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Will there be an effect on your credit history or FICO scroes or mortgage interest rates in the future if you cosign for a car lease which is fully paid upfront for the entire lease period?

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Wiki User
2005-12-11 05:16:54
2005-12-11 05:16:54

No. It should show on your credit report as a loan with 0 balance. However it could help if you paid 1/4 each month for 4 months if you have time as it would add to your good credit.

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You need to ask a mortgage agent.

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Yes. My boss owned a home and co-signed for me. It all depends on your credit. Yes

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Yes. However, you should be fully aware that if the primary borrower does not pay you will be responsible for paying the mortgage. You have no other rights in the property.

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Yes. And if he does he will become equally responsible for paying the mortgage if the primary mortgagor defaults on their mortgage payments. The bank will go after him for 100% of the debt.

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You cannot make those changes on your own. Mortgages have "due on transfer" clauses that are triggered when there is any transfer of ownership. If the owners want to transfer their interest to you the mortgage may become due and payable in full. Also, transferring your interest in a mortgaged property does not remove your obligation under the mortgage. You need to consult an attorney who specializes in real estate transactions who can review your situation and explain your rights and obligations. Your options are limited by that mortgage.

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No. If you're not already an owner of the property then you have simply volunteered to be completely responsible for paying the mortgage if the property owner defaults. You will be paying for property you do not own.

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It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.

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The cosign of pi is -1

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As long as they are old enough to enter a contract. If they are married, they will share the responsibility. Otherwise, there will be three co-signers.

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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.

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As a co-signer you are taking responsibility for the loan if the signer defaults. If you are unemployed, why would you want to expose yourself to that risk?

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how many times can someone cosign a car

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Not unless she is also added to the deed and becomes an equal owner. You should also make certain you are in a mature, stable, long-term relationship.

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To cosign is to take on the financial responsibility of another's agreement if they were to default, such as cosigning on a loan. Cosigners are often required for loan approval if the initial signer has insufficient credit history or for any other reason is unable to qualify alone.

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They need a good credit history. They also need to understand clearly that they will be fully responsible for paying the mortgage if the primary borrower defaults. Therefore they need a good enough income and steady employment to be able to pay off the mortgage on their own if necessary.They need a good credit history. They also need to understand clearly that they will be fully responsible for paying the mortgage if the primary borrower defaults. Therefore they need a good enough income and steady employment to be able to pay off the mortgage on their own if necessary.They need a good credit history. They also need to understand clearly that they will be fully responsible for paying the mortgage if the primary borrower defaults. Therefore they need a good enough income and steady employment to be able to pay off the mortgage on their own if necessary.They need a good credit history. They also need to understand clearly that they will be fully responsible for paying the mortgage if the primary borrower defaults. Therefore they need a good enough income and steady employment to be able to pay off the mortgage on their own if necessary.

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Yes. It depends on their credit history and willingness to co-sign and take responsibility for your loan.

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no.my father cosigned for me,but the bank told me that anybody could cosign..good luck to you.

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If I cosign an apartment lease for a friend can I file bankruptcy against the landlord to get out of the lease.

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Two people would need to cosign an agreement when for example, parents need to cosign the loan application for their child or to help a friend in need.

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Whenever the lending institution wants one. Basically, if the primary applicant has no credit history, or a poor credit history, lenders may require that someone with a longer/better credit history cosign.

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There are some points for you to consider. Only you can decide if it is in your best interest. If your name is on the deed then it must also be on the mortgage. The bank must have all owners sign the mortgage so that it can take possession of the property in case of a default. If only one owner signs the bank cannot obtain clear title to the property in a foreclosure. If you are on the deed and mortgage you would each be responsible for paying the debt. If he stopped paying the mortgage or abandoned you and the property the bank would hold you responsible for paying the debt. If you didn't your credit would be ruined. On the other hand, most married couples are on the deed as tenants by the entirety or joint tenants with the right of survivorship so that if one dies the other will automatically own the property. Your husband has proposed a fair arrangement.

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absolutely not. Minors are not able to cosign any loans, only an adult (eighteen years or older) is aloud to cosign a loan. the law states that any minor is not responcible for the repayment of any loan.

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For the length of the contract you sign. If you cosign on a 3 yr loan, you are responsible for the debt for 3 years.


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