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Is the cosigner responsible if the bank repossessed the loan without notifying them first?

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Wiki User
2015-07-17 17:40:01
2015-07-17 17:40:01

I believe you have 3 choices.

  1. 1. Pay the loan off.
  2. 2. Do the B/K route.
  3. 3. Make sure the lender can find the primary debtor so they can get the money from s/he. If they had any money to start with, you wouldn't have had to co-sign, rite? BUT it is TAX time, maybe they will help you with their refund. Good Luck
1

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READ your contract you signed. Call a local attorney for state specific legal advice.

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No, the refinancing without the consent or knowledge of the original cosigner created a breach of the original lending agreement and the cosigner is no longer legally obligated for the debt.

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Yes if you are a US Citizen you may get a loan without a cosigner. However, your % will be higher in terms of interest. As a result it is best to have a cosigner.

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Very little ! If you default on the payments, the finance company are quite within their rights to confiscate the vehicle. The camper does not become your property until you have made the final payment !

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The only option is for the loan to be refinanced without the particpation of the present cosigner.

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Nothing. The only option for being remove as a cosigner is to have the original loan refinanced without the cosigner participating.

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SallieMae.com offers loans to sophomore or higher college students with out a cosigner.

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Student loans are provided without consigner based on needs. For example if you are independent from your parents, you can qualify for student loans without cosigner.

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if you take it to your personal bank and ask them how much you need to have paid already they can indeed refinace you and remove the cosigner

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Although it is very difficult to get loan without cosigner. Majority of the students don't apply because they don't have any cosigner. But now a day many organization are helping such student who don't have any cosigner. You can apply for such loan that not required cosigner. These loans called no cosigner student loans. You can find a detailed procedure through link that is in "Related Links"

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no you do have to have a cosigner with good credit in order to get a student loan.

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The only way to take a cosigner off of a loan is to refinance it.

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The legal responsibilities of a cosigner on a lease agreement are the same as the tenant without the benefit of tenancy.

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women could legally get a checking account on their own without a cosigner in the U.S. in present day today.

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If the first loan was refinanced it must have been paid off by the second loan. You are not responsible for the second loan if you didn't sign it.

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Not a problem. Try wells fargo.

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Yes, if you have a good credit score.

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untill its paid off * The other option is for the primary borrower to have the loan refinanced without the participation of the original cosigner.

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Yes, of course your cosingers signature means something. It means that there is no way for to have been approved for what you applied for without their good credit to back you. It also means ,God knows I hope your cosigner has some sense, that your cosigner is 100% responsible for any default of restitution on your part. The cosigner is essentally applying for the very same thing you are--for you--on your behalf almost. Be good to your friend, parent, whoever has helped you and repay your loan on time.Happy holidays.

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You can get a loan if you are a student without a cosigner however it can also be a little tricky. I would suggest going to your local bank and chatting to a financial advisor for better advice.

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No. Call your States Department of Insurance.


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