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The co-signer can sue the primary debtor for reimbursement of what the co-signer pays the creditor.
What else can I help you with?
What if the primary signer on a loan defaults?
If the primary signer defaults the co-signer will become responsible for paying the loan.
Can you sign car that has a loan on it to the primary buyer and not be responsible for it if he defaults?
If you are the co signer, then it is automatically your responsibility if he defaults
What is the diffrece between the primary borrower and the co signer?
The primary borrower and the co-signer are equally responsible for paying the loan. if the primary defaults, both their credit records will be ruined and the lender will go after the co-signer for payment. The difference is that the primary is generally the owner of the property and the co-signer is agreeing to pay a debt for property they do not own.The primary borrower and the co-signer are equally responsible for paying the loan. if the primary defaults, both their credit records will be ruined and the lender will go after the co-signer for payment. The difference is that the primary is generally the owner of the property and the co-signer is agreeing to pay a debt for property they do not own.The primary borrower and the co-signer are equally responsible for paying the loan. if the primary defaults, both their credit records will be ruined and the lender will go after the co-signer for payment. The difference is that the primary is generally the owner of the property and the co-signer is agreeing to pay a debt for property they do not own.The primary borrower and the co-signer are equally responsible for paying the loan. if the primary defaults, both their credit records will be ruined and the lender will go after the co-signer for payment. The difference is that the primary is generally the owner of the property and the co-signer is agreeing to pay a debt for property they do not own.
Does the cosigner have to obtain the primary's signature to trade in the vehicle?
yes, as co-signer you only guarantee the loan in case the primary defaults, they own the car.
Can a person who has filed for bankruptcy be a co signer on a lease?
That would be unlikely since a co-signer guarantees the loan will be repaid if the primary borrower defaults. A bankruptcy would indicate the proposed co-signer has no money, owes a large debt and cannot pay their own way.That would be unlikely since a co-signer guarantees the loan will be repaid if the primary borrower defaults. A bankruptcy would indicate the proposed co-signer has no money, owes a large debt and cannot pay their own way.That would be unlikely since a co-signer guarantees the loan will be repaid if the primary borrower defaults. A bankruptcy would indicate the proposed co-signer has no money, owes a large debt and cannot pay their own way.That would be unlikely since a co-signer guarantees the loan will be repaid if the primary borrower defaults. A bankruptcy would indicate the proposed co-signer has no money, owes a large debt and cannot pay their own way.
Who is held responsible for the loan on a repossessed vehicle?
The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.
Why do late payments on a loan you cosigned for affect your credit rating and what can you do about it?
By being a co-signer you become a co-debtor. Therefore if the primary borrower defaults it can reflect on your credit report. There isn't much you can do about it, except try writing a dispute letter, that's a longshot.
What is the difference between co signer and co borrower?
A co-borrower has an ownership interest in the property. A co-signer guarantees the repayment of the loan although they do not own the property. If the primary borrower defaults, the lender can (and will) go after the co-signer for payment. The loan will usually not show up on his credit report, unless the borrower defaults.
Is there any help available for a co signer when the student defaults on a school loan?
No. You are responsible for the debt if the primary holder is not paying their debt.
Is there a way for the cosigner to be removed as cosigner if primary owner defaults?
No. The purpose of requiring a co-signer is that in the case of a default by the primary borrower, the cosigner has agreed to be fully responsible for the loan. Therefore, if the borrower defaults, that's what you're there for if you're the cosigner.
If you are the co-signer and the primary defaults what happens if you do not pay the loan back either?
The lender will get a judgment against both of you and collect from whomever has the money.
Does a bad loan affect the cosigner?
Yes. That is the whole purpose of having a co-signer. They are liable for repaying the loan if the primary borrower defaults.
