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Is it possible to be removed as a co-signer on a loan if payments are not late?
Wiki User
∙ 18y ago
The only way to be released as a co-signer is to have the primary borrower refinance the loan in their name only or with a different co-signer if one is required. Absent primary borrower being able to get the/a loan on his/her own and pay you off, only if the lender is willing to let you off the hook. Not common, and why should they? Your probably better off working with the primary to get as much out of the asset now, (sell it for value, not have it repo'd and sold for little value), and avoid having late fees, interest, repo and legal costs, etc. added to the loan amount. (They will be). The lender may well work with you to mitigate any loss and make things happen. You were a cosigner as a responsible party.....BE RESPONSIBLE.
Wiki User
∙ 18y ago
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Can a cosigner take the vehicle even if no payments are late?
NO! He is only guaranteeing the loan. He has no legal right to take the car.
What are the rights of a cosigner?
A cosigner is a person who signs with another person for a loan of some sort due to credit issues or financial reasons. A cosigner unfortunately does not have as many rights as the person who is first listed on a loan. For example, if you purchase a car and your boyfriend/girlfriend cosigns for you and you two break up, they cannot take the car away from you. However, if you are late on payments, the cosigner will then be responsible for the payments.
After how many years are late payments removed I have credit cards in good standing with late payments from 082001 and 052002?
Between 7 and 10 years
If a car is in your name as the primary but your cosigner has been making payment for the last year and many of those payments have been paid late can you legally take that car from the cosigner?
Since the cosigners isn't paying, unless you start paying instead, and catch up on all late payments, the dealer or the bank will repossess the vehicle shortly anyway, so your question is moot.
Is the cosigner of a private student loan hindered from getting other loans?
The cosigner of a private student loan can and will be hindered if late payments occur. Another downside to said cosigner, that is if they are in school, just like most everything else they best have the money to cover these loans in some type of colateral.
Can late payments come off your credit report?
Yes late payments can come off your credit report. They can be removed by either the original creditor that put it on there or by the credit bureaus. You can dispute late payments on your credit report with the credit bureaus using the Fair Credit Reporting Act. The FCRA requires the credit bureaus to contact the creditors to verify the late payment. If the late payment isn't verified it must be removed.
If you made a couple of late payments on your apartment will this affect your cosigner's credit rating?
Yes, If the co-signer gets "dinged" on the credit report just like they where the signer
Does a lender have to notifiy the cosigner of late payments?
NOPE! sadly they don't even have to tell you they repoed or are going to repo. the unit. This includes houses, Good rule, DO NOT COSIGN.
If you have taken out a loan with someone cosigning and end up being late on payments and the cosigner having to pick up the tab will this hurt your credit rating?
VERY much so, not to mention your relationship with the co-signor.
Will a credit card company remove late payments from your account if you call them?
They can, but they don't have to. They usually will if you have had a good payment history with them in the past. If you have been late a lot, you can try to negotiate to pay off the debt to remove the late payments.You can also try and dispute the late payments to the credit bureaus. If they don't verify it with in 30 to 45 days, the late payments must be removed.
If you are late on your loan payment and are a cosigner on your daughters car can they repposses the car?
If you are late on your loan payment and are a cosigner on your daughters car can they repposses the car?
Is there any way to remove 4-year old late payments from your credit report?
AnswerLate payments can only be removed by the creditor who placed them on there or the credit bureau reporting them. You can contact the creditor and based on goodwill or negotiated a payment, they will sometimes remove the late payments. You can ask for verification from the credit bureaus on them and if they aren't verified with in 30 days, they must be removed from your credit report.
