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What is the difference between a cosigner and secondary signer?
Wiki User
∙ 14y ago
General explanations of what you may be trying to clarify:
Co-signer: Additional party who agrees to accept legal liability for a loan to strengthen the application submitted by someone else for credit. This person may have limited access to the account and transactions.
Co-borrower: Equal partner in the borrowing or using of the proceeds of a loan. Equal liability, equal benefit, equal account access.
Secondary Signer: Authorized agent on an account. This can be anything from an authorized user on a credit card (not liable for the account, user only), to a secondary authorized account member (checking, business accounts, stocks & bonds etc) who is able to initiate or approve transactions and have account access.
Wiki User
∙ 14y ago
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Is there a difference between co-borrower and co-signer?
Investopedia Says:A co-borrower is different that a cosigner in that a cosigner takes responsibility for the debt should the borrower default, but does not have ownership in the property
Does the primary signer have to be present for the cosigner to get off of a loan?
no
Does a cosigner have to sign a document in front of a notary?
If the signer had to sign in front of a notary, so does the co-signer.
Can a primary co signer take the car from the secondary co signer?
can a primary co signer take the car away from a secondary co signer
If the cosigner on a car loan files bankruptcy and they file the car also and take it what will happen to the other person credit?
They will want the money from the co-signer. In my case, my car was repossesed and my mom was my co-signer and she had to file bankruptcy too. The lender will sell the car in an auction and your co-signer will be responsible for the difference between what you owed and what is was sold for. Got it?
What are the qualifications of a cosigner?
Normally a cosigner has to be able to pay the loan if the signer does not pay. So the cosigner should have better credit than the person seeking the loan.
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.
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 you remove a co-signer without the co-signer's knowledge?
A cosigner can only be removed from a loan through refinancing of the original agreement.
Is a cosigner responsible for damage done by the tenant?
Yes, the co-signer is responsible.
If the co-signer do not have enough credit after being the co-signer half year for a car loan because of the co-singer lose the job What will happen to the co-signer?
AnswerIf you have already been the cosigner on the loan, you will remain so until the loan is refinanced or paid in full. It doesn't matter if the cosigner has lost their job or not. As long as the person is making their payments, the cosigner isn't affected at all.Good luck job hunting cosigner! :)
How do you spell cosigner?
That is the correct spelling of "cosigner" (a joint warrantor or guarantor).This is often seen in the hyphenated form co-signer, but the hyphen is not required.
