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Yes. You need to discuss this with the lender.

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17y ago

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Can a cosigner take over a car loan?

Yes, a cosigner can take over a car loan if the primary borrower is unable to make payments. The cosigner would become responsible for the loan and would need to make payments to avoid default.


Can a cosigner take over a car loan if the primary borrower is unable to make payments?

Yes, a cosigner can take over a car loan if the primary borrower is unable to make payments. This means the cosigner becomes responsible for making the payments on the loan.


How do you get your name off of an auto loan that you cosigned on if other party cannot get another loan and has nobody willing to take over as cosigner?

A cosigner cannot be removed from the debt obligation except by a refinancing of the loan without the original cosigner's participation.


Can my cosigner take their name off the loan without my permission?

The only way to take a cosigner off of a loan is to refinance it.


If you want to take out a loan and are in the process of getting your license will you be able to take out a loan with a cosigner?

You don't need a license to get a loan. Your credit rating will determine whether you need a cosigner or not.


If you are a cosigner in someone's loan for a line of credit and he is at default what can the cosigner do to take his name back?

Nothing. The only option for being remove as a cosigner is to have the original loan refinanced without the cosigner participating.


What legal recourse is there for the cosigner when the person that was cosigned for has defaulted on the loan?

The usual legal recourse for the cosigner when the person named as the primary on a loan has defaulted, is to make the payments on the loan. Then, the cosigner can take the person who defaulted to court to try and recoup some of the money they are out. If the loan was for a car, some states allow the cosigner to take possession of the car and sell it to recoup losses also.


How can I go about getting a car loan with a cosigner?

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.


How can I rent a cosigner for my loan application?

You can't rent a cosigner for a loan application. A cosigner is someone who agrees to be responsible for the loan if you can't pay it back. They must have good credit and be willing to take on the risk. It's not something you can pay someone to do for you.


Can a primary signer get off the loan when the cosigner wants to take over payments?

Not likely, the lender will probably require you to refinance the loan in only the co-signers name.


If someone cosigns on a vehicle loan does it affect that their credit?

Yes. If the original borrower defaults, and the cosigner is unable to take over the debt.


What are the requirements for obtaining an auto loan with a cosigner?

To obtain an auto loan with a cosigner, you typically need to meet the lender's credit and income requirements. The cosigner must have good credit and be willing to take on responsibility for the loan if the primary borrower fails to make payments.