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What would happen if you can't pay your car payments and the car is under a co-signers name also and you want to drop the loan?
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Answered 2005-01-15 22:41:02
The co-signor would be responsible for paying the loan. Do you hate the co-signor that much?
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How do you buy a car when you are 17 have no cosigners but a good down payment and want monthly payments?
Practically speaking, it's not easy because you're not of legal age to agree to a contract until you're 18, therefore any company that worked with you would have limited recourse if you defaulted on the payments. You might be able to buy a car in full (no financing) but would have challenges obtaining insurance.
What can happen to you if you cosigned on a new car?
If the signor fails to make payments, you are responsible. By co-signing, you say that if the signor can not pay, you will would gladly make the payments.
IIf you obtain a loan with a cosigner after a discharged bankruptcy will the loan show up negatively on the cosigners credit if your payments are on time?
As long as the debtor makes payments on time, this would not reflect negatively on your co-signers credit. Co-signing will show on their credit report as debt as a co-signer guarantees repayment of the loan if the debtor defaults.
Can Cosigners on student loans lose their homes?
There is a potential that you could lose your house but that would be very late in the collection process. When you co-sign a loan (doesnt matter if it is a student loan or otherwise) you are assuming FULL responsibility for the obligations of the loan (including payments due as a result of default and late payments) in the event that the primary borrower defaults. The creditors have the option to come after you and it is possible they would go after your house.
What would happen if a person owened a car and die but they still making payments?
The executor must make the payments from any assets of the deceased Estate until the Estate is settled.
Is there any protection for cosigners?
Not really unless you have a signed contract and are willing to sue them. Even then If they screw up on the payments your credit rating will go down. If they completely default your credit rating would go down and you might end up having to pay the entire loan ammount.
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Im a primary borrower on a loan n i had2 have a cosigner to get my car. i have made several payments on my carnthe cosigner had told me tht he had the car sold hes now got the not makein payments?
Something is not right here. If you are the primary, then why is the cosigner making payments and why does the cosigner have possession of the vehicle? The is back-wards of what it should be. And why in the world would you put the cosigners name on the title? You have a mess on your hands, because you went about this all wrong. You need to contact a lawyer ASAP.
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