Both parties on the loan. Co-signer and other person they co-signed for
The cosigner's credit isn't affected one ioto unless the person who was responsible for the loan payments defaulted, then and if the cosigner also defaulted. In other words, just being a cosigner does not affect ones credit ratings.
The defaulted debt will become a negative entry on the primary borrower's credit history and will remain for the required 7 years.
The cosigner's credit will only be affected if the person that they cosign for defaults on the loan. The bankruptcy will not affect the cosigners credit.
Oh yes it does. That person put their credit on the line when they signed the contract making me a cosigner.
If you have co-signed and the primary borrower has defaulted, you will need to step up and pay. If not then it will hurt your credit rating.
Yes. It's possible that the financial transaction that the cosigner was involved with (liable for) might also be affected.
The credit of the primary borrower(s) and the cosigner(s) are equally affected (positively or negatively) and both are subject to the credit history check and evaluation.
Seven years.
The LENDER put the repo on there so they will be the one to take it off. NEGOTIATE.
A cosigner cannot simply remove their name from the contract. The cosigner is obligated equally with the primary borrower until the loan is paid. A cosigner's credit history will be affected, hopefully in a positive way.
The creditor will seek repayment of the car loan from the cosigner. As long as the cosigner pays, their credit will not be affected. However, if they are unable or unwilling to pay, the debt will be pursued like any other bad debt, and it will affect their credit rating.
They can't. Once someone consigns for any type of financial transaction, they are basically stuck for the duration. Their credit is equally affected if the lending terms are defaulted. Creditors have the legal right to pursue any actions as provided by the resident's state laws against the primary borrower and the cosigner.