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Who is responsible for the auto loan buyer or cobuyer?

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2007-10-10 02:31:06
2007-10-10 02:31:06

If the buyer does not pay the loan, then the lender comes after the co-signer. Late payments affect both credit reports. Most recommendations are not to co-sign a loan.

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Buy cobuyer I wonder if you mean cosigner on a loan. If this is the case then the answer is no. As a cosigner you are simply agreeing to pay the loan if the person who took it out does not. It is in his or her name and you are responsible for it if they do not pay it.

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Well, it depends how the title was written. if it says buyer "or" cobuyer you dont need the other persons signature for anything .... if its written with "and" between your two names, u will have to have both people present to complete any removals or transfers. That or you can have the cobuyer sell u the car. They will still need to be present though.

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Yes, he or she would be equally responsible for the repayment of the loan balance.

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Cobuyer, cosigner, they are the same thing. Wherever you sign as co-signer you should be aware that if the primary borrower defaults on payments you will be held equally responsible for paying the loan.

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Both the buyer and co-buyer are equally and completely responsible. All parties on a contract are 100% responsible to pay the note in full per the terms of the contract. Neither person is "more" responsible than the other. My suggestion is to help the bank find the auto and they may cut you some slack on the any remaining balance after the sale out of good faith but they have no obligation to do so.

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No. The cosigner would have to apply for a loan in their name using their credit, income data.

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The co-buyer should contact the LENDER and ask to have the buyer removed from the loan. Nothing can be done legally without the LENDERS approval.

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Doesnt matter too much, you will be just as responsible if the primary buyer defaults.

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There is a common misconception that cosigners are not responsible for payment. However, the purpose of a cosigner is to guarantee payment of the loan. The cosigner, comaker, cobuyer, coguarantor or a loan is equally responsible for payment of the debt. So, yes.

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No, the refinancing without the consent or knowledge of the original cosigner created a breach of the original lending agreement and the cosigner is no longer legally obligated for the debt.

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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.

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You must have approval for a loan before anybody can be responsible for anything. If you are not approved for a loan by yourself, the lender might ask you if somebody you know will co-sign. In which case you are the primary buyer, and the co-signer is then also responsible for any payments you neglect.

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Nothing. They are just two people saying they will be responsible for the loan. The difference is where you sign on the contract. Legally there is no difference. The co-buyer by signing is saying that they will insure the loan gets paid. If the loan does not get paid the co-buyer can have wages garnished and basically get the wrath of someone else not doing what they are supposed to.

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IF your name is on the LOAN papers, you are the co-signor and responsible for paying the loan if the debtor doesnt.

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No. The co-buyer has an ownership interest in the property. The co-signer does not and only guarantees the loan will be paid. The co-signer is equally responsible for paying off the loan if the primary borrower fails to pay.No. The co-buyer has an ownership interest in the property. The co-signer does not and only guarantees the loan will be paid. The co-signer is equally responsible for paying off the loan if the primary borrower fails to pay.No. The co-buyer has an ownership interest in the property. The co-signer does not and only guarantees the loan will be paid. The co-signer is equally responsible for paying off the loan if the primary borrower fails to pay.No. The co-buyer has an ownership interest in the property. The co-signer does not and only guarantees the loan will be paid. The co-signer is equally responsible for paying off the loan if the primary borrower fails to pay.

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If you are the co signer, then it is automatically your responsibility if he defaults

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You don't. If the cobuyer has possession of the vehicle and is no longer making payments, you as the buyer may take possession and either take up and make current the payments, or voluntarily surrender the vehicle. Failure to do so will result in repossession, and will adversely affect your credit.

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Both the co-buyer and the buyer get the credit and the blame if the loan is not paid. Co-signing on the loan is the same as getting the loan.

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The estate is responsible for the loan. If the spouse wants to keep the car, they may have to assume the loan, if the bank allows them to. Otherwise the vehicle may have to be sold.

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The buyer and co-buyer are responsible for the loan. that's YOUR money sitting there wrecked and the late charges, interest building up.

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If responsible for the loan- yes.If responsible for the loan- yes.If responsible for the loan- yes.If responsible for the loan- yes.

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Yes. If there are multiple borrowers responsible for the loan, regardless of how they are part of the loan (either co-signer or a joint borrower), the status of the auto loan will appear on their respective credit reports. However, if the auto loan is guaranteed by another person other than the borrower, the guarantor will NOT have the auto loan appear on their credit report UNLESS the loan goes into default.


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