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No. They are not interchangeable.
Two people who buy an item are co-purchasers and also co-owners.
Two people who sign a note to borrow money to pay for the item are co-borrowers. A co-borrower is not necessarily a co-owner. A co-borrower could be someone who agrees to help the purchaser obtain financing to purchase the item.
No. They are not interchangeable.
Two people who buy an item are co-purchasers and also co-owners.
Two people who sign a note to borrow money to pay for the item are co-borrowers. A co-borrower is not necessarily a co-owner. A co-borrower could be someone who agrees to help the purchaser obtain financing to purchase the item.
No. They are not interchangeable.
Two people who buy an item are co-purchasers and also co-owners.
Two people who sign a note to borrow money to pay for the item are co-borrowers. A co-borrower is not necessarily a co-owner. A co-borrower could be someone who agrees to help the purchaser obtain financing to purchase the item.
No. They are not interchangeable.
Two people who buy an item are co-purchasers and also co-owners.
Two people who sign a note to borrow money to pay for the item are co-borrowers. A co-borrower is not necessarily a co-owner. A co-borrower could be someone who agrees to help the purchaser obtain financing to purchase the item.
What else can I help you with?
How can you get your name off a car loan that you are co-purchaser on?
The loan must be paid off and refinanced in the primary borrower's name.
What is a co-purchaser?
A co-purchaser is a co-owner.
Are co-borrowers and co-signers the same?
It is my understanding that a co-borrower is a person who will also avail of the loan and shares the responsibility of repaying it, while a co-signer guarantees that the borrower(s) will repay the loan, and will be resonsible for it if the borrower does not repay it.
Does the cosigner have to live with you?
. Generally, no. A co-signer on a loan does not have to reside at the same residence as the primary borrower. Once the co-signer signs for the primary borrower; he or she is as liable as the primary borrower. It should be noted that some lenders may have their own requirement that the co-signer live at the same address as the primary borrower.
Are a primary borrower and a secondary borrower on a car loan equally responsible for the loan?
Yes, the cosigner/co-borrower has the same legal responsibility to repay the debt/loan as does the primary borrower. If the primary defaults the creditor can attempt to collect from the co-borrower before the primary borrower.
Does being a co borrower mean having the same rights to the property as a borrower?
No, the agreement of the co-borrower is independent of the deed/title. Being a co-borrower means that you share the responsibility of the loan on the property, but the property ultimately belongs to whoever is listed as owner(s) on the title or deed.
Does a cosigner have to live at the same address as the primary borrower on a loan?
No. No. A co-signer on a loan does not have to reside at the same residence as the primary borrower. Once the co-signer signs for the primary borrower; he or she is as liable as the primary borrower. As far as where the co-signer resides is up to the company providing the loan proceeds. Example: parent co-signing for a collge loan for their child who lives or attends school in another state.
Is a co-signer and a co-borrower the same thing?
Yes. Both assume the obligation in the contract or note.
Can a co-borrower transition to become the primary borrower on a loan?
Yes, a co-borrower can typically transition to become the primary borrower on a loan by refinancing the loan in their name.
Is there a difference between co-borrower and co-signer?
Investopedia Says:A co-borrower is different that a cosigner in that a cosigner takes responsibility for the debt should the borrower default, but does not have ownership in the property
Can a co borrower sell car without borrower consent?
no
Who is held responsible for the loan on a repossessed vehicle?
The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.
