*The point is they are married and although it won't affect her credit rating if her husband is stuck with this loan it will reflect on both of them as far as possibly putting them into debt. If your spouse just cosigned then yes, they are responsible for that debt if their child decides not to pay. If the child does pay the payments then there should be no problem. Cosigning is never a good idea even if it is family because the cosigner is 100% responsible for that debt. * The non signing spouse would not be responsible for the debt nor would it affect his or her credit rating with perhaps the exception of applying for joint credit. Even if the married couple live in a community property state under such circumstances a spouse would not be responsible for the other's financial obligation that involved children of a previous marriage.
No, you don't get any rights over the car. Co-signing just agrees that you have an obligation to pay all or part of the debt in case the other person does not. You can't really 'get out' if it unless you complete the obligation.
Yes, it will report equally.
"http://wiki.answers.com/Q/Father_cosigns_with_son_who_is_married_After_2_years_things_are_not_going_good_in_the_marriage_If_divorced_later_would_wife_be_able_to_lay_claims_to_the_house_even_though_she_is_not_on_the_loan" Yes, you cannot disinherit a spouse.
The lender is the owner of the loan.The person who cosigns a loan is equally responsible for paying it if the primary borrower does not pay.See related question link.The lender is the owner of the loan.The person who cosigns a loan is equally responsible for paying it if the primary borrower does not pay.See related question link.The lender is the owner of the loan.The person who cosigns a loan is equally responsible for paying it if the primary borrower does not pay.See related question link.The lender is the owner of the loan.The person who cosigns a loan is equally responsible for paying it if the primary borrower does not pay.See related question link.
Just for the auto.
if you are paying on time there is no risk to the co signer
It depends on what country you are in. In America, you can do so in every state except Maine.
Yes, so be careful. You have to be sure that you will stay with your spouse.
The lender will put the responsibility to pay the loan if you have defaulted and they can't collect from you. In that case, the co-signer becomes the primary in a sense. A co-signer has the same legal obligation to pay the debt as you, which is why someone should put a great deal of thought into agreeing to co-sign for anything.
Yes. If the original borrower defaults, and the cosigner is unable to take over the debt.
To my knowledge, yes his name will be on the title and he would have equal rights to the vehicle.
No. You can't take them off at all. It is the bank that required them to co-sign the loan so that if you don't pay it has someone else who is also obligated to make the payments. You have no power to change that. ==Additional Answer== A co-signer to a mortgage, if not a fee owner, may only be removed with the lender's written permission. Keep in mind that the lender is under no obligation to release the co-signer.
No, your credit rating is separate from your spouse. If he or she cosigns it will only effect his or her credit rating.
my mother cosigned for a leased car for my sister. my mom has died. what do we do with the car? will my sister now be responsilbe?
Probably not, unless it's a private loan and they live in Wisconsin.
If you are under age and she is making the payments, yes. Look its probably wiser she takes your dads place in this arrangement.
Then the cosigner is responsible for paying. most plases uses caladeral like a car or house, if the bond is not paid the car or house is taken
the person that cosigns for you does not have to be related to you. and i dont know who will give you a loan without one, cause i cant get one either.
It is possible, but not probable as most loans require valid income and a logical means to repay.
From what I understand any credit activities on a minor's name is illegal. You must be 18 to establish credit.
That is a variable, it could put you in a maxed out situation where you couldn't get a loan for yourself. You only have so much credit to use. Good Luck
If in the US, then yes. The default will be replaced with paid in full. Simply send proof of the payment to the three credit bureaus.
They will look at both but the good news is you will get a better rate if her credit is good than you would have if you'd signed on your own.
A minor can sign a contract in Virginia, but if there is no cosigner above the age of 18, the contract is not legally binding. Even if a minor signs a contract the day before their 18th birthday, then the next day decides to cancel the contract, it is allowed because a minor doesn't understand the "consequences" of their actions. the only time this is not true is when a parent/legal guardian is present, someone over 18 cosigns, or a parent cosigns. A minor of any age (even a toddler) can enter a contract which contains no obligation from them in regards to opening a savings account. This means the account cannot have any fees associated with it (no minimum balance or membership fees, you can't overdraft a savings account, so no overdraft fees either). The belief that a parent must open a savings account for their child or that a parent has access to their child's account is a fallacy. All 50 states allow this, not all banks will agree to open an account, just try a different bank.