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No. A co-signer is a person who guarantees the loan and a co-buyer is a person who has equal ownership and liability. An example is when a young married couple wants to buy a car but does not have good or sufficient credit or enough collateral for the loan. They might get one of their parents to guarantee payment of the loan by becoming a co-signer. If the couple defaults on the loan, the co-signer becomes liable. In this same case, the couple as husband and wife, sign the loan (co-borrowers) and the purchase document for the car as co-buyers, sharing equally ownership and primary liability.
What else can I help you with?
Can a cobuyer refinance a auto loan and remove the buyer from loan?
Buy cobuyer I wonder if you mean cosigner on a loan. If this is the case then the answer is no. As a cosigner you are simply agreeing to pay the loan if the person who took it out does not. It is in his or her name and you are responsible for it if they do not pay it.
What is the difference between a cosigner and a cobuyer when applying for a loan?
A cosigner is someone who agrees to pay back the loan if the primary borrower cannot, while a cobuyer is someone who shares ownership of the purchased item and is equally responsible for the loan payments.
Can a co-signer wages be garnished if they live in Texas?
There is a common misconception that cosigners are not responsible for payment. However, the purpose of a cosigner is to guarantee payment of the loan. The cosigner, comaker, cobuyer, coguarantor or a loan is equally responsible for payment of the debt. So, yes.
If you are the cobuyer of a car and also the cosigner and you have made all the payments and are ahead can the other buyer take the car?
Daughter and husband are getting divorce and she is the co-buyer can she take it out of state
Upon signing a contract where it says Primary Buyer and Co-Buyer where is a Co-Signer supposed to sign?
Cobuyer, cosigner, they are the same thing. Wherever you sign as co-signer you should be aware that if the primary borrower defaults on payments you will be held equally responsible for paying the loan.
If someone cosigns on an auto loan and you want to sell the car before it is paid off does the cosigner need to be a part of the sale?
You can as long as the title says:(example) John Doe or Jane Doe, if it says John Doe and Jane Doe then the cobuyer has to be a part of the sale.
Does the buyer have to be at the trade of a vehicle when cobuyer trades?
Yes
What are the requirements of an auto cosigner in Indiana?
An auto cosigner, in the state of Indiana, has to meet all of the requirements of the contract. In most cases the cosigner has the same obligations as the primary signer.
If the lender had me sign as the buyer and my nephew as the co-buyer when it was supposed to be the other way around is there any recourse?
No, but there is no need for recourse. Under the law, the difference between the buyer and cobuyer, the signer and cosigner, the maker and comaker, the debtor and codebtor is negligible. They are simply different terms use to identify two separate parties who are eaually repsonsible for a debt.
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.
Can the cosigner demand that the car remain in the same state where he or she resides?
No, a cosigner does not have any legal rights to the vehicle, but does have the legal obligation to repay the debt if the primary borrower defaults on the contract. An exception could be if the cosigner is also named on the title to the vehicle, and if so, how the title is worded.
Your ex has filed bankruptcy and you are a cobuyer on the auto loan what will happen now?
You will be responsible for the loan payments
