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Can the lender take to me to court if I am just a cosigner for my friend and he could not pay the remainder of his car loan?
Wiki User
∙ 15y ago
Yes. That is the job of a co-signer, to make sure the signer makes the payments or to make the payments if the signer cannot.
Wiki User
∙ 15y ago
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When you are applying for a personal loan does the cosigner have to physically be there or could they fax?
That is up to the lender.That is up to the lender.That is up to the lender.That is up to the lender.
If a cosigner has died and the primary borrower defaults is the cosigner's estate obligated to pay the debt?
Creditors/lenders will attempt almost anything to collect a debt. It is unlikely that a lender could place a claim against a deceased cosigner's estate and be awarded a judgment. But, there are no certainties in the murky creditor vs. debtor arena.
If you are a cosigner on an auto loan for a family member who has not made payments is there any way to remove your name from the loan?
You need to talk to the lender to see if you can get taken off the loan. The reason they required her to have a consigner was exactly for this possibility. Sometimes, a lender may allow a cosigner to be removed, but it's reasonable to say that would only be if the primary has made timely payments as agreed for a reasonable period of time and improved their credit worthiness to where the lender could feel the cosigner is no longer providing any actual needed protection. That would not seem to be the case at all here.
Will having a cosigner lower your APR or enable you to borrow more?
The lender should be looking only at your ability to repay the loan when they determine the amount they will lend, since they assume you will be making the payments. They also want to be sure the cosigner can make the payments if you don't, but they would not combine the two financial statements to determine the amount that the two of you together could afford. They may offer a slightly better interest rate, but if the lender wants you to get a cosigner, it usually means you will not get a loan without one.
Why do you need a cosigner?
You will need a co-signer on a loan if the lender has determined that you do not have enough income or the credit rating necessary to make the purchase alone. It could also be related to your age, if you are a minor.
Can your cosigner repo your car if you are behind on your payment but not in trouble with the financial institution?
Amanda, if you are behind on the payment, youare "in trouble' with the lender. you are in default and could be repoed by the lender at any time. they just havent pushed the issue YET. Co-signor can only 'repo" IF they are listed as co-owner on the TITLE.
When in the state of PA if one party cosigns for the vehicle and the cosignee divorces a daughter can the cosigner repo the car if there is suuficient proof that the ex-son in law has lost a job?
I'm sure you won't like this answer, but only the lender can repossess the collateral. If the cosigner is also a co-owner and listed on the title, he could insist on taking his turn driving the car. But essentially, the only right a cosigner has is the "right" to make the payments if the primary borrower does not.
Is there anyway to get your name off a car lease if the cosigner will not refinance?
First things first; find out who's name is on the registration and title. If it is only in one of your names, you could be in trouble. I suggest you call a lawyer and fast if that is the case and your name isn't on either of them. A doubt very much if a lender will release a cosigner from any obligation if the collateral is not fully paid for. In this case the collateral is a car and its a repo mans dream. Remember to always know your cosigner.
Is the primary loan holder's credit affected when a cosigner declares bankruptcy?
CR??? NO. The loan?? Possibility. that's why the lender required you to have a co-signor. Your CR is not very good. They could require you to get another co-signor or demand payoff.
When a cosigner on a vehicle loan dies does the vehicle become a part of the deceased's estate or can it be repossessed by the lender if all the payments are current.?
Get a death certificate and get him off of the loan. He is the secondary on the loan, not the primary so you are o.k. if you keep the payments current. Y-THINK-Y * The vehicle would not be subject to probate procedure. However, it would be the lender's decision as to what should be done concerning the loan. The lender could repossess the vehicle if another cosigner is needed and there is no one willing to take the responsibility. The other option for the lender would be to require the primary borrower to refinance the car in their name only. Many lending contracts will include clauses that relate to such situations, (death, divorce, etc.) that allow the lender to take almost any type of action to insure the security of the property.
What is 17 remainder 1 plus 17 remainder 1?
The answer could be 34 remainder 2, or it could be 35.
When could women legally get a checking account on their own without a cosigner in the US?
women could legally get a checking account on their own without a cosigner in the U.S. in present day today.
