answersLogoWhite

0


Best Answer
Copy

both

User Avatar

Wiki User

โˆ™ 2004-10-31 07:44:16
This answer is:
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0
User Avatar

Add your answer:

Earn +5 pts
Q: Will a bank try to collect from a buyer before a co-signer or do they go after both at once?
Write your answer...
Submit

Related Questions

Who has to have insurance on the car the cosigner or the buyer?

You insure a vehicle. The buyer. The only thing the cosigner is responsible for is paying the bank back the money it loaned if the buyer doesn't. The principal driver of the vehicle who should also be the buyer.


Is it a good idea for a first time buyer to have a cosigner?

For the first-timer, yes; it gives you security in case you can;t do it and will make the bank more likely to consider you. For the cosigner, you better make sure you can keep your word as well.


What if 18 year old cosigner for an auto files bankruptcy when buyer defaults - Oklahoma?

Both have a problem and the car will be picked up by the bank.


Can the Bank go after the cosigner for a balance that was settled with them before a bankruptcy?

yes, unless the co-signer claims bankruptcy


How many payments missed on bank loan before calling co signer?

It depends on the bank but generally one missed payment is enough to call the cosigner


Can a bank repossess if the borrower defaults and there is a cosigner on the vehicle?

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.


Does the bank still collect from a deceased co signers estate if the property was sold?

The bank has a lien on a mortgaged property that is not affected by a transfer of the property. The bank will go after the decedent's estate and the cosigner for payment of the mortgage. If the mortgage isn't paid the bank will take possession of the property by a foreclosure.The bank has a lien on a mortgaged property that is not affected by a transfer of the property. The bank will go after the decedent's estate and the cosigner for payment of the mortgage. If the mortgage isn't paid the bank will take possession of the property by a foreclosure.The bank has a lien on a mortgaged property that is not affected by a transfer of the property. The bank will go after the decedent's estate and the cosigner for payment of the mortgage. If the mortgage isn't paid the bank will take possession of the property by a foreclosure.The bank has a lien on a mortgaged property that is not affected by a transfer of the property. The bank will go after the decedent's estate and the cosigner for payment of the mortgage. If the mortgage isn't paid the bank will take possession of the property by a foreclosure.


What is outward bills for collection in banking?

Outward Bills for Collection (OBC) is the handling of domestic sales and export documents, which are presented to the Bank by the seller to collect payment from the buyer through the buyer's bank.


Can you refinance your car without a cosigner if your current loan has a cosigner?

if you take it to your personal bank and ask them how much you need to have paid already they can indeed refinace you and remove the cosigner


If you sell a car and still owe the bank how do you get the title from the bank?

you need to have the buyer fill out the Bill of Sale, and get the money before the title is handed over.


Can you sell your car to a buyer and use the money you make to pay off the bank for what is still owed on the car?

If the buyer knows what you intend to do. Any smart buyer is going to want to look at a clear title before he/she makes any kind of payment to you. It is something you can't hide from the purchaser, but you can hide it from the bank.


If the cosigner of a home loan dies will the bank go after his estate for repayment?

My belief is that as long as the mortgage is paid on time by the borrower, there would be no reason to go after the cosigner estate.


If you are a cosigner on a car loan and the bank reposses how long is your credit affected?

Seven years.


How do you sell a car before its paid ff to the bank?

You can't. The lien holder is the owner. The buyer would have to qualify to take over the loan.


Can a first-time home buyer have a co-signer?

Yes, and no they do not need be on the title. But remember if you borrow money from the the cosigner make sure to get clear gift allotment numbers and make sure to find out asap if the bank needs the money to be aged or not. yes!


Can you sell on eBay without using PayPal?

Yes, you can.It depends on how you want to collect your payment.You can indicate that the buyer has to bank transfer the money or cash on delivery etc.Actually, Paypal is the most convenient method of payment.


You are a cosigner on a car loan how can you prove the other person pays it if they make the payments directy to the bank in a cash payment?

Request monthly statement from bank


Can a person take a car out of state without permission of cosigner?

No they can not because then the cosinger can report te car being stolen. YES YOU CAN AS LONG AS YOU ARE THE PRIMARY OWNER OF THE VEHICLE. THE COSIGNER IS JUST A PERSON WHO HAS MADE AN AGREEMENT WITH THE BANK THAT IF FOR SOME REASON YOU SHOULD DEFAULT ON THE LOAN THE BANK CAN PURSUE THE COSIGNER. BECAUSE THE COSIGNER PRESUMABLY HAS BETTER CREDIT AND STRONGER WORK HISTORY, THUS THE ABILITY TO REPAY THE LOAN. OF COURSE YOU HAVE TO BE OF AGE AND FOLLOW ALL OF THE LAWS WHEN DRIVING.


What is a swift mt799 ICBPO?

ICBPO is an agreement of payment between a buyer of a Bank instrument and the bank itself


What is subject to bank approval mean in real estate listings?

It means the bank has to "approve" the selling price before the property can be sold. The bank reserves the right to say no to any contract for purchase - even after the seller has accepted an offer. Usually means the property is a short sale or a foreclosure. Example, Mr. Buyer offers $500,000 for a house that is for sale. Mr. Seller agrees to the price and signs the contract. That contract goes to the bank for approval. The bank says No, we will not accept $500,000, we want more. Mr. Buyer and Mr. Seller now cannot go through with the sale of the house at the price of $500,000. Mr. Buyer can up his offer and try again, but the bank has to "approve" the selling price before the house can be sold. No bank approval, no sale.


After the vehicle title has been issued can the bank request a change of title and have the cosigner added.?

In most states, yes, the lender is actually the 'owner' until the loan is paid off and can require that the cosigner be on the title.


Can most students get a loan without a cosigner?

You can get a loan if you are a student without a cosigner however it can also be a little tricky. I would suggest going to your local bank and chatting to a financial advisor for better advice.


Can you get a loan for a vehicle with a cosigner at 16 years of age?

From what i understand, you have to be 18 to enter into a binding contract...and so its up to the bank whether or not you can get one because they can't enforce it on you...so you will definitely need a cosigner and the bank will look at both your credits to see if it's worth the risk i know this because my friend signed for a loan w/ his parents as cosigners and because i also wanted a personal loan and the bank told me i needed a cosigner with better credit :P


What do you call a legal document where you are paid in advance for property before you sign over the deed?

This describes an ordinary "purchase and sale" agreement: buyers show up with the money, seller gives buyer the deed after buyer gives them the money. Sometimes buyer gets a loan, so the money actually comes from a bank, but the seller gets paid before giving up the signed deed.


How secure is a bank cheque for the seller?

The bank cheque is secure when you know the buyer very well, concernig to his honesty.