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Is the co-buyer obligated to pay the loan if the buyer defaults?
Wiki User
∙ 16y ago
Yes
Wiki User
∙ 16y ago
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Is the co buyer obligated to pay the loan if the buyer defaults?
Yes
Can a cobuyer refinance a auto loan and remove the buyer from loan?
Buy cobuyer I wonder if you mean cosigner on a loan. If this is the case then the answer is no. As a cosigner you are simply agreeing to pay the loan if the person who took it out does not. It is in his or her name and you are responsible for it if they do not pay it.
Upon signing a contract where it says Primary Buyer and Co-Buyer where is a Co-Signer supposed to sign?
Cobuyer, cosigner, they are the same thing. Wherever you sign as co-signer you should be aware that if the primary borrower defaults on payments you will be held equally responsible for paying the loan.
Who is responsible for the auto loan buyer or cobuyer?
If the buyer does not pay the loan, then the lender comes after the co-signer. Late payments affect both credit reports. Most recommendations are not to co-sign a loan.
Can you sign car that has a loan on it to the primary buyer and not be responsible for it if he defaults?
If you are the co signer, then it is automatically your responsibility if he defaults
If someone is a co buyer on a loan will it show up on their credit report?
It definitely will if the main buyer defaults on the loan, but I'm not sure if it shows up when the loan is in good standing.
Can a buyer remove a co-buyer from auto loan?
Well, it depends how the title was written. if it says buyer "or" cobuyer you dont need the other persons signature for anything .... if its written with "and" between your two names, u will have to have both people present to complete any removals or transfers. That or you can have the cobuyer sell u the car. They will still need to be present though.
Your ex has filed bankruptcy and you are a cobuyer on the auto loan what will happen now?
You will be responsible for the loan payments
Can a co-signer be relieved of responsibility on a home loan after a period of time?
No. A cosigner promises that the will be obligated for the debt incurred if the primary borrower defaults. The only way to be removed is by having the loan refinanced.
If you co-sign an auto lease can you be listed on the loan second or do you have to be listed first?
Doesnt matter too much, you will be just as responsible if the primary buyer defaults.
How do you get a co-buyer off of a car loan if they are in default?
You don't. If the cobuyer has possession of the vehicle and is no longer making payments, you as the buyer may take possession and either take up and make current the payments, or voluntarily surrender the vehicle. Failure to do so will result in repossession, and will adversely affect your credit.
What if the primary signer on a loan defaults?
If the primary signer defaults the co-signer will become responsible for paying the loan.
