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

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โˆ™ 2012-08-01 23:03:31
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Q: What does it mean to be a cosigner for a car?
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Related questions

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.


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.


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.


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.


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.


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

yes.


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?


Who gets the credit when you have a cosigner on a new car?

Both


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.


What if your cosigner died and your car was repoed can you get it back without paying the price of the car?

NO


If cosigner has a car loan already may she cosign for someone and be approved for that person and the cosigner has good credit?

Yes.


What is a sentence using cosigner?

If you need a cosigner for the loan because of bad credit, it means you can't afford the car.


Can you refinance your car without a cosigner if your current loan has a cosigner?

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


Where do you get a car loan with no credit and no cosigner?

Some who has character My Friend it is very difficult to get car loan with no credit and no cosigner although you have to contact some good car lenders in your area they can guide you better.


If a car was voluntary repossessed and the cosigner was not notified is the cosigner still responsible?

Yes. If you signed the loan, you are still legally responsible for it.


If you get a cosigner when purchasing a car will it show up in your credit report or the cosigner's credit report?

It will appear on the CR of both parties.


If you have bad credit will you get approved for a car loan with a cosigner?

Yes.


Can a cosigner have a car repossessed if the loan has been in arrears?

yes


What happens to a cosigner of a car loan when the primary loan holder files bankruptcy and the loan is discharged and they do a voluntary repossession?

They can still come after the cosigner, and it will still reflect poorly on your cosigner's credit history. You have been absolved of the debt, not your cosigner.


After cosigning on an auto loan and that car is traded in are you still the cosigner on the new vehicle?

No. You are only cosigner on the one vehicle you signed for. All bets are off once the car is traded.


Is a cosigner on a car liable if the primary borrower is at fault in an accident?

No. A cosigner's only obligation is the debt incurred by signing the lending agreement.


Can the lender put a lien on another car if a cosigner refuses to pay another car loan?

no


How do you get a cosigner off of a car title if the car is paid off?

You cant without the cosigners approval.