either OR both
NO. Cosigning means the person is promising to be responsible for the debt if the primary borrower defaults.
They should since they are just as responsible for making payments as the primary.
If you fail to pay the mechanic for services then they can put a lien on your car and this has nothing to do with you making the monthly payments on time.
The primary borrower is responsible for making the payments and adhering to the terms of the lending contract. The cosigner is legally obligated only if the primary borrower defaults on the lending agreement or files bankruptcy (chapter 7).
In the State of Texas, the answer would be "YES" as both parties signed for the car loan and both are responsible for the balance due. I was the primary signor but the cosigner had the car and was making the payments. Then she stopped making payments after owning the car for 3 years and the car was repossessed.
The co-signer will be completely responsible for paying the loan if the primary borrower defaults on the payments even though the co-signer will have no ownership interest in the vehicle. A co-signer should always be completely informed about the consequences of co-signing. They are guaranteeing that you will pay. If you miss payments it will affect their credit record. If you default it will also wreck their credit. In short, co-signers are responsible in making sure that the primary borrower is able to make the payments on time, and if not, will be their responsibility to continue and settle the payments if the primary borrower fail to do so.
Because they don't. It is a lot of agency's policies.
The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.
nothing you can do without a title in your name
Amortization is just another name for the monthly payments you will be making. It is not a type of loan.
The primary is the one responsible for paying the loan. If they default (stop making payments) the co-sihner will be responsible for paying the balance or both their credit records will be ruined. If the co-signer's name is not on the title they will not own the property even if they paid for it. They would have to sue the primary borrower in court and obtain a favorable judgment.
Seems pointless to even consider. If the primary signer didn't have enough funds to make the car payments, they probably will not have enough funds to pay any lawsuit you charge them with. Fact is, if the primary signer defaulted on payments, then the cosigner would be responsible for making them - If repossession occured, then it was due to the fault of the cosigner .. can't sue yourself.