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What are the rights of a cosigner when the primary filed bankruptcy then didnt pay the bankruptcy so the bankruptcy was dismissed?
As a cosigner, you are not at all protected if the primary signer files for bankruptcy. In many cases, filing for bankruptcy relieves the primary signer on the loan from his obligations towards the loan, at which point the lender will turn to the cosigner for payment. You'll either have to pay the loan or file for your own bankruptcy (if necessary).Unfortunately, you're stuck with the loan regardless of whether or not the primary signer successfully completes his bankruptcy filling. You may want to contact a bankruptcy lawyer for some additional advice or assistance.
What should you do if you are the primary on your car loan but the cosigner has been paying and you cannot afford the payments any longer?
Sign off your interest in the vehicle to the primary, letting him/her have the right to sell or drive the vehicle. Either way, the primary needs to have control of the property that he/she is paying for.
How can you find out if you are a co-buyer or a cosigner on a car loan and would your name be on the title and registration if you are a cosigner?
Easy, you can check your own credit report OR go to a registries office and do a quick search. A simpler method is to ask the person that is the primary borrower/buyer or call the lender. Either a cosigner or co-buyer can be listed on the title depending upon the agreement made by the persons involved. The title to a vehicle determines ownership, a cosigner generally has no vested interest in the property only the responsibility of the debt.
If the cosigner has a good credit score will this affect your interest rate on a car loan?
Depending on the lending laws in your state, yes. Some states require lenders to consider both applicants' credit scores, some only require the primary applicant's score be considered when determining the rate, while using the cosigner's score to determine whether or not to apply. Either case though, a cosigner with a better credit score than the primary applicant can only positively affect the interest rate or not affect it at all; it won't make it any worse.
How does cosigning affect your credit rating?
As a person who co-signed an auto loan for someone who consistently made late payments, accrued late fees, and eventually filed bankruptcy . . . I can truly tell you that if You co-sign an auto loan and the person doesn't make the payments it can really screw your credit up. However, if that person is making the payments timely without any problems - then I'd say it won't necessarily hurt your credit. But at the same time it won't necessarily help it either. If I were you I wouldn't do it. Believe me if I could go back - I wouldn't do it. A cosigner is only needed because the primary doesn't have adequate credit rating/history for the needed loan. Hence, the cosigner needs to have credit good enough to qualify for the loan, presumably good, at least betterr than the primary! (Credit scores are not combined or added to get to the needed level). Understand, being a cosigner is essentially the exact same as getting a loan - the cosigner is just as liable as if he got the loan on his own..in fact needs to be more responsible, because he now has to take on the obligations of the primary too, if needed, likely without the control/posession/benefit of what was purchased. A cosigner is only needed because the primary doesn't have adequate credit rating/history for the needed loan. Hence, the cosigner needs to have credit good enough to qualify for the loan, presumably good, at least betterr than the primary! (Credit scores are not combined or added to get to the needed level). Understand, being a cosigner is essentially the exact same as getting a loan - the cosigner is just as liable as if he got the loan on his own..in fact needs to be more responsible, because he now has to take on the obligations of the primary too, if needed, likely without the control/posession/benefit of what was purchased.
What can a 70-year-old cosigner on a car loan be held responsible for if the loan is found in default?
The cosigner has the same legal obligations to repay the debt as does the primary borrower. If the primary borrower defaults, the lender can begin proceedings to collect the full amount owed plus applicable fees from the cosigner. A cosigner can be sued just as can the primary borrower. And if the primary borrower claims bankrutpcy, the cosigner will still get "stuck" with the debt. The credit report of the cosigner will be equally affected, either in a positive or negative way, depending upon the circumstances.
How should you be contacted if the car you cosigned on is being sold?
In a few states both the primary borrower and the cosigner must be notified by the lender through a "Right To Cure" notice before repossession action can occur. In Wisconsin a replevin order is necessary before a repossession can take place, but the cosigner is not always notified. In the majority of states the lender does not need to give either the primary or the cosigner notice of repossession action.
Who owns a car that was cosigned for a loan but the car title shows that the car belongs to the either the cosigner or the primary?
