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What is the difference between a co-signer and the primary on an auto loan?
Wiki User
∙ 13y ago
The primary is the person who needs to borrow the money to purchase the auto. The primary owns the car. The primary is expected to pay back the amount of the loan.
If the primary doesn't make the payments the co-singer promises to pay and the lender can go after the co-singer for full payment if there is a default.
The primary is the person who needs to borrow the money to purchase the auto. The primary owns the car. The primary is expected to pay back the amount of the loan.
If the primary doesn't make the payments the co-singer promises to pay and the lender can go after the co-singer for full payment if there is a default.
The primary is the person who needs to borrow the money to purchase the auto. The primary owns the car. The primary is expected to pay back the amount of the loan.
If the primary doesn't make the payments the co-singer promises to pay and the lender can go after the co-singer for full payment if there is a default.
The primary is the person who needs to borrow the money to purchase the auto. The primary owns the car. The primary is expected to pay back the amount of the loan.
If the primary doesn't make the payments the co-singer promises to pay and the lender can go after the co-singer for full payment if there is a default.
Wiki User
∙ 13y ago
Wiki User
∙ 13y agoThe primary is the person who needs to borrow the money to purchase the auto. The primary owns the car. The primary is expected to pay back the amount of the loan.
If the primary doesn't make the payments the co-singer promises to pay and the lender can go after the co-singer for full payment if there is a default.
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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.
If the cosigner has had possession of vehicle 15 months paying the payments does the primary have the right to the vehicle?
will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle
If the cosigner is refusing to refinance or pay the auto loan off how could the primary person on the auto loan remove his or her name?
They would need to have the vehicle refinanced in their name only or obtain another cosigner for the refinancing.
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.
How long does the co signer have to stay on an auto loan?
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.
How long does the co-signer have to stay on an auto loan?
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.
Can you be seventeen and have a cosigner cosign for an auto loan?
i was able to get an auto loan with the help of a cosigner and im under 18
Can you switch the cosigner to the primary and the primary to a cosigner?
It depends on the policy of the finance company. I used to work in the auto finance business, and the companies that I worked for would not do it because there was no reason to. Technically speaking, the co-signer is fully liable for the loan, just like the primary signer, so whose name appeared first on the contract had nothing to do with anything.
What is the difference between an auto injector and a prefilled syringe?
What is the difference between an auto injector and a pre filled syringe?
Can a cosigner on an auto loan get insurance on the vehicle?
Yes
Is it better for a person considering cosigning on an auto loan to be a co-buyer versus cosigner?
Yes, because then they have a vested interest in the property, whereas a cosigner usually has no legal rights to the vehicle and is only agreeing to assume the debt if the primary borrower defaults on the contract.
Can the primany buyer of an auto loan refinance the auto loan in the cosigner's name only?
No. The cosigner would have to apply for a loan in their name using their credit, income data.
