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What are the consequences of signing a car loan when the primary borrower defaults on the payments?
When the primary borrower defaults the cosigner becomes legally responsible for the loan. If the cosigner is not able to pay the loan he or she can also be subject to legal action by the lender and the cosigner's credit score will be seriously affected.
Can a cosigner let a lender foreclose on a house instead of making payments when the primary borrower has defaulted?
Yes, but the cosigner will still be legally responsible for any outstanding fees, penalties, deficiencies and so forth that may occur due to the foreclosure. The cosigner's credit will also be significantly damaged by the foreclosure and any other action by the lender.
The obligation of a cosigner is discharged by?
The obligation of a cosigner is discharged by a borrower securing a loan to the satisfaction of the creditor. Paying off a loan will also discharge the obligation of a cosigner.
Are Nonsmoking wives of men who smoke die on the average younger than women whose husbands are also nonsmokers?
Non-smoking wives of men who smoke will die a bit younger than women whose husbands don't smoke due to second-hand smoke. This is not true for every wife, though.
What is the process for applying for a CareCredit cosigner application?
To apply for a CareCredit cosigner application, you will need to fill out the application form with your personal information and the cosigner's information. The cosigner will also need to provide their financial details. CareCredit will then review the application and make a decision based on both the applicant's and cosigner's creditworthiness.
What is a primary owner and cosigner of a car?
A primary owner of a car is the individual whose name is listed as the main owner on the vehicle's title and registration, holding legal responsibility for the vehicle. A cosigner, on the other hand, is someone who signs the loan agreement alongside the primary owner, providing additional financial security to the lender. The cosigner typically helps the primary owner secure financing, especially if they have a limited credit history or lower credit score. In case of default, the cosigner is also responsible for the loan repayment.
Can a cosigner in California take possession of a vehicle if the primary borrower is not making the payments in Georgia?
Only if the cosigner is also named on the vehicle title.
Can a cosigner take away your car even though payments are not delinquent?
No. Unless the cosigner is also a title holder they have no legal rights to the vehicle.
Married woman whose husbands' drinking problem has caused severe lack of interest love and sex leading to infidelity and love from a male friend whose also wife's co-worker?
I'm really confused... this isn't even a question.
Why do it have to affect the co-signer when its your debt?
Because the cosigner guaranteed the to pay the loan if you do not. You fail to make a payment and the lender will be looking at the cosigner for the payment. You not only have an obligation to the lender who lent you the money but to the cosigner who also signed his name to the loan agreement.
What happens when a car is repossessed and you are the cosigner?
You will also be liable for any deficiency balance
If the cosigner of your credit card files for bankruptcy will this effect your credit rating as well?
Yes. It's possible that the financial transaction that the cosigner was involved with (liable for) might also be affected.
