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When cosigning for a car and the person who is acquiring the car is the only one making payments whose name is the ownership of the car under?
the person making the payments is actually buying the car. it is illogical that a cosigner could claim any ownership rights, having paid nothing. the person having made the payments is the owner It depends on the title. If it is only your name then it is your's. If it is both names, then it belongs to both of you regardless of who pays.
What else can I help you with?
Can you take possession of a car that you co-signed for if the primary is making the payments?
NO. Cosigning means the person is promising to be responsible for the debt if the primary borrower defaults.
How much will cosigning a student loan lower your credit score?
Hi-Cosigning a loan will not lower your credit score unless payments are late, or if the borrower defaults and you cannot make the payments yourself. A cosigner is equally liable for the loan, so if you cannot make the payments, you should not sign.The way that cosigning will affect your credit report is in your debt-to-income ratio. The loan you cosign will show up as part of your debt, so a lender may not want to loan you more money if it looks like your debts are too high.Something that people often overlook though, is that cosigning a loan can actually improve your credit rating if the borrower makes his payments on time. You will get credit for making payments and paying off this debt as if it were your own.
Would cosigning a car loan hurt you for a mortgage?
It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.
Is it possible for me to sell a car that I am currently making payments on?
Yes, it is possible to sell a car that you are currently making payments on, but you will need to pay off the remaining balance of the loan before transferring ownership to the buyer.
If you are the co-buyer and you are the one making the payments can the buyer take your auto away?
Cosigning for ANYONE is one big mistake. If the person you cosign for is not making the payments then the person that cosigned is responsible for all payments. I have no idea why anyone would want to do this. Unless there were stipulations in the contract you signed with the buyer, then no, they can't just up and sell the car. Take another look at your contract. Marcy
Is it possible to sell a car that you are currently making payments on?
Yes, it is possible to sell a car that you are still making payments on, but you will need to pay off the remaining balance of the loan before transferring ownership to the new buyer.
In Texas how do you show home ownership while making mortgage payments and executing a will?
Home ownership is shown by Deed, which you should have received when you obtained the property and which should be filed with the County Clerk.
I'm making the payments on the car but the loan is in my mother's name can she legally take it from me with no recourse?
absolutely, the car is hers because her name is on the ownership.
What is the Making Home Affordable Program and how can it help make home ownership more affordable for individuals?
The Making Home Affordable Program is a government initiative that helps homeowners facing financial difficulties to lower their mortgage payments and avoid foreclosure. It offers options like loan modifications and refinancing to make home ownership more affordable for individuals by reducing monthly payments and making them more manageable.
How do i get out of a co-sign agreement?
You can not take back your cosigning of a loan. Your obligation would only end when the loan is paid off or refinanced in the sole name of the primary borrower. The lender may consider that option of the primary has been making payments on time for a couple of years.
What are the pros and cons for cosigning a home loan?
There are no pros, except for making the person you are cosigning for happy. CONS--SEVERAL, whoever you cosign for does not have to make payment and still get to keep the house, you pay they stay for free. your credit is scarred if they do not pay and it goes into forclosure, you have to make up all payments or come up with the total loan, You really need to think long and hard before co signing! There are so many programs to help people with bad credit, no credit. They can help them, do not co sign. Talk with an attorney before cosigning, no matter who it is for.
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.
