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It depends on the amount of their income- whether they can afford to pay both loans. A co-signer will be required to pay if the primary borrower defaults on the loan.
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∙ 9y ago
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If cosigner has a car loan already may she cosign for someone and be approved for that person and the cosigner has good credit?
Yes.
What if the cosigner has two car loans and a mortgage can they still cosign?
They could still cosign. It would mainly land on the bank to see if they would approve this person as a cosigner. More then likely they would if they have a mortgage as well as 2 other car loans that are up to date. This person probably has very good credit and all they'd need is a good amount of funds coming in to get approved.
After cosigning on an auto loan and that car is traded in are you still the cosigner on the new vehicle?
No. You are only cosigner on the one vehicle you signed for. All bets are off once the car is traded.
What happens if your car loan is approved but you still owe the dealer money?
You will have to prove to the dealer that you are waiting to get the money. Show the dealer your loan approval documents.
Is a cosigner still responsible if the first party filed bankruptcy but reaffirmed the car loan?
The company wants their money so if the primary doesnt pay then the cosigner must. Their is no way of getting around this. Bankruptcy should be outlawed. If you cant afford things dont take on the debt.
If you have bad credit will you get approved for a car loan with a cosigner?
Yes.
If cosigner has a car loan already may she cosign for someone and be approved for that person and the cosigner has good credit?
Yes.
If a car was voluntary repossessed and the cosigner was not notified is the cosigner still responsible?
Yes. If you signed the loan, you are still legally responsible for it.
Can they take money from my check for a car i don't have?
If you owe money on a car loan or are a cosigner for a car loan, yes.
What happens to a cosigner of a car loan when the primary loan holder files bankruptcy and the loan is discharged and they do a voluntary repossession?
They can still come after the cosigner, and it will still reflect poorly on your cosigner's credit history. You have been absolved of the debt, not your cosigner.
What if the cosigner has two car loans and a mortgage can they still cosign?
They could still cosign. It would mainly land on the bank to see if they would approve this person as a cosigner. More then likely they would if they have a mortgage as well as 2 other car loans that are up to date. This person probably has very good credit and all they'd need is a good amount of funds coming in to get approved.
After cosigning on an auto loan and that car is traded in are you still the cosigner on the new vehicle?
No. You are only cosigner on the one vehicle you signed for. All bets are off once the car is traded.
What happens if your car loan is approved but you still owe the dealer money?
You will have to prove to the dealer that you are waiting to get the money. Show the dealer your loan approval documents.
Buying a car with temporary permit?
Buying a car may need to be done with a cosigner if you are only using a temporary permit. You will not want to try to finance a vehicle as this would not be approved.
Does a cosigner have rights to the car even when its paid off?
No, the cosigner will not have rights to the car after its paid off because the purpose of a cosigner is to pay off the notice if you fail to do so. Being a cosigner does not give them to any rights to the car.
Is a cosigner still responsible if the first party filed bankruptcy but reaffirmed the car loan?
The company wants their money so if the primary doesnt pay then the cosigner must. Their is no way of getting around this. Bankruptcy should be outlawed. If you cant afford things dont take on the debt.
If you are late on your loan payment and are a cosigner on your daughters car can they repposses the car?
If you are late on your loan payment and are a cosigner on your daughters car can they repposses the car?
