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Co-signing a note means you will be legally liable if that person can not pay.

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16y ago

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What does it mean to cosign on a car loan and what are the responsibilities and implications of being a cosigner?

Cosigning on a car loan means agreeing to be responsible for the loan if the primary borrower fails to make payments. As a cosigner, you are equally liable for the loan, and your credit score could be affected if payments are missed. It's important to understand the risks and responsibilities before agreeing to cosign on a loan.


Does a cosigner have to be physically present to cosign a loan?

That would depend on the rules and procedures of the loan provider. If the cosigner alleged that the signature was not theirs, it could create a problem if the signature was not properly witnessed.


What if the cosigner has two car loans and a mortgage can they still cosign?

They could still cosign. It would mainly land on the bank to see if they would approve this person as a cosigner. More then likely they would if they have a mortgage as well as 2 other car loans that are up to date. This person probably has very good credit and all they'd need is a good amount of funds coming in to get approved.


Can you co-sign for a car loan if you went bankrupt?

It is possible that you could cosign an auto loan after you filed bankruptcy. It is not likely though. It would depend on a number of factors, not the least of which is your current credit number.


If you need a cosigner for a loan and you have someone with a credit score of 700 who will cosign but they only made 12k last year will they be approved?

The credit score could indicate that the person is responsible in their financial dealings. Unfortunately the salary amount would not be favorable. Many lenders will, however, look at the overall financial picture of the cosigner; for example the person's debt to income ratio, potential for increased future income, etc.

Related Questions

Do you have to be a relative to cosign?

no.my father cosigned for me,but the bank told me that anybody could cosign..good luck to you.


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Well ALOT could happen lol


If I were to Cosign for someone so they could get a car what happends What is my obligation then?

You could be held liable for the payments if the other party defaults. Your signing the contract is "insurance" for the lender that payments will be made, and they will consider you responsible if the primary party defaults.


What if you helped someone runaway?

That could get you into legal trouble since it is illegal and you can be charged.


What did the math teacher have to do so his daughter could buy a used car?

Cosign the loan


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The behavior you describe could be consider bullying and that could get you into trouble at school and other places.


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you could. it's called aiding and abetting


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