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What are your rights if you are a primary borrower of a vehicle and the seconday borrower is not paying the loan?
Wiki User
∙ 14y ago
If the secondary borrower is not paying the loan, you must take the vehicle back from the secondary borrower before the bank takes back the vehicle and ruins your credit. You will learn from that not to cosign a loan.
Wiki User
∙ 14y ago
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Who is held responsible for the loan on a repossessed vehicle?
The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.
Can co borrower gain possession of a vehicle from primary borrower?
Only if their name is on the title or by a court decree after suing the primary for not paying the loan.Only if their name is on the title or by a court decree after suing the primary for not paying the loan.Only if their name is on the title or by a court decree after suing the primary for not paying the loan.Only if their name is on the title or by a court decree after suing the primary for not paying the loan.
Does the co-signer of a car loan need income?
Yes, since the co-signer is fully responsible for paying the loan if the primary borrower does not.Yes, since the co-signer is fully responsible for paying the loan if the primary borrower does not.Yes, since the co-signer is fully responsible for paying the loan if the primary borrower does not.Yes, since the co-signer is fully responsible for paying the loan if the primary borrower does not.
How do you get out of being a cosigner on a bike loan?
The loan must be paid off and refinanced in the sole name of the primary borrower. Otherwise you are fully responsible for paying the loan if the primary borrower defaults or wrecks the bike.The loan must be paid off and refinanced in the sole name of the primary borrower. Otherwise you are fully responsible for paying the loan if the primary borrower defaults or wrecks the bike.The loan must be paid off and refinanced in the sole name of the primary borrower. Otherwise you are fully responsible for paying the loan if the primary borrower defaults or wrecks the bike.The loan must be paid off and refinanced in the sole name of the primary borrower. Otherwise you are fully responsible for paying the loan if the primary borrower defaults or wrecks the bike.
Does cosigner have to pay back loan if original signer dies?
Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.
Can you take possession of the car if the borrower stops making payments even though they have been paying for a year?
Only if your name is on the title, and only if the primary borrower defaults and the vehicle is subject to being repossessed by the lender.
How do you remove co-sign on mortgage?
By paying off that mortgage. If necessary the primary borrower would need to qualify to refinance in their own name alone.By paying off that mortgage. If necessary the primary borrower would need to qualify to refinance in their own name alone.By paying off that mortgage. If necessary the primary borrower would need to qualify to refinance in their own name alone.By paying off that mortgage. If necessary the primary borrower would need to qualify to refinance in their own name alone.
What happens if you co-signed a car loan and the primary borrower dies?
You are still respnsible for paying should the borrower die.
Can you get a mortgage if you have co-signed a loan?
The lender will view the loan you co-signed as your debt since you are fully responsible for paying that loan if the primary borrower defaults.The lender will view the loan you co-signed as your debt since you are fully responsible for paying that loan if the primary borrower defaults.The lender will view the loan you co-signed as your debt since you are fully responsible for paying that loan if the primary borrower defaults.The lender will view the loan you co-signed as your debt since you are fully responsible for paying that loan if the primary borrower defaults.
Who is the owner of a loan that is co-signed?
The lender is the owner of the loan.The person who cosigns a loan is equally responsible for paying it if the primary borrower does not pay.See related question link.The lender is the owner of the loan.The person who cosigns a loan is equally responsible for paying it if the primary borrower does not pay.See related question link.The lender is the owner of the loan.The person who cosigns a loan is equally responsible for paying it if the primary borrower does not pay.See related question link.The lender is the owner of the loan.The person who cosigns a loan is equally responsible for paying it if the primary borrower does not pay.See related question link.
How do you avoid paying a debt as co signer?
The only way to avoid paying a debt as a co-signer is to never be a co-signer. Once you sign you guaranty the loan will be paid if the primary borrower stops paying.The only way to avoid paying a debt as a co-signer is to never be a co-signer. Once you sign you guaranty the loan will be paid if the primary borrower stops paying.The only way to avoid paying a debt as a co-signer is to never be a co-signer. Once you sign you guaranty the loan will be paid if the primary borrower stops paying.The only way to avoid paying a debt as a co-signer is to never be a co-signer. Once you sign you guaranty the loan will be paid if the primary borrower stops paying.
What are the rights of the cosigner to sell a car?
None, unless the cosigner is also on the title of the vehicle they have no legal rights to the property. When someone cosigns a loan for any reason they accept the responsibility of paying the debt if the primary borrower defaults. The only option a cosigner has in recovering money paid out in connection with the loan is to sue the primary borrower in the appropriate court, in the city or county where the borrower lives.
