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If you cosign on a car and the other person files chapter 13 and is paying on the loan can the company make you pay for the loan too?
Wiki User
∙ 17y ago
Absolutely. That's the responsibility you took on as a co-signer: that you would assume payments in the event the primary could not make them. If that person is making payments mutually agreed to by him and his creditor, then they have no reason to coma after you. However, if because of the Chapter 13 he can't make payments, you become legally responsible for them.
Wiki User
∙ 17y ago
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If you cosign on a car and the other person files chapter 13 and is paying on the loan does the company have the right by law to ruin the cosigner's credit?
Each states bankruptcy Laws are different. But in most cases if you co-sign and the loans does not get paid your credit can go down the tubes also.
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.
If you Co-sign auto loan and the person defaults on the loan- can the finance company take your house?
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.
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.
Can you cosign for person arrested in another state?
NOT a good idea.
Can a person without a drivers license cosign for someone?
Yes
What happens if you cosign a loan and the other person dies?
yes
Can you have a person with new credit cosign your loan?
It's up to the lender.
How do you find private individual to loan money or cosign for a loan?
You'd need to ask your friends and family. No one you don't know is going to cosign for you, and a lot of people you do know may turn you down also. Answer If you need someone to cosign a loan because you cannot obtain it on your own, you should not get a loan. All you are doing, in essence, is passing on the problem to another person, who will likely end up paying for both. Improve your habits and credit history and wait until you can do this on your own.
What to do if a person bought a car but did not finish paying for it then moved out of state?
You Get Bankrupt Or You Lose Your Insurance Company
The person you cosigned for an auto loan refuses to pay what do you do?
Contact the people who gave the loan. You are the next person they will look to for the money. When you cosign you are saying you will pay the loan if the other person doesn't, so now you owe. You could also take the signer to small claims court to get your money back if you end up paying for the loan.
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