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Truck with loan co signer on it the cosigner is your soon to be ex husbands mom you live in Texas the cosigner made one payment you were behind and ex took the truck can he do that?
Wiki User
∙ 13y ago
It depends on several factors including whose name is on the title. If you are behind in the payments and the co-signer is making them you may need to settle this case in court.
It depends on several factors including whose name is on the title. If you are behind in the payments and the co-signer is making them you may need to settle this case in court.
It depends on several factors including whose name is on the title. If you are behind in the payments and the co-signer is making them you may need to settle this case in court.
It depends on several factors including whose name is on the title. If you are behind in the payments and the co-signer is making them you may need to settle this case in court.
Wiki User
∙ 13y ago
Wiki User
∙ 13y agoIt depends on several factors including whose name is on the title. If you are behind in the payments and the co-signer is making them you may need to settle this case in court.
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Why do it have to affect the co-signer when its your debt?
Because the cosigner guaranteed the to pay the loan if you do not. You fail to make a payment and the lender will be looking at the cosigner for the payment. You not only have an obligation to the lender who lent you the money but to the cosigner who also signed his name to the loan agreement.
Can a co-signer wages be garnished if they live in Texas?
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.
How is a cosigner affected when the primary signer is late on a payment?
The late payment(s) will show on the co-signer's credit report. If the loan defaults, the company can look for the co-signer to pay the remainder. Co-signing is very risky if the primary borrower has poor credit--it reflects poor payment habits.
How many payments missed on bank loan before calling co signer?
It depends on the bank but generally one missed payment is enough to call the cosigner
Does the primary signer have to be present for the cosigner to get off of a loan?
no
Does a cosigner have to sign a document in front of a notary?
If the signer had to sign in front of a notary, so does the co-signer.
Whose credit score is used when you cosign for a loan?
The cosigner's credit score is used. They are the one responsible if the primary signer defaults on payment. Both credits are ruined if the car payment is missed. Be very careful of who you sign for!
What happens when a car payment go into default for the cosigner?
The co-signer has guaranteed the loan, therefore the bank will go after the co-signer for payment. If the loan is in default the default will go on the co-signer's credit record and if they don't pay the balance if will be on their record as a defaulted loan.The co-signer has guaranteed the loan, therefore the bank will go after the co-signer for payment. If the loan is in default the default will go on the co-signer's credit record and if they don't pay the balance if will be on their record as a defaulted loan.The co-signer has guaranteed the loan, therefore the bank will go after the co-signer for payment. If the loan is in default the default will go on the co-signer's credit record and if they don't pay the balance if will be on their record as a defaulted loan.The co-signer has guaranteed the loan, therefore the bank will go after the co-signer for payment. If the loan is in default the default will go on the co-signer's credit record and if they don't pay the balance if will be on their record as a defaulted loan.
What are the qualifications of a cosigner?
Normally a cosigner has to be able to pay the loan if the signer does not pay. So the cosigner should have better credit than the person seeking the loan.
What are the requirements of an auto cosigner in Indiana?
An auto cosigner, in the state of Indiana, has to meet all of the requirements of the contract. In most cases the cosigner has the same obligations as the primary signer.
When can cosigner attempt to sell car?
A cosigner can attempt to sell the car at anytime. However, in order for them to sell it, they have to have the other signer's signature.
What are the rights of a cosigner when the primary filed bankruptcy then didnt pay the bankruptcy so the bankruptcy was dismissed?
As a cosigner, you are not at all protected if the primary signer files for bankruptcy. In many cases, filing for bankruptcy relieves the primary signer on the loan from his obligations towards the loan, at which point the lender will turn to the cosigner for payment. You'll either have to pay the loan or file for your own bankruptcy (if necessary).Unfortunately, you're stuck with the loan regardless of whether or not the primary signer successfully completes his bankruptcy filling. You may want to contact a bankruptcy lawyer for some additional advice or assistance.
