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  • Cosigning a loan means that you are willing and able to ensure that loan payments are made in any situation in which the other party fails to pay.
  • As a cosigner you are just as responsible for the loan as your adult child. If the bank repos and then auctions the car you are responsible for any balance due and the bank will come after you not just your daughter to recover their money.
  • Any repossession can and generally will be reported on your credit reports as well as hers. Additionally, since your financial situation is likely better than your adult child's, debt collectors would generally come after you more aggressively for repayment of any deficient loan balance.
  • I would get the car from your adult child and make the payments. Have your adult child pay you directly. That way your credit is covered and it will also improve her credit.
  • Take possession of the vehicle and pay it in full. Once you own it outright, you can give it to your adult child or sell it to anyone you choose and your credit will remain intact. If the bank already repo'd it, go talk to them, pay the loan in full and transfer the title into your name.
  • Never cosign a loan for anybody for any reason unless you're willing to assume responsibility. The BLAME goes with BOTH of you. Your child for not being responsible and yourself for letting you get roped into this situation. Never cosign a loan unless you can be fully responsible for the loan just like it was your own. The principle party from a credit perspective will destroy your credit if they don't pay the loan and there is nothing you can do.
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โˆ™ 2014-11-08 20:03:23
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โˆ™ 2017-10-10 17:14:45

A co-signer is equally responsible for paying the debt for which they co-signed. That is the reason a lender requires a co-signer. The lender would not have loaned the funds to the primary borrower unless someone else guaranteed the loan.

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Q: What rights does a cosigner have when a car is repossessed when the cosigner is the parent and the adult child missed payments?
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Related questions

If a parent cosigns on a car loan with hisher child and the child does not make payments can the stepparent be held responsible or have their credit rating impacted if the payments are not made?

The cosigner is responsible for the loan and payments if the signer does not pay or keep up the payments. Your credit rating can be affected.


Can a17 year old get a loan with a cosigner?

Yes, as long as the cosigner is a legal gardian or a parent.


Are child support payments by the noncustodial parent required if the custodial parent is remarried?

In general, yes. The payments are for the children, not the parent. The step-parent is not legally responsible for the children unless he adopts them.


Can a minor take out a loan if their parent cosigns and if so is the cosigner financially responsible for the signer?

Yes, your parents can cosign for a loan and if you are smart keep up the payments on that loan as it will give you a good and early credit record. If you don't keep up the payments it's a lousy thing to do to your parents, and they will be stuck paying that loan. Marcy


Does child support go to a child who is 18 and not living with custodial parent?

No. Unless specifically ordered otherwise, child support payments go to the custodial parent as ordered.No. Unless specifically ordered otherwise, child support payments go to the custodial parent as ordered.No. Unless specifically ordered otherwise, child support payments go to the custodial parent as ordered.No. Unless specifically ordered otherwise, child support payments go to the custodial parent as ordered.


Can child support be paid to child directly and not to the custodial parent?

No. Child support payments must be paid to the custodial parent. The obligor should always make payments to the custodial parent by check and maintain a record of payment. Child support payments should never be made in cash.


Can a noncustodial parent discontinue disability payments to the minor child?

No.


Can you tak a loan for your study?

Yes. If you are under 18 you will need a cosigner. This could be your parent or another relative with good credit.


Can you ask for child support payments to be lowered?

Yes, the obligated parent can petition the court for a reduction in support payments if the circumstances warrant.


Is child liable for a deceased parent's debt?

As long as the child is not a cosigner on the debt, the child is not responsible for parent's debt. The parent's estate would be responsible for the debt. Technically this could reduce the inheritance the child receives, but it is not the responsibility of the child.


Are social security payments to children of a disabled parent considered unearned income?

NO


What is the age rating for repossessed?

The movie Repossessed was released in theaters on September 14, 1990. The age rating for the movie was PG-13. If the child is under 13, a parent must give permission to watch the movie.

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