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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.
Is someone cosigns for you does it help your credit or theirs if payments are made on time?
It will be reported to the credit bureaus under both names, but will have a greater effect on the primary borrower's report. If payments are made on time, it will never indicate which party actually made the payment.
What effects are there for someone who cosigns a student loan?
Cosigning on any debt makes you just as responsible as the other borrower. The balance of the debt will be on both of your credit reports, regardless of whether payments are due now, 4 years from now, or past due. The creditor can take any action against you that could be taken against the other borrower, and they do not have to go after the other borrower first.
If someone cosigns a loan for you will it show up on their credit report?
yes
Can you explain how having a cosigner works?
Having a cosigner means that someone with a good credit history agrees to be responsible for a loan if the primary borrower cannot pay. This can help the borrower qualify for a loan or get better terms, but it also puts the cosigner at risk if the borrower defaults.
What are the rights of the cosigner to sell a car?
None, unless the cosigner is also on the title of the vehicle they have no legal rights to the property. When someone cosigns a loan for any reason they accept the responsibility of paying the debt if the primary borrower defaults. The only option a cosigner has in recovering money paid out in connection with the loan is to sue the primary borrower in the appropriate court, in the city or county where the borrower lives.
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.
Is someone cosigns for you does it help your credit or theirs if payments are made on time?
It will be reported to the credit bureaus under both names, but will have a greater effect on the primary borrower's report. If payments are made on time, it will never indicate which party actually made the payment.
Can the primary borrower of an auto loan replace their name with someone else's for them to take over payments?
no
What effects are there for someone who cosigns a student loan?
Cosigning on any debt makes you just as responsible as the other borrower. The balance of the debt will be on both of your credit reports, regardless of whether payments are due now, 4 years from now, or past due. The creditor can take any action against you that could be taken against the other borrower, and they do not have to go after the other borrower first.
If someone cosigns a loan for you will it show up on their credit report?
yes
Can you explain how having a cosigner works?
Having a cosigner means that someone with a good credit history agrees to be responsible for a loan if the primary borrower cannot pay. This can help the borrower qualify for a loan or get better terms, but it also puts the cosigner at risk if the borrower defaults.
If someone cosigns your auto loan are they responsible for your other debts or only the auto loan?
Just for the auto.
What happens to the co signer if the borrower files bankruptcy?
If you are talking about someone who cosigned for your loan filing bankruptcy, As long as you continue to make your payments on time, nothing will happen. If you are talking about someone you cosigned for taking bankruptcy, you may very well have to pay this loan. Contact the lender.
Does the co signer have to have a job?
Most likely, but alot of it depends on the co signers credit score, also if they have sources of income other than a job. The purpose of a co signer is for the bank to have someone to go after for a debt if you don't pay.
If someone cosigns because of your bad credit will the lender make them be primary on the loan?
The lender will put the responsibility to pay the loan if you have defaulted and they can't collect from you. In that case, the co-signer becomes the primary in a sense. A co-signer has the same legal obligation to pay the debt as you, which is why someone should put a great deal of thought into agreeing to co-sign for anything.
What is a cosigner service for car loans and how can it benefit someone looking to finance a vehicle?
A cosigner service for car loans is when someone with good credit agrees to sign the loan agreement alongside the primary borrower. This can benefit someone looking to finance a vehicle by increasing their chances of approval and potentially getting a lower interest rate. The cosigner essentially promises to repay the loan if the primary borrower is unable to do so, providing the lender with more security.
