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no...only two parties are required to make a contract, a cosigner is only required in special cases.
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∙ 14y ago
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If only one person has signed a contract and cosigner has not signed yet can you redo the contract so it's only under the cosigner's name so that you get a better APR?
Yes, you can rework the contract under only one name. Ask the dealer to rework the deal as long as the cosigner can qualify by themselves.
Can the cosigner demand that the car remain in the same state where he or she resides?
No, a cosigner does not have any legal rights to the vehicle, but does have the legal obligation to repay the debt if the primary borrower defaults on the contract. An exception could be if the cosigner is also named on the title to the vehicle, and if so, how the title is worded.
Does a cosigner have legal rights to a vehicle if his name is not on the title?
It depends on local/state laws and what the original contract stated.
What are the legal rights of a cosigner on a mortgage?
legal rights of cosigner on mortgage
Is it better for a person considering cosigning on an auto loan to be a co-buyer versus cosigner?
Yes, because then they have a vested interest in the property, whereas a cosigner usually has no legal rights to the vehicle and is only agreeing to assume the debt if the primary borrower defaults on the contract.
How long does a company have to inform a cosigner that the borrower is in default in payment?
It is their legal right to never inform you and simply allow your credit deteriorate. It is your job as the cosigner to make sure the contract is up-to-date.
Can you sue loan company for using minor as a cosigner?
A minor cannot enter into a legal contract. Any loan they are a party to is invalid.
Can you remove A CO signer name after six months?
No, one can not remove a cosigner from any contract after 6 months. The cosigner will have to stay on the contract until the contract is paid.
Can the new loan company force the cosigner to resign a new contract?
No, you have a contract and the only way to change it is for both parties to agree to the change.
How old does the cosigner have to be for an automobile?
In the eyes of the court, no minor can legally contract. Thus to be a co-signor on a loan (which is a contract to pay back borrowed money) each person must be over the age of 17. Only 18 or older may sign legal contracts.
What makes a legal cosigner?
Capacity and intent of the cosigner to be bound is required.
Are there legal options that a cosigner can use to be removed from an auto loan?
No, a cosigner can only be relieved of the financial obligation by a refinancing of the loan agreement without them being a participant.
