answersLogoWhite

0


Best Answer
Copy

GET the car(if you want it), make arrangements with LENDER to do what they will expect you to do anyway....NO DONT pay for it and YES it will be bad

User Avatar

Wiki User

โˆ™ 2004-10-06 20:29:39
This answer is:
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0
User Avatar

Add your answer:

Earn +5 pts
Q: Will your credit be damaged if you as a cosigner continue to make payments on a car loan when the primary signer declares bankruptcy?
Write your answer...
Submit

Related Questions

What bankruptcy can you file to keep your home if you are behind in payments?

If you are behind in your payments and you declare bankruptcy usually you can remain in your home and continue payments. However the lender will most likely begin foreclosure since you can't afford it and you are at higher risk.


Is the cosigner the only one responsible on the loan?

The primary borrower is responsible for making the payments and adhering to the terms of the lending contract. The cosigner is legally obligated only if the primary borrower defaults on the lending agreement or files bankruptcy (chapter 7).


Will a bank repossess a car from co signer if primary goes bankrupt?

Only if the primary has said s/he will surrender the property in the bankruptcy and/or if the cosigner does not make the payments due.


If an account is closed by a credit grantor why would the card holder continue to make payments after bankruptcy findings are closed?

The card holder is under no legal obligation for the card holder to continue making payments after filing for bankruptcy, unless the case is dismissed without a discharge. There are some who believe that they can improve their credit rating by pay off debts that were discharged in a bankruptcy, but I believe there are better methods to reestablish credit after bankruptcy.


What are the benefits of a cosigner?

A cosigner basically is a guarantor for the repayment of a loan or value and serves as cosigner of the debt. If the debtor fails to make payments or defaults, the cosigner is obligated to pay off the debt. No benefits for the cosigner, but cosigner benefits the debtor.


If a person co-signed for another's car will the co-signer be taken if they file for bankruptcy?

Yes! The whole point of cosigning a loan, from the lender's perspective, is that they have 2 people on the hook for the loan in the event it goes sour. If the person stops making payments (bankruptcy or not), they will come after the cosigner, making the cosigner wish he/she had never, ever cosigned.


Can your cosigner take your car if you have been making payments on time?

The cosigner issue here is misplaced. The liability of a cosigner comes into play if the primary owner of the car cannot make payments. In the case presented, the primary borrower is doing fine. There is nothing a cosigner can do to take a car away.


If you file for bankruptcy and have cosigned a loan will that loan be affected?

Yes, it could be. You could reaffirm that particular debt, which means you don't wish to include it in your bankruptcy and that you will continue to make your normal payments.


Can the cosigner sell the house if his name is not on the deed and the primary borrower has missed 3 payments?

No. If you are not on the deed, you can't sell the property. The only "right" you have as a cosigner is the obligation to make the payments.


Can a cosigner take possession of a car if the primary signer is not paying the payments?

Not unless the the cosigner is on the vehicle title. If not on the title the only entitlement the cosigner has is to pay the bill.


If you continue to make payments will bank continue to pay taxes and insurance from escrow if you do not reaffirm your mortgage after chapter 7 bankruptcy?

If you continue making the regular mortgage payments, including the escrow amounts, you are reaffirming the debt. It would be better to formally file a reaffirmation agreement that is approved by the court.


Can the cosigner sell the home if payments are not being made?

Absolutely not!


If you filed for bankruptcy would the cosigner of your auto loan be forced to take over payment?

The answer is that the cosigner would be left responsible for taking over the payments. If the cosigner wants to maintain his or her credit rating (which is probably damaged due to your filing bankruptcy), If the consignor does not want the auto loan people to sue for any remaining balance, then he or she will need to keep making the payments. If the auto loan company sues for any remaining balance and gets a judgment, then the auto loan company will go after the assets of the consignor and or garish their earnings. attempt o seize their assets or garnish their earnings.


Can a cosigner help your credit?

from what i know when you sign on a cosigner you hand your item to them so if you make good payments it builds their credit if you fail to make payments it hurts their credit but it is a good way to start.


If the cosigner is on the title can they take vehicle if person is not making the payments?

Yes..... I did


Your cosigner filed bankruptcy can they take your car?

Your loan document may well provide that the entire debt becomes due and payable on filing bankruptcy by either or both borrowers. If the car payments are being made by the person using the car, and the payments are current and stay current, the lender will probably not take any action. Call and talk to the lender about it to avoid surprises, or have an attorney do it.


Does bankruptcy cover restitution payments?

Yes, bankruptcy covers most types of payments with the exception of federal taxes and student loans. The ultimate decision is in the hands of the bankruptcy judges and the trustees.


If you file for bankruptcy and you cosigned for someone can the car loan be included in the bankruptcy if the person is not making their payments?

YES, you can include it whether the payments are current or not.


Can a cosigner take away your car even though payments are not delinquent?

No. Unless the cosigner is also a title holder they have no legal rights to the vehicle.


What happens when someone who cosigned for has filed bankruptcy?

If you are talking about someone who cosigned for your loan filing bankruptcy, As long as you continue to make your payments on time, nothing will happen. If you are talking about someone you cosigned for taking bankruptcy, you may very well have to pay this loan. Contact the lender.


What happens to spousal maintainance and child support if the person files for bankruptcy?

Spousal support and child support debts cannot be discharged in a bankruptcy, so the ex spouse must continue to keep making the payments. Failure to do so can lead to a dismissal of the bankruptcy case.


Can a lender make you pay for a loan for which you co-signed if the borrower filed a Chapter 7 bankruptcy and is no longer making payments?

You guaranteed to pay the loan if the primary borrower does not. That is what a cosigner does. The lender is going to be looking at you for their money.


Are bankruptcy payments tax deductible?

Absolutely not. Bankruptcy payments are repayments for debts that you incurred in the past and did not pay. There is no circumstances where these could be deductible on your income taxes.


Can a cosigner in California take possession of a vehicle if the primary borrower is not making the payments in Georgia?

Only if the cosigner is also named on the vehicle title.


What are the rights of a cosigner?

A cosigner is a person who signs with another person for a loan of some sort due to credit issues or financial reasons. A cosigner unfortunately does not have as many rights as the person who is first listed on a loan. For example, if you purchase a car and your boyfriend/girlfriend cosigns for you and you two break up, they cannot take the car away from you. However, if you are late on payments, the cosigner will then be responsible for the payments.