Yes, all action on the part of the primary borrower will be reflected on the cosigner's credit report.
If you are a co-signer of a repossesion, and the primary borrower has not made an attempt to make their payments then you are fully responsible for this debt.
No, the buyers remorse law does not apply to the purchase of a new or used vehicle.
A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.
will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle
Only if the cosigner is also named on the vehicle title.
The cosigner becomes the target next. If you default, it is up to the cosigner to pay the bill or both of your credits are ruined and the bank takes their usual steps to repossess a vehicle.
Yes. That is the point of the lender asking for a cosigner. The cosigner will have a repossession showing on their credit as well as the primary lender.
The cosigner is not able to come and obtain your vehicle for personal reasons or any other reason. A cosigner is not claiming ownership of your vehicle, they are simply vouching for your credibility and agreeing that if payments aren't made that they will uphold the responsibility.?æ
No. A cosigner is just responsible for paying it off if the negligent driver wrecks it and and can't work to make the payments.