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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.
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.
If you are being sued for subrogation on a co-signed vehicle and need to file a cross-complaint against the primary borrower should you sue for damages breach or breach of contract?
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.
What is the insurance liability for the cosigner of an auto loan?
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.
Is the cosigner the only one responsible on the loan?
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).
Can you switch the cosigner to the primary?
Yes, you can switch the cosigner to the primary on a loan. The way to do this is to have the loan refinanced.
If your a cosigner and want to remove your name before the loan is paid off will this affect your credit in any way?
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.
Can the cosigner demand that the car remain in the same state where he or she resides?
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.
Can a cosigner have a primary title holder taken off the title?
If you go to the registration office with the primary and have them give consent to the cosigner
If a cosigner of a car loan wants to get off the loan but it's not a good idea for the other party due to credit score can the cosigner take legal action to get off the loan?
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.
Is a cosigner responsible for overage miles?
A cosigner is responsible for anything the primary party does not pay.
Is a co-signer a co-owner?
No. A cosigner is not a co-owner of the property simply by signing the loan contract. They must specifically insist that they be added to the title. Otherwise they have promised to pay for property they do not own if the primary borrower fails to pay.No. A cosigner is not a co-owner of the property simply by signing the loan contract. They must specifically insist that they be added to the title. Otherwise they have promised to pay for property they do not own if the primary borrower fails to pay.No. A cosigner is not a co-owner of the property simply by signing the loan contract. They must specifically insist that they be added to the title. Otherwise they have promised to pay for property they do not own if the primary borrower fails to pay.No. A cosigner is not a co-owner of the property simply by signing the loan contract. They must specifically insist that they be added to the title. Otherwise they have promised to pay for property they do not own if the primary borrower fails to pay.
