Not unless the the money is paid back by the borrower or if it's a lease, it's until they move. Usually when the principle person defaults on a loan or rent, they come after the cosigner. So, unless the person responsible for the moneys credit goes up so they don't need a cosigner, you are responsible if they default.
Never, ever, cosign for anyone, especially family. The same goes for lending money too. If you're going to "lend" money out, you mind as well expect never getting it back. This is how so many relationships are ruined.
No, a cosigner cannot remove the primary borrower from a loan agreement. The primary borrower is responsible for the loan, and the cosigner is only responsible if the primary borrower fails to pay.
No you cannot remove a repossession off your credit report if your cosigner has a judgement on the repossession.
Nothing. The only option for being remove as a cosigner is to have the original loan refinanced without the cosigner participating.
A cosigner cannot simply remove their name from the contract. The cosigner is obligated equally with the primary borrower until the loan is paid. A cosigner's credit history will be affected, hopefully in a positive way.
no
No, one can not remove a cosigner from any contract after 6 months. The cosigner will have to stay on the contract until the contract is paid.
if you take it to your personal bank and ask them how much you need to have paid already they can indeed refinace you and remove the cosigner
The title has nothing to do with the loan. The loan will need to be refinanced using a different cosigner or only the primary borrowers.
To remove a cosigner from a car title in California, you typically need to refinance the car loan in your name only. This process involves applying for a new loan without the cosigner's involvement and using it to pay off the existing loan. Once the new loan is approved and the old loan is paid off, the cosigner can be removed from the title.
To get a car loan with a cosigner, you will need to find a lender who accepts cosigners. Your cosigner will need to have good credit and be willing to take on the responsibility of the loan if you are unable to make payments. Be prepared to provide financial information and documentation for both yourself and your cosigner when applying for the loan.
You are on the hook if the primary borrower defaults. You cannot unilaterally abnegate your responsibility. You can, however, try to convince the primary lender to refinance the existing loan -- without you as cosigner, this time!
Refinancing in your name, if you have credit, is one easy way to do this.