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If you need a co-signer to buy a car but make every payment on time for the first year can the co-signer be taken off of the loan?
Wiki User
∙ 8y ago
Only if there is some stipulation in the contract that after a certain amount of the loan has been paid, the cosigner can be relieved of their loan obligation.
That will be strictly up to the LENDER and their credit guidelines.
Wiki User
∙ 8y ago
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Can a cosigner have their name taken off a home debt?
No. The loan must be paid off to release the co-signer from their obligation.
If the primary goes to jail can your name be taken off of the loan?
No, a cosigner or co-borrower can only be removed from the obligation of the debt by refinancing.
Can the cosigner be taken off the loan if the primary borrower has made over a year of payments on time?
The only way for a co-signer to be taken off the loan, would be for the primary borrower to refinance the account.
What happens if cosigner stops making payments?
The other signer must make the payments or the loan will go into default, the property will be taken and your credit will be ruined.
Can a cosigner have their name taken off a debt?
The purpose of a co-signer is to guarantee payment by the primary borrower whose credit record isn't good enough to obtain the loan on their own. The lender will not release the cosigner because if the primary party fails to make the payment it is the responsibility of the cosigner to pay. The co-signer has promised to pay off the loan if the primary borrower defaults. That's how the borrower got the money! It is rare, and would be exceptional, for a creditor to allow a co-signer to be released from liability from an outstanding debt. Usually, the only way this can be accomplished would be for the primary borrower party to refinance the loan in their name only. Call the creditor to see what options are available. At the very least, let this be a lesson you learn from. When you co-sign for someone else, you are taking a risk that a creditor (who lends money as a business) is unwilling to take. There is always a reason they won't take that risk. Why would you?
Can a cosigner have a primary title holder taken off the title?
If you go to the registration office with the primary and have them give consent to the cosigner
Can chil support payment be taken from social secutiy checks?
Yes, child support payments can be taken from almost every source of income, including social security checks.
What steps can be taken to avoid the legal process of distraint?
Steps that can be taken to avoid the legal process of distraint is to pay the rent every month without elapsing on payment. When several payments are missed, the landlord can seize property to sell for payment of the missed rent.
What is Arkansas law for returning a newly purchased vehicle?
My 18 year old daughter bought a programs 2010 vehicle from a AR dealer with me as a cosigner. First payment due on 7-29-11 and she has the money for that payment however she just submitted her college schedule to her job wherein they told her they would see what they could do but no promisses. I have been taken off work due to health issues so this vehicle payment may get rough for anyone. Is there any clause in a law that states she can return the vehicle now?
What does taken their toll mean?
A toll is a payment for traveling on a certain road, called a toll road. If something has "taken its toll," it has somehow taken something out of you - not literal payment, but emotional and/or physical energy.
Can a cosigner have their name taken off a home debt?
No. The loan must be paid off to release the co-signer from their obligation.
Can a vehicle be taken by police for delinquent payment?
Can a vehicle be taken by the police for delinquent payments.
Can the primary on a car loan have the cosigner's name taken off the loan without the cosigner's permission or knowledge?
IF the primary has the credit score to satisfy the LENDER, YES. The co-signor will be notified they are no longer on the loan, which will likely make them VERY HAPPY.
If the primary goes to jail can your name be taken off of the loan?
No, a cosigner or co-borrower can only be removed from the obligation of the debt by refinancing.
Is it legal for the landlord to give your cosigner a key?
Yes. The co-signer should be able to inspect the premises she/he has taken financial responsibility for.
If you did not make your first monthly payment to the bankruptcy trustee what will happen?
In some cases the trustee will allow a thirty day grace period for the missed payment. Pertaining to a first installment immediate action to dismiss the 13 might be taken. It is for the most part at the discretion of the bankruptcy trustee, missing any payment is reason for dismissal with prejudice.
How far behind can a noncostodial parent be before legal action can be taken in Ohio?
You can take legal action once 1 payment is missed in Ohio. The person required to pay the child support can be charged with a first degree misdemeanor offense for their first charge of non-payment.
