You could try to sue the primary in civil court. It may not be possible to actually win a suit until after actions have taken place to actually cause you damages. These damages would include, but are not limited to, a negative credit score, judgment, garnishment, etc.
The co-signer can sue the primary debtor for reimbursement of what the co-signer pays the creditor.
The consigner is obligated to pay the loan off
Cosigning means you will pay any amounts the borrower does not pay, so if your son has paid the loan off, it is done.
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.
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.
A cosigner is obligated as long as the loan exisists. The loan must be paid off or refinanced into the primary borrower's name only to release the cosigner.
A cosigner is obligated as long as the loan exisists. The loan must be paid off or refinanced into the primary borrower's name only to release the cosigner.
The loan must be paid off. Until then you are responsible.The loan must be paid off. Until then you are responsible.The loan must be paid off. Until then you are responsible.The loan must be paid off. Until then you are responsible.
No. The loan must be paid off and you must refinance without the co-signer.
if you take it to your personal bank and ask them how much you need to have paid already they can indeed refinace you and remove the cosigner
Only one way, have the borrower consolidate the loans without you being a cosigner. Then the original loans are paid off, and a new loan is made in only the borrowers name.
Yes, the cosigner can sue the primary borrower if they can prove the money paid on the exisitng loan was a loan to the borrower and the person had knowledge of and agreed to the action.
YES !!! He/she should certainly discuss it with the cosigner. It may be a gift or it may just be that the cosigner doesn't want to have that note appearing on his/her credit report. Whatever the reason, even if the cosigner did it as a gift, the primary should acknowledge and express appreciation. But be prepared if the cosigner expects the loan to be paid back.
untill its paid off * The other option is for the primary borrower to have the loan refinanced without the participation of the original cosigner.