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When someone is a cosigner on the loan of your car does that mean he owns any part of it?
Wiki User
∙ 17y ago
when you cosign on any kind of loan you dont have to pay anything unless the person you cosigned for does not pay the loan, then you are responsible for that the remaining balance on the loan
Wiki User
∙ 17y ago
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Does a cosigner own the property if he pays off the original loan?
The cosigner of the loan owns 1/2 of the property if they are on the title.
Does the cosigner have to drive the car?
No, the cosigner signs on to the loan. Usually, the primary signer owns the car and drives it. The cosigner is there in case the loan goes into default and needs to be paid for. After they sign on the car does not belong to them, but the person who took out the loan.
Who owns a car that was cosigned for a loan but the car title shows that the car belongs to the either the cosigner or the primary?
50/50 split. None more none less.
What is the difference on a car loan between a coowner and a cosigner?
Fairly simply, a co-owner owns the car, and possibly the way your phrasing it, the primary responsibility for the loan. Hence, the (co)owner will own the car when the loan is paid off. A cosigner is essentially only a guarantor of the loan receivor. He is also responsible for the payment of the loan to the bank. He has no responsibility, and possibly no rights, in the property it is attached to. I would note that it is possible (and more correct but in a sophesticated lender type of way) that the term coowner would mean that the loan is "cowned" by two (or more)lenders. As in Bank 1 and Bank 2 both own 1 loan on a property, having each given funds and each receiving the benefits (payments from the one receiving the loan) of the loan. This rarely occurs on simple finance transactions so I supect this is not what you mean.
Does co-buyer mean the same as co-signer or is it just to show how much income is in the home?
No. A co-buyer owns part of the property, how much a portion depends on how the title is worded. A cosigner is pledging equal responsibiliy for the debt if the primary borrower defaults on the loan. Even if the primary borrower declares bankruptcy the cosigner might still be responsible for a portion or all of the debt.
If the father is primary and his college student child is cosigner who is responible for the insurance?
The answer will vary from state to state, loan to loan and insurance company to insurance company. However, in most jurisdictions the DRIVER is responsible for insurance, regardless of who owns/titles/leases the vehicle. If I understand your question, you are asking whether the principal on the loan or cosigner is responsible for insurance? Most insurance companies could give a rats donkey WHO carries insurance, so long as insurance meets the loans stipulations, but you would be best suited asking the insurance company.
How would an individual find out about the amount of a loan taken out?
Can be a complicated answer - or simple. If it is YOUR loan, just call the lender and ask. If it is SOMEONE ELSE'S loan - probably not, since it is private transaction between the lender and the borrower. UNLESS, the borrower used property to secure the loan (collateral) that he owns jointly with someone else (i.e. - spouse/family member/business partner) and then the picture changes, and the person who owns intreest in the pledged collateral MAY have access to the information.
Who owns the house the owner or co signer?
Check your title paperwork. If the cosigner is listed on the title then you are co owners. If the cosigner is not listed on the title then you are the only owner. More times than not a cosigner is also listed on the title.
Can you transfer ownership of a car to someone else if it still has a lienhold on it?
Not unless they qualify to take over the loan with the bank. The bank OWNS the car.
What is the word for what someone owns?
The term could be "property" or "possessions" (which does not technically mean ownership, only that someone has it).
What does yachtsman mean?
A yachtsman is someone who works on or is fond of yachts. A yachtsman is also someone who owns a yacht themselves. Though, someone who owns a yacht is more commonly used and a better definition than someone who works on or is fond of yachts.
How do you cancel a Loan. I want to cancel my loan of 400. How can I do that?
The only way to cancel a loan is to pay it off. The lender owns the loan and you have no control over it at all.
