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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.

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โˆ™ 2006-06-05 01:35:15
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Q: What is the insurance liability for the cosigner of an auto loan?
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Related Questions

Can a cosigner on an auto loan get insurance on the vehicle?

Yes


Does the cosigner on an auto loan have to be on the insurance policy?

By co-signing the loan, they are guaranteeing that you will repay the loan. They do not need to be on the auto insurance policy, but it would be in their best interest.


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


If I buy a new car with a loan, do I have to have liability auto insurance in New York State?

You are required to have liability insurance on any vehicle. The lender may require you to have full coverage as a loan condition.


Can a spouse be a cosigner on an auto loan?

yes


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 does it mean to have a guarantor on an auto loan?

A cosigner- someone who agreesto pay the loan if you default


Is the cosigner of an auto loan responsible for the loan if the loan was refinanced by the buyer without the knowledge or consent of the cosigner?

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.


If you apply for an auto loan and have a cosigner will that decrease the amount of positive credit you get from having that loan?

Nope


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


Are there legal options that a cosigner can use to be removed from an auto loan?

No, a cosigner can only be relieved of the financial obligation by a refinancing of the loan agreement without them being a participant.


How can insurance liability be used against you?

Insurance liability is found in different scenarios, but for this example I will use Auto Insurance liability. Most automobile lenders require anyone with an auto loan to have insurance liability. This means if you cause an accident while operating your vehicle, you may be made liable to pay the costs of damages and medical bills. While insurance liability is a good thing to have, especially if you are the one who is the victim of an accident, it can also be a costly, though necessary thing to have.


Can a cobuyer refinance a auto loan and remove the buyer from loan?

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.


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.


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.


Can you qualify for an auto loan with no drivers license?

yes you can get a auto loan without a license but you can not get auto insurance with out one and you can't complete the loan closing without insurance.


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 the cosigner be taken off the auto loan contract if stated and the loan is in good standing for 12 months?

No the co-signer is on for the life of the loan


Can a part time employee receive a auto loan without a cosigner?

I dont think you can..?


Does it help to have a co signer for an auto loan if you have bad credit?

If you have bed credit, sometimes having a cosigner is the only way you can get an auto loan. The people who lend you the money so you can purchase the car want their money back with interest. If you have bad credit, they may think you will not pay them back. They may think your cosigner does not want his credit ruined and will pay them back. So, while they would not give you an auto loan, they would give you an auto loan with a cosigner who has good credit.


Cosigner need insurance?

The cosigner on an automobile loan is not the person who has to pay for insurance on the vehicle. The registered owner should pay the fees for insurance. However, it is the cosigner's responsibility to make sure the registered owner is carrying insurance for the vehicle.


If your name is on the car loan and your 19-year-old gets her own insurance will you have any legal liability if she is involved in an accident?

The Insurance Company, Then The Name On The Title Of The Auto. If It Got To That. If There Is Insurance On The Auto In Her Name All Should Be OK. Best To You


Minimum auto insurance on an auto loan?

full coverage


Is the cosigner of a student loan responsible to repay the balance of the loan if the student dies?

Most Loans Have An Insurance On The Person The Loan Is Made Out To. Check This Out, Get A Copy Of The Contract. If There Is Life Insurance AOn The Person That You Cosigned For, Then The Loan Should Be Paid Off By Insurance On Loan GOOD LUCK


How do you get your name off of an auto loan that you cosigned on if other party cannot get another loan and has nobody willing to take over as cosigner?

A cosigner cannot be removed from the debt obligation except by a refinancing of the loan without the original cosigner's participation.