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.
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.
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.
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.
The executor must make the payments from any assets of the deceased Estate until the Estate is settled.
You die in under a minute.
A chain reaction would happen causing either a vocano and/or an earthquake
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.
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.
Yes, this can potentially happen. It would be under special consideration in the courts, but it could happen.
it will goes under the water.
this would cause a tsunami