answersLogoWhite

0


Best Answer

YES !!! He/she should certainly discuss it with the cosigner. It may be a gift or it may just be that the cosigner doesn't want to have that note appearing on his/her credit report. Whatever the reason, even if the cosigner did it as a gift, the primary should acknowledge and express appreciation. But be prepared if the cosigner expects the loan to be paid back.

User Avatar

Wiki User

โˆ™ 2006-09-19 21:35:19
This answer is:
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
User Avatar
Study guides

Personal Finance

20 cards

What is rhetorical device

Who was the father of rationalism

What is a cash advance

What is discretionary spending within a budget

โžก๏ธ
See all cards

Economics

20 cards

What type of policy is a certainty that the insurance company will have to make payment

What is the purpose of the loans made by the World Bank

What is the main intention of boycotts

How does the WTO promote global free trade

โžก๏ธ
See all cards

Economics

21 cards

What does liability insurance cover

How has globalization contributed to the recent increase in international terrorism

Why is globalization potentially damaging to the environment

Why does the growth of international trade lead to a rising global standard of living

โžก๏ธ
See all cards

Add your answer:

Earn +20 pts
Q: Is the primary on a loan obligated to pay back a cosigner if the cosigner pays off the loan without the knowledge of the primary?
Write your answer...
Submit
Related questions

Is the cosigner of an auto loan responsible for the loan if the loan was refinanced by the buyer without the knowledge or consent of the cosigner?

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.


Can the primary on a car loan have the cosigner's name taken off the loan without the cosigner's permission or knowledge?

IF the primary has the credit score to satisfy the LENDER, YES. The co-signor will be notified they are no longer on the loan, which will likely make them VERY HAPPY.


What rights does a cosigner have to gain possession of the vehicle if he paid off the loan without your knowledge and the title is in your name only?

If a cosigner's name is not on the title they have no legal claim to the vehicle. They can file a lawsuit against the primary borrower to recover money that they contributed towards the paying of the loan.


How long does a cosigner need to be on the contract?

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


Can a cosigner who is a spouse refinance without the primary spouse?

Not if you are both on Title unless they forge your name.


Can you remove a co-signer without the co-signer's knowledge?

A cosigner can only be removed from a loan through refinancing of the original agreement.


Does a cosigner need good credit?

A cosigner is only needed because the primary doesn't have adequate credit rating/history for the needed loan. Hence, the cosigner needs to have credit good enough to qualify for the loan, presumably good, at least betterr than the primary! (Credit scores are not combined or added to get to the needed level). Understand, being a cosigner is essentially the exact same as getting a loan - the cosigner is just as liable as if he got the loan on his own..in fact needs to be more responsible, because he now has to take on the obligations of the primary too, if needed, likely without the control/posession/benefit of what was purchased.


What are the rights of borrowers when the cosigner is considering a lawsuit to force them to take a second mortgage so the cosigner can recover money paid because the mortgage was defaulted on?

The cosigner has the right to file a lawsuit against the primary borrower's to recover his or her financial losses due to the defaulted lending agreement. The procurement of a second mortgage does not seem viable if the primary borrower's credit was not originally sufficient for them to obtain the loan without the need of a cosigner. It is more likely the house will have to be forfeited by means of foreclosure and the cosigner will have to try to recover losses by other means. The primary borrower's best choice is to obtain legal advice as to what their options are before a lawsuit is filed against them.


Can you get a student loan without a cosigner?

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.


As a cosigner can you have a vehicle repossessed without affecting the cosigner credit rating?

Nope.


How do you remove yourself from responsibility of a loan if you are the co-signer?

You are on the hook if the primary borrower defaults. You cannot unilaterally abnegate your responsibility. You can, however, try to convince the primary lender to refinance the existing loan -- without you as cosigner, this time!


If you are a cosigner in someone's loan for a line of credit and he is at default what can the cosigner do to take his name back?

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


If a borrower signed a loan for a cosigner is there a way the loan can be changed into the cosigner's name without refinancing?

No.


How can a cosigner be removed from the loan?

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


Can a person take a car out of state without permission of cosigner?

No they can not because then the cosinger can report te car being stolen. YES YOU CAN AS LONG AS YOU ARE THE PRIMARY OWNER OF THE VEHICLE. THE COSIGNER IS JUST A PERSON WHO HAS MADE AN AGREEMENT WITH THE BANK THAT IF FOR SOME REASON YOU SHOULD DEFAULT ON THE LOAN THE BANK CAN PURSUE THE COSIGNER. BECAUSE THE COSIGNER PRESUMABLY HAS BETTER CREDIT AND STRONGER WORK HISTORY, THUS THE ABILITY TO REPAY THE LOAN. OF COURSE YOU HAVE TO BE OF AGE AND FOLLOW ALL OF THE LAWS WHEN DRIVING.


How can I get a student loan without a cosigner?

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"


What do you need to qualify for student loans without cosigner?

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.


How do you get a student loan without a cosigner?

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


What can you do if you co-signed an auto loan and three months later you want your name taken off?

The only way to be removed is to have the loan refinanced by the primary borrower without the participation of the cosigner.


Can you refinance your car without a cosigner if your current loan has a cosigner?

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


What are the consequences if a cosigner on a car loan sells the car without the permission of the other cosigner?

Possible fraud charges.


Can a cosigner get off the loan if it has been financed for over 2 years?

A cosigner can only be relieved of the financial obligation through refinancing of the loan without the current cosigner's participation.


What happens if a cosigner refinances a primary signers loan without notice?

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.


How does cosigning affect your credit rating?

As a person who co-signed an auto loan for someone who consistently made late payments, accrued late fees, and eventually filed bankruptcy . . . I can truly tell you that if You co-sign an auto loan and the person doesn't make the payments it can really screw your credit up. However, if that person is making the payments timely without any problems - then I'd say it won't necessarily hurt your credit. But at the same time it won't necessarily help it either. If I were you I wouldn't do it. Believe me if I could go back - I wouldn't do it. A cosigner is only needed because the primary doesn't have adequate credit rating/history for the needed loan. Hence, the cosigner needs to have credit good enough to qualify for the loan, presumably good, at least betterr than the primary! (Credit scores are not combined or added to get to the needed level). Understand, being a cosigner is essentially the exact same as getting a loan - the cosigner is just as liable as if he got the loan on his own..in fact needs to be more responsible, because he now has to take on the obligations of the primary too, if needed, likely without the control/posession/benefit of what was purchased. A cosigner is only needed because the primary doesn't have adequate credit rating/history for the needed loan. Hence, the cosigner needs to have credit good enough to qualify for the loan, presumably good, at least betterr than the primary! (Credit scores are not combined or added to get to the needed level). Understand, being a cosigner is essentially the exact same as getting a loan - the cosigner is just as liable as if he got the loan on his own..in fact needs to be more responsible, because he now has to take on the obligations of the primary too, if needed, likely without the control/posession/benefit of what was purchased.


Can a student get a student loan without a cosigner when they have bad credit and no job?

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