answersLogoWhite

0


Best Answer

The cosigner's credit isn't affected one ioto unless the person who was responsible for the loan payments defaulted, then and if the cosigner also defaulted. In other words, just being a cosigner does not affect ones credit ratings.

User Avatar

Wiki User

βˆ™ 17y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: If you cosign an auto loan for someone and they refinance in one year and remove you from the loan how will that affect your credit assuming all payments are made on time?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

How do you refinance a vehicle loan?

To refinance a you need to first choose the bank that you want to refinance the loan with. Various banks have different rates that will affect your monthly payments. The most that you will have to do is fill out a few forms and the bank will do the rest.


Does a life estate affect disability?

A life estate does not have an affect on someone's disability. It may certainly affect their ability to collect disability payments.


If your chapter 13 has been discharged how do you refinance your mortgage which fell behind in payments and your home equity which is current in payments?

I am a Loan officer in California-the laws are different in every state & every lender...Typically speaking though, it depends on how long ago you BK was discharged. It also depends on how far behind are you on the house payments. Some lenders will refinance one day after the BK being discharged, while other lenders are 7 years! As far as late payments...they will affect your intrest rate. If you have one 30 day late, or one 60 day late but are now current in your payments...you should be able to refi assuming you have equity in the property. I would be more than willing to look at you situation for you if you like. email me at kinjalvs at yahoo .com Sara


Does a co-signer have the right to take the car if you are behind on payments?

When you fail to make payments, they go after the co-signer. It can affect his credit. If he makes the payments he can take the car. You wouldn't want to make payments for someone else's car.


Does someone's location affect their social security?

There are many different factors to be taken into consideration which could affect your social security payments. Although you will still be entitled to payments other things such as the price of rent may affect the amount you are paid. For more detailed information go to www.ssa.gov


Is cosigning on a mortgage going to affect my refinance?

Yes, because it affects your debt to asset ratio.


Will My Payments Increase In Between The Term Of The Lease?

No. Your payments are locked in for the complete term of the lease. However, in case the tax rates increase, then on that way it will affect your payments.


If someone at your address has a bad credit rating will it affect you?

It will not affect your financial status. However, if you are dependent on their being on time with their share of the rent payments, chances are good that you will be stiffed at some point. If you are married, the bad rating will affect your ability to borrow money as well as the rates you are offered.


Will a community development grant for your mother's home repairs affect her ability to refinance her home?

no, because they're lazy.


How does a 30-day late payment on a mortgage affect your credit?

If you are trying to refinance your mortgage... it will affect the interest rate. (it will be higher) It will haunt you for at least 12 - 24 months.


Got a home loan and gifted a percentage to sister. I now want to refinance or put on the marketShe refuses to sign anythingI can't sell or refinance. If I foreclose Will this affect her credit?

Who is on the title to the property? and who is the loan name under?


How do Social Security payments affect Maryland unemployment benefits?

Social Security payments do not affect your unemployment benefits in Maryland. See the Related Link below, page 8 for more details.