0
Yes. Before you co-sign be sure you can afford to pay if you have to, and that you want to accept this responsibility.
You may have to pay up to the full amount of the debt, if the borrower does not pay as promised. You may also have to pay late fees or collection costs, which will increase the loan amount.
The creditor can collect this debt from you without first trying to collect from the borrower. The creditor can use the same collection methods against you that can be used against the borrower, such as suing you, garnishing your wages, etc.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
Is the co-signers credit affected if a monthly payment is late?
Yes. The co-signers credit can be affected if a monthly payment is late. He may also owe late fees.
How does a co-signers credit for get affected if the car he signed for is reposessed?
The co-signer will also have a repossession showing on their credit as well. The co-signer is just as legally responsible for the car as the person they signed for.
If you are not the primary person on the mortgage is you credit rating affected?
As long as you are on the mortgage it will show on your credit report and effect you credit no matter if you are the primary, secondary or co-signer
If you're married and your husband's car is soley in his name and was repossessed will it show on your credit as repossessed?
No, because you have your own separate credit report.
What happens to your credit after a car is repossessed?
Normally your credit is ruined for 7 years.
If you already have 1 car repossessed does having a 2nd repossessed hurt your credit even more?
yes
How do you obtain a secondary credit number?
how do i obtain a secondary credit number
What happens I could not pay the car loan because I left the country?
If you are in default (for any reason) they have the right to seize the asset (car)
How one's credit history is established or affected in the US if one only has credit cards as a secondary authorized user only?
It still helps your credit and will make you more likely to be approved by those same companies for your own credit card.
Can a motorcycle purchased on credit card be repossessed?
A motorcycle that was paid for on a credit card can not be repossessed considering the credit card company paid the dealer. You must pay the card company back though or they can take you to court.
How bad does it affect the cosigner's credit if the borrower has the car voluntarily repossessed?
It has the same effect on the credit.
When was Port Credit Secondary School created?
Port Credit Secondary School was created in 1919.
