Home Equity and Refinancing

Will a bank try to collect from a buyer before a co-signer or do they go after both at once?


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Wiki User
2004-10-31 07:44:16
2004-10-31 07:44:16



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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.

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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.

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

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

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