and your not on the title, you can't be sued.

Yes, as long as the person you are co-signing for has an income. The rule is one income one loan two incomes two loans.

yes - when you co-sign, you are guaranteeing the bank that they will be paid

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.

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