50/50 split. None more none less.
What are the rights of a cosigner when the primary filed bankruptcy then didnt pay the bankruptcy so the bankruptcy was dismissed?
As a cosigner, you are not at all protected if the primary signer files for bankruptcy. In many cases, filing for bankruptcy relieves the primary signer on the loan from his obligations towards the loan, at which point the lender will turn to the cosigner for payment. You'll either have to pay the loan or file for your own bankruptcy (if necessary).Unfortunately, you're stuck with the loan regardless of whether or not the primary signer successfully completes his bankruptcy filling. You may want to contact a bankruptcy lawyer for some additional advice or assistance.
What should you do if you are the primary on your car loan but the cosigner has been paying and you cannot afford the payments any longer?
Sign off your interest in the vehicle to the primary, letting him/her have the right to sell or drive the vehicle. Either way, the primary needs to have control of the property that he/she is paying for.
Can a primary be removed from a loan?
That will have to be arranged between the lender and the co-signor. The only way to remove anyone from a loan is to have the person being removed sign verifying that they want to be removed AND whoever will be left on (or added to) the loan must reapply for the loan on their own. This means, if the cosigner does not have good enough credit, then either the primary must stay on the loan or (if the loan is backed by collateral such as a car or house) then the collateral can be sold to a third party. In which case, of course, the primary and cosigner will be removed.
How can you find out if you are a co-buyer or a cosigner on a car loan and would your name be on the title and registration if you are a cosigner?
Easy, you can check your own credit report OR go to a registries office and do a quick search. A simpler method is to ask the person that is the primary borrower/buyer or call the lender. Either a cosigner or co-buyer can be listed on the title depending upon the agreement made by the persons involved. The title to a vehicle determines ownership, a cosigner generally has no vested interest in the property only the responsibility of the debt.
If the cosigner has a good credit score will this affect your interest rate on a car loan?
Depending on the lending laws in your state, yes. Some states require lenders to consider both applicants' credit scores, some only require the primary applicant's score be considered when determining the rate, while using the cosigner's score to determine whether or not to apply. Either case though, a cosigner with a better credit score than the primary applicant can only positively affect the interest rate or not affect it at all; it won't make it any worse.
What are the rights of cosigners when primary borrowers won't pay loan?
Once a co-signer signs a loan agreement, they are guaranteeing payment of that expense. If the primary borrower either hits upon hard times or simply chooses not to pay, the company will go after a cosigner for the money they agreed to pay, if the main signer did not pay.
How does cosigning affect your credit rating?
As a person who co-signed an auto loan for someone who consistently made late payments, accrued late fees, and eventually filed bankruptcy . . . I can truly tell you that if You co-sign an auto loan and the person doesn't make the payments it can really screw your credit up. However, if that person is making the payments timely without any problems - then I'd say it won't necessarily hurt your credit. But at the same time it won't necessarily help it either. If I were you I wouldn't do it. Believe me if I could go back - I wouldn't do it. A cosigner is only needed because the primary doesn't have adequate credit rating/history for the needed loan. Hence, the cosigner needs to have credit good enough to qualify for the loan, presumably good, at least betterr than the primary! (Credit scores are not combined or added to get to the needed level). Understand, being a cosigner is essentially the exact same as getting a loan - the cosigner is just as liable as if he got the loan on his own..in fact needs to be more responsible, because he now has to take on the obligations of the primary too, if needed, likely without the control/posession/benefit of what was purchased. A cosigner is only needed because the primary doesn't have adequate credit rating/history for the needed loan. Hence, the cosigner needs to have credit good enough to qualify for the loan, presumably good, at least betterr than the primary! (Credit scores are not combined or added to get to the needed level). Understand, being a cosigner is essentially the exact same as getting a loan - the cosigner is just as liable as if he got the loan on his own..in fact needs to be more responsible, because he now has to take on the obligations of the primary too, if needed, likely without the control/posession/benefit of what was purchased.
What orientation are slides in a new presentation?
You can set your defaults to specify either a portrait or landscape orientation for slides in a new presentation.
What viscosity is used in the primary?
Either full synthetic or standard primary oil.
