yes
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.
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.
There is a common misconception that cosigners are not responsible for payment. However, the purpose of a cosigner is to guarantee payment of the loan. The cosigner, comaker, cobuyer, coguarantor or a loan is equally responsible for payment of the debt. So, yes.
No you are not responsible but if your step daughter does not pay the loan they can still repossess the vehicle.
IF your name is on the LOAN papers, you are the co-signor and responsible for paying the loan if the debtor doesnt.
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.
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.
You will be responsible for the loan payments
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.
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.
yes
Yes, he or she would be equally responsible for the repayment of the loan balance.
There is a common misconception that cosigners are not responsible for payment. However, the purpose of a cosigner is to guarantee payment of the loan. The cosigner, comaker, cobuyer, coguarantor or a loan is equally responsible for payment of the debt. So, yes.
ABSOLUTELY NOT
No you are not responsible but if your step daughter does not pay the loan they can still repossess the vehicle.
You must have approval for a loan before anybody can be responsible for anything. If you are not approved for a loan by yourself, the lender might ask you if somebody you know will co-sign. In which case you are the primary buyer, and the co-signer is then also responsible for any payments you neglect.
IF your name is on the LOAN papers, you are the co-signor and responsible for paying the loan if the debtor doesnt.