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Whenever the lending institution wants one. Basically, if the primary applicant has no credit history, or a poor credit history, lenders may require that someone with a longer/better credit history cosign.
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∙ 13y ago
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Can a co-borrower of a car loan sign a pay agreement with a new car dealership to trade in the vehicle without the borrower's signature?
Nope, no way, abolutely not.
How can you get a car loan with bankrupcty?
With a co-signer
Does cosigner have to pay back loan if original signer dies?
Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.
If you are the co-buyer on the car is the loan in your name also?
IF your name is on the LOAN papers, you are the co-signor and responsible for paying the loan if the debtor doesnt.
How long is the co-signer responsible for a car loan?
Typically for the duration of the loan.
Can a co-borrower of a car loan sign a pay agreement with a new car dealership to trade in the vehicle without the borrower's signature?
Nope, no way, abolutely not.
You co-signed on a vehicle loan and the other signature was forged what are your rights?
You should be more interested in your liabilities. If the other signature was forged then the loan is a criminal matter. You will need to explain why you co-signed a forged loan document and who took the money.
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.
Does a cosigner for a car loan need a valid driver's license?
Most lenders will allow a co-signer to sign for a car loan without a valid driver's license. However, some form of identification will be required to prove identity of the co-signer.
If you co sign for an auto loan and the person you co signed for is in an accident can you as the co signer be liable for injuries or damages?
No, you can only be liable for the loan. If the car was totaled and did not have insurance then you can be held responsible for the balance on the loan. Any accident or damages that occurred would be the responsibility of the driver/owner of the vehicle. All your signature did was say that you will pay the loan if the borrower fails to do so.
Can a co signer take over ownership of car loan and get insurance?
A co signer is for the loan, they do not have any ownership in the car unless they are on the front of the title. If they just co signed for the loan, that lmeans they will pay for it if the owner does not. Even if they paid the entire loan, they still would not own the car. To transfer the car, they would have to either pay the loan off or get a loan in their name and you sell the car to them.
If you have a car loan with a co-signer do you have to get the co-signer's signature to trade the vehicle in or sell it yourself?
Only if they are also on the title of the car. Call the Bank they will explain you what to do in certain situation. I got a same issue I called a bank and they offered me a back message.
How can you get a car loan with bankrupcty?
With a co-signer
Does cosigner have to pay back loan if original signer dies?
Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.
If you are the co-buyer on the car is the loan in your name also?
IF your name is on the LOAN papers, you are the co-signor and responsible for paying the loan if the debtor doesnt.
How do you take a name off car loan when the other signer is in prison?
You can't get your name off a car loan. In fact, if the primary borrower isn't making the payments the lender will go after you for payment. That was the reason the lender required a co-signer. You promised to pay if they didn't and you signed the loan.You can't get your name off a car loan. In fact, if the primary borrower isn't making the payments the lender will go after you for payment. That was the reason the lender required a co-signer. You promised to pay if they didn't and you signed the loan.You can't get your name off a car loan. In fact, if the primary borrower isn't making the payments the lender will go after you for payment. That was the reason the lender required a co-signer. You promised to pay if they didn't and you signed the loan.You can't get your name off a car loan. In fact, if the primary borrower isn't making the payments the lender will go after you for payment. That was the reason the lender required a co-signer. You promised to pay if they didn't and you signed the loan.
Can a co-signer repossess a vehicle if a sibling is not making payments?
The co-signer is typically a person who signs for the car loan; the co-signer may or may not be listed as a co-owner on the title. If the co-signer is also a co-owner, the co-owner who is paying the loan can legally take the car. However, if the co-signer is not a co-owner, taking the car would be grand theft auto. Incidentally, if the co-signer is not also a co-owner and the loan falls into default, both the signer and the co-signer will be identified in credit reports as defaulting on a car loan, even though the co-signer did not have or use the car.
