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You do not have to go through a different lender. Many lending institutions have a program called "release of responsibility". They will require that you apply with them and will make sure that you are credit worthy and budget for the payment. If you do not qualify, you may want to try to re-finance with a different lender.

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โˆ™ 2009-05-31 19:55:45
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โˆ™ 2016-02-22 22:55:23

In most cases the co-signer will not be released since they guaranteed that the loan would be paid if the primary borrower, who was a credit risk, failed to pay. Generally, the loan must be refinanced to remove one of the makers and that requires that the primary borrower's credit has improved enough to allow them to qualify without a co-signer.

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Q: What can a cosigner do to get released from a car sale contract?
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Related Questions

Does the credit of the cosigner gets affected if car is not paid?

Oh yes it does. That person put their credit on the line when they signed the contract making me a cosigner.


How can the cosigner be soley responsible for a repossesion of a car?

According to the law, a cosigner signs for someone else that they think might not pay off the load. The cosigner signs a contract agreeing to pay the loan off if the other person does not. He can be solely responsible becase he signs a contract promising to do so.


How can a cosigner be released from responsibility if other party wont pay our return vehicle?

cant , once the cosigner has signed that contract its legal and will remain that way unlesssss you wait till the final of the repo and they have sold the car and are trying to collect a balance from you then you file bancrupcy


What does it mean to be a cosigner for a car?

With your good credit you sign a contract to pay off the loan if the original borrower defaults.


Do you have 3days to cancel a contract for the sale of a car?

In this state there is a 3 day period during which the contract can be cancelled.


Does a cosigner have rights to the car even when its paid off?

No, the cosigner will not have rights to the car after its paid off because the purpose of a cosigner is to pay off the notice if you fail to do so. Being a cosigner does not give them to any rights to the car.


Can a cosigner get out of a used car contract in the first 3 days?

No, the buyers remorse law does not apply to the purchase of a new or used vehicle.


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.


If you are late on your loan payment and are a cosigner on your daughters car can they repposses the car?

If you are late on your loan payment and are a cosigner on your daughters car can they repposses the car?


Can your daughter be on your car insurance if you are not cosigner on her car loan?

Yes: Your spouse/children can be included on your insurance policy regardless of who was/if there was a cosigner on the car.


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 you get a refund from a used car vehicle after you signed the bill of sale?

Most states allow for a 72 lower grace period after the signing of any contract. A bill of sale is considered a contract.


Can a person under 18 get a car loan without a co-signer?

No, it is not possible for an underaged person to enter into a financial contract with or without a cosigner.


Does the cosigner have to drive the car?

No, the cosigner signs on to the loan. Usually, the primary signer owns the car and drives it. The cosigner is there in case the loan goes into default and needs to be paid for. After they sign on the car does not belong to them, but the person who took out the loan.


Can your cosigner take your car if you have been making payments on time?

The cosigner issue here is misplaced. The liability of a cosigner comes into play if the primary owner of the car cannot make payments. In the case presented, the primary borrower is doing fine. There is nothing a cosigner can do to take a car away.


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.


If a cosigner wants out of the deal several months into a car loan can they have themselves removed without your approval?

A car loan is a contract. A contract can only be modified (unless declared illegal or void) with the agreement of all parties, so - no - the cosigners can not remove themselves without your approval.


Is it possible to back out of a car sale if it hasn't left the lot in new York?

In general, no. The last point at which it is unambiguously possible to back out of a car sale is just before the contract is signed.


Can a cosigner register a car?

I'am a cosigner on the car that I'am driving. I have the title but it is in my ex-husband's name and mine. Will the DMV in Mississippi let me register the car if he is not present?


If you cosigned a leased car for your daughter and the car and insurance are in her name are you responsible as cosigner for any liability over the covered insurance amount in the event of an accident?

No. Y-THINK-Y * Ordinarily a cosigner would not be liable for anything other than the lending agreement. However, responsibilities incurred by all parties when a vehicle is under lease can be quite different than the purchasing a vehicle. It would be prudent for the cosigner to read the leasing contract very carefully and perhaps seek legal advice if they are unsure of the terms of the contract.


Can you back out of a car deal after the bill of sale has been signed?

Generally speaking you cannot back out of a car deal after the bill of sale has been signed. Some car dealers will allow you to, but this is seen as a contract once it is signed.


What are the potential legal pitfalls of listing your car for sale by owner?

The legal pitfalls of listing your car for sale by owner is that if you don't get your payment in full and do not have a sound contract, it would be hard to win in court.


Can a cosigner drive a car if they are on the title?

yes.


Can the cosigner for a car get off the lease and do they have rights to sell the car?

No one is released from contract unless the lender has some mitigating reason to allow it. This is usually death of a borrower. Other than that, the only legal way to "get off of a lease" is to pay the loan off. In most circumstances, but check your state law, the cosigner has the same rights and responsibilities as the primary signer. The lender is not going to referee your domestic disputes. Probably best to consult a contract lawyer. A co-signer has no legal rights to a vehicle unless his or her name is on the title. The cosigner is responsible for the entire amount of the loan if the primary borrower defaults; and cannot be removed from the lending agreement until the loan is paid in full or is refinanced without said cosigner being a participant.


Can a cosigner take possession of a car if the primary signer is not paying the payments?

Not unless the the cosigner is on the vehicle title. If not on the title the only entitlement the cosigner has is to pay the bill.