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Definition of "Indemnitor":
A party entering into an agreement with a surety that should a principal on whose behalf a surety bond has been issued default, the indemnitor will assume the principal's obligations.
So to answer your question, yes, if those he cosigned for defaulted, the entire responsibility of repayment would rest upon his shoulders, financially and legally, which could also mean loss of property (cars, boats, houses, etc) if that person were unable to keep up the payments themselves - It could ruin your father financially, forever, if that were to happen. You need to do whatever it takes to make good on this loan payment.
What else can I help you with?
Can you change your mind on a lease car and return it to the dealership?
If you already signed the lease, you are subject to the terms of the lease and/or any penalty the leasing document states for early termination.
Can you return a lease car and get refunded?
NO, you signed a contract and are bound by that contract until the terms are fulfilled.
Does the primary lease holder on a car lease have any liability if the car is in an accident if the car is registered and insured by the co-signers of the lease who is not the primary?
If others who are co-signed on the car are in an accident, and cannot afford to pay and charges or fees as a result of that accident, then yes, as a co-signer the primary lease holder will be liable for those oustanding payments.
Is the purchase price at the end of a car lease considered bargain purchase?
No. You're not getting any bargains by buying the car at the end of a lease, rest assured of that.
Can a person cancel an auto insurance policy if the car is only a lease?
As long as you have another policy in place. When you signed your lease you garanteed that the vehicle would be insurred. Uninsuring the vehicle would be in violation of the lease.
Can a 17 year old lease a car?
In most cases, a 17-year-old cannot lease a car on their own because they are not considered legal adults. They would typically need a co-signer, such as a parent or guardian, to be able to lease a car.
Is there a difference between a term business car lease and a commercial auto lease, or are they one and the same?
A car lease is an individuals person lease for their car. A commercial car lease is the lease for a commercial vehicle which are used for businesses.
What if your husband files bankruptcy and you have a leased car?
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Can you cosign a car lease for me?
I am unable to cosign a car lease for you.
Can you add a name to a car lease?
can a name be added to a car lease
Where can one compare car lease quotes?
One can compare car lease quotes at the website Lease Compare. Leases can also be compared at Car Lease Deals, Cars Below Invoice, Top Car Lease Deals and M oney Supermarket.
What happens when you total a lease car?
When a lease car is totaled, the car company will require the car lessee to pay the lease balance to get out of the contract. This is applicable for a wrecked car and non-reparable vehicle.
