Fairly simply, a co-owner owns the car, and possibly the way your phrasing it, the primary responsibility for the loan. Hence, the (co)owner will own the car when the loan is paid off. A cosigner is essentially only a guarantor of the loan receivor. He is also responsible for the payment of the loan to the bank. He has no responsibility, and possibly no rights, in the property it is attached to. I would note that it is possible (and more correct but in a sophesticated lender type of way) that the term coowner would mean that the loan is "cowned" by two (or more)lenders. As in Bank 1 and Bank 2 both own 1 loan on a property, having each given funds and each receiving the benefits (payments from the one receiving the loan) of the loan. This rarely occurs on simple finance transactions so I supect this is not what you mean.
A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.
Yes, you can switch the cosigner to the primary on a loan. The way to do this is to have the loan refinanced.
The only option is for the loan to be refinanced without the particpation of the present cosigner.
The title has nothing to do with the loan. The loan will need to be refinanced using a different cosigner or only the primary borrowers.
A cosigner is the person who agrees to pay off the full balance of the loan if the primary borrower fails to pay. A cosigner signs the loan documents and guarantees payment of the loan even if they have no ownership in the property covered by the loan.
Nothing. The only option for being remove as a cosigner is to have the original loan refinanced without the cosigner participating.
No, the refinancing without the consent or knowledge of the original cosigner created a breach of the original lending agreement and the cosigner is no longer legally obligated for the debt.
Yes if you are a US Citizen you may get a loan without a cosigner. However, your % will be higher in terms of interest. As a result it is best to have a cosigner.
The obligation of a cosigner is discharged by a borrower securing a loan to the satisfaction of the creditor. Paying off a loan will also discharge the obligation of a cosigner.
i was able to get an auto loan with the help of a cosigner and im under 18
The cosigner can ask but I seriously doubt they will be successful. The cosigner knew the risks when they signed the loan application. The cosigner knew, or should have known, the borower's history of successful loan payoffs were questionable at best. The cosigner assumed the responsibility when they signed on.
The cosigner I believe but check with the loan issuers it's in the details.
The only way to take a cosigner off of a loan is to refinance it.
The cosigner of the loan owns 1/2 of the property if they are on the title.
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 secured loan
Yes, if you defaulted on the loan.
Although it is very difficult to get loan without cosigner. Majority of the students don't apply because they don't have any cosigner. But now a day many organization are helping such student who don't have any cosigner. You can apply for such loan that not required cosigner. These loans called no cosigner student loans. You can find a detailed procedure through link that is in "Related Links"
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.
If you are late on your loan payment and are a cosigner on your daughters car can they repposses the car?
In some cases a cosigner may not be needed for a student loan. Check with your college's financial aid office.
You don't need a license to get a loan. Your credit rating will determine whether you need a cosigner or not.
What is the difference between bank loan and bank credit?
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.
Buy cobuyer I wonder if you mean cosigner on a loan. If this is the case then the answer is no. As a cosigner you are simply agreeing to pay the loan if the person who took it out does not. It is in his or her name and you are responsible for it if they do not pay it.