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What else can I help you with?
Can a cosigner take over a car loan if the primary borrower is unable to make payments?
Yes, a cosigner can take over a car loan if the primary borrower is unable to make payments. This means the cosigner becomes responsible for making the payments on the loan.
What to do when a co-borrower is messing up your credit?
The only way to distance you from your co-borrower is to make all the payments on time or pay off the loan.
Can a cosigner become the primary borrower on a loan?
No, a cosigner cannot become the primary borrower on a loan. The cosigner's role is to provide a guarantee for the loan in case the primary borrower fails to make payments.
Is it fraud if someone continues to make car payments when the borrower is deceased and the loan company is not aware of his death?
Prolly is BUT it depends on the lenders attitude as to what will happen. Best thing to do is contact the lender about getting the loan in your name. lot of variables here.
Rights of a co-signer on car if payments arent being made?
He has the right to make the payments or have his credit ruined. DON'T cosign a loan unless you are willing to make the payments if (when) the primary borrower defaults.
Does the lender have to notify you as a cosigner if the primary borrower fails to make a payment?
No, but if the borrower misses enough payments, the cosigner will start getting collection calls as well.
Is distributed inheritance from a deceased cosigner's estate subject to creditor action when the primary borrower cannot make the loan payments?
The bank can go after the granddaughter for repayment. * Monies belonging to any persons other than the primary borrower would not be subject to creditor attachment. If the primary borrower received monies from the estate, that would be viewed as an asset if the creditor decided to file suit to recover the debt owed.
Can the co-signer repossess a car deliquent in payments?
It wouldn't be a repossession, but if he has had to make the payments, he could sue the primary borrower and might get possession from the court.
Can a lender repo a car if the borrower dies?
Yes, if those who control the dead borrower's estate do not continue to make the payments. The lender has a lien on the car, no matter who owns it.
Is it illegal to take a car out of state when you are still making payments on it?
Not as long as you continue to make payments on it.
Why would a borrower choose to consolidate debt?
A borrower may choose to consolidate debt to simplify their payments, potentially lower their interest rates, and make it easier to manage their finances.
How does it work when you buy a house for someone and they make the payments?
You should be a non-occupying co-borrower on the note, which means that you will not be living at the residence but you are vouching for the primary borrower in case he/she cant make payments. So basically, your credit is on the line. If you didnt handle the situation in that manner there are numerous other possibilities.
