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.
untill its paid off * The other option is for the primary borrower to have the loan refinanced without the participation of the original cosigner.
The cosigner did not have a contract with the primary borrower, only with the lender; that being the case the cosigner would sue for his or her financial losses not for a breach of contract.
You can't. You are just as legally bound as the primary signer on the contract and as such are obligated to satisfy the terms of the contract. That's why it's NEVER a good idea to be a co-signer.
None. A cosigner is entering into a legally binding contract to repay the debt if the primary borrower defaults on the lending agreement. The cosigner does not have any other obligation nor ownership rights to the property.
Yes, you can switch the cosigner to the primary on a loan. The way to do this is to have the loan refinanced.
The primary borrower is responsible for making the payments and adhering to the terms of the lending contract. The cosigner is legally obligated only if the primary borrower defaults on the lending agreement or files bankruptcy (chapter 7).
A cosigner cannot simply remove their name from the contract. The cosigner is obligated equally with the primary borrower until the loan is paid. A cosigner's credit history will be affected, hopefully in a positive way.
No, a cosigner does not have any legal rights to the vehicle, but does have the legal obligation to repay the debt if the primary borrower defaults on the contract. An exception could be if the cosigner is also named on the title to the vehicle, and if so, how the title is worded.
If you go to the registration office with the primary and have them give consent to the cosigner
A cosigner is responsible for anything the primary party does not pay.
Probably not. You, like the primary party, signed a contract as an independednt, free-thinking adult. It is assumed under the eyes of the law that you knew what your were getting into. You are as bound by contract law as the primary.