Sorry, but when you co-sign for a loan you are solely responsible. He gets to keep the car and you get the bill! This is why co-signing is a very dangerous venture and no one should ever do it unless the co-signer know they may have to pay the loan off willing and able. Sorry Marcy If your name is on the title then you can go get the car anytime you want the car, but be advised that he/she can do the same thing no matter who is making the payments. Hope this helps! NEVER CO-SIGN!
Don't understand what you mean by the phrase, "...voluntary have it returned..." However, as long as the primary indebted party is current in their payments there would be no reason for the loan company to contact you for payments.
The person who's name is on the Title is the owner of the car.
No, when the parent cosigned the loan, they agreed to pay what the child couldn't. * Yes, the contract that was cosigned was between the borrower's and the lender. A cosigner has the legal right to file suit against a primary borrower for financial damages incurred due to the primary borrower defaulting on the contract.
If you are talking about someone who cosigned for your loan filing bankruptcy, As long as you continue to make your payments on time, nothing will happen. If you are talking about someone you cosigned for taking bankruptcy, you may very well have to pay this loan. Contact the lender.
By being a co-signer you become a co-debtor. Therefore if the primary borrower defaults it can reflect on your credit report. There isn't much you can do about it, except try writing a dispute letter, that's a longshot.
No.
The co-signer has no inherent authority to "call for" the payment in full of the loan. If the primary borrower is missing payments it is likely they cannot afford to repay the loan. In fact, if payments are being missed by the primary borrower the co-signer's responsibility will kick in and the lender will go after the co-signer for full payment of the loan.The co-signer has no inherent authority to "call for" the payment in full of the loan. If the primary borrower is missing payments it is likely they cannot afford to repay the loan. In fact, if payments are being missed by the primary borrower the co-signer's responsibility will kick in and the lender will go after the co-signer for full payment of the loan.The co-signer has no inherent authority to "call for" the payment in full of the loan. If the primary borrower is missing payments it is likely they cannot afford to repay the loan. In fact, if payments are being missed by the primary borrower the co-signer's responsibility will kick in and the lender will go after the co-signer for full payment of the loan.The co-signer has no inherent authority to "call for" the payment in full of the loan. If the primary borrower is missing payments it is likely they cannot afford to repay the loan. In fact, if payments are being missed by the primary borrower the co-signer's responsibility will kick in and the lender will go after the co-signer for full payment of the loan.
no
The only way for a co-signer to be taken off the loan, would be for the primary borrower to refinance the account.
No, but if the borrower misses enough payments, the cosigner will start getting collection calls as well.
yes
I recently co-signed for a loan for my brother. The dealership not only put me in the primary borrower position (which was a mistake), but since then there have been payment issues. So it has been my phone ringing off the hook. Even as a co-signer (non primary borrower) I would have been responsible to make the payments in the event the primary borrower did not. I understood that. However, if you are applying for a loan being the co-signer does make a difference rather than being the primary. Typically, to be a co-signer you will have to prove (by showing the payments being made from a co-borrowers account) that they are making the payments or it will affect your DTI (Debt to Income ratio). Also as the primary YOU will get the calls if there is a late payment - in my case they did not even have the co-borrowers phone number. This really doesn't mean anything except that I had all of the pain for their being late on their payments. My credit has been negatively affected. SO IF you are going to be the primary borrower - be sure that you are willing to make the payments.