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Only your previous federal loan history affects your ability to get most federal student loans.

For private student loans, your debt (including debts you cosigned on) are a factor that would be considered by most lenders in making a credit decision.

Your potential lender may ask themself: "If this person had to repay the loan they cosigned on, and all the other debts on their credit report, plus the loan they are asking us to approve, could we expect them to repay based on what we know about their income and credit history?"

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The purpose of a co-signer is to guarantee payment by the primary borrower whose credit record isn't good enough to obtain the loan on their own. The lender will not release the cosigner because if the primary party fails to make the payment it is the responsibility of the cosigner to pay. The co-signer has promised to pay off the loan if the primary borrower defaults. That's how the borrower got the money!

It is rare, and would be exceptional, for a creditor to allow a co-signer to be released from liability from an outstanding debt. Usually, the only way this can be accomplished would be for the primary borrower party to refinance the loan in their name only.

Call the creditor to see what options are available. At the very least, let this be a lesson you learn from. When you co-sign for someone else, you are taking a risk that a creditor (who lends money as a business) is unwilling to take. There is always a reason they won't take that risk. Why would you?

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If you can find a lender who will accept your signature, sure. Unlikely.

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a traditional outfit for waiters is: black trousers, white shirt and a black (or dark green or dark red) waistcoat.

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The loan must be paid off or refinanced in the name of the primary borrower alone.

A cosigner is equally obligated for the debt until the loan is paid or refinanced in the name of the primary borrower. The co-signer can't easily be removed from the debt. The reason you have a cosigner in the first place is because the primary borrower may not have had a sufficient credit rating or prior loan payment history. If the loan balance can't be paid off, the only option is for the loan to be refinanced without the co-signer.

The primary borrower must be willing and qualified to refinance. You must discuss it with the lender. If the primary borrower's credit rating has improved since they took out the loan, the lender may give them a new loan to pay off the old one. Absent the primary borrower being able to get a loan on his/her own a co-signer can be removed only if the lender is willing to let you off the hook. That's not common, and why should they?

Typically a parent will co-sign for a child with no credit history, a business owner will co-sign as an individual for his business, or, a partner or parent who is not on the deed will co-sign a mortgage. If you co-sign a loan for another party and they default on the loan, you are responsible for paying the loan. You guaranteed it.

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A co-signer is equally responsible for paying the debt for which they co-signed. That is the reason a lender requires a co-signer. The lender would not have loaned the funds to the primary borrower unless someone else guaranteed the loan.

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Yes, but remember . . . a person who act as their own lawyer in complex legal matters has a fool for a client.

Yes, but remember . . . a person who act as their own lawyer in complex legal matters has a fool for a client.

Yes, but remember . . . a person who act as their own lawyer in complex legal matters has a fool for a client.

Yes, but remember . . . a person who act as their own lawyer in complex legal matters has a fool for a client.

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The car lender would repossess the vehicle and sell it off, if there is a remaining deficiency, then the lender can go after the co-signer to be paid (so yes it would negatively effect the co-signer's credit rating)

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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.

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I am trying to figure out the same thing. It's def tough.

Well if you have a decent down payment,,say $1500 or $2000 , the finance company may take the value of the car as collateral against the loan. They will place a lien on it anyway until it is paid off. And if something happens to it before the loan is paid, the insurance company will pay off the loan,,,not send you the money.

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A co-signer is jointly and severally liable on the note, but doesn't have any security interest in the vehicle. In other words he has no rights to the vehicle, other than to pay off the note if you fail to do so. A cosigner can ask that his name be added to the title, which means he has equal ownership. When the note is paid he can then have his name removed

But as a co-signer, it also means you have the responsibility to ensure that the owner of the property is able to pay on time for the financed car.

If you have any doubts you can call the bank where the car is financed; they will give you a clear answer.

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The debt and repossession will become part of the co-signor's credit record.

The co-signer of any loan has the same financial obligations and liabilities as the primary borrower. They can be sued and have their wages garnished or bank account frozen. The co-signor has the same responsibilities as the signor. Since the cosigner generally has a better financial situation than the borrower, debt collectors tend to target the cosigner with aggressive debt collection strategies. This can include frequent telephone calls, letters, threats of legal action and damaging the cosigner's credit report as well as the borrower's.

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Yes

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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.

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Yes

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No. A cosigner is not a co-owner of the property simply by signing the loan contract. They must specifically insist that they be added to the title. Otherwise they have promised to pay for property they do not own if the primary borrower fails to pay.

No. A cosigner is not a co-owner of the property simply by signing the loan contract. They must specifically insist that they be added to the title. Otherwise they have promised to pay for property they do not own if the primary borrower fails to pay.

No. A cosigner is not a co-owner of the property simply by signing the loan contract. They must specifically insist that they be added to the title. Otherwise they have promised to pay for property they do not own if the primary borrower fails to pay.

No. A cosigner is not a co-owner of the property simply by signing the loan contract. They must specifically insist that they be added to the title. Otherwise they have promised to pay for property they do not own if the primary borrower fails to pay.

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Under federal law, creditors are required to give you a notice that explains your obligations. The cosigner's notice states: You are being asked to guarantee this debt. Think carefully before you do. If the borrower does not pay the debt, you will have to. Be sure you can afford to pay if you have to, and that you want to accept this responsibility. You may have to pay up to the full amount of the debt if the borrower does not pay. You may also have to pay late fees or collection costs, which increase this amount. The creditor can collect this debt from you without first trying to collect from the borrower.* The creditor can use the same collection methods against you that can be used against the borrower, such as suing you, garnishing your wages, etc. If this debt is ever in default, that fact may become a part of your credit record. This notice is not the contract that makes you liable for the debt. * Depending on your state, this may not apply. If state law forbids a creditor from collecting from a cosigner without first trying to collect from the primary debtor, this sentence may be crossed out or omitted altogether. Studies of certain types of lenders show that for cosigned loans that go into default, as many as three out of four cosigners are asked to repay the loan. When you're asked for cosigning, you're being asked to take a risk that a professional lender won't take. If the borrower met the criteria, the lender wouldn't require a cosigner. In most states, if you cosign and your friend or relative misses a payment, the lender can immediately collect from you without first pursuing the borrower. In addition, the amount you owe may be increased

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Check your divorce paperwork. Usually, there's a provision within the decree stating that any financial obligations- such as alimony or child support- are still valid claims when a bankruptcy is declared. If your lawyer didn't do his/her homework and there is no such provision, you stand in line with the ex's other creditors.

I am not giving legal advice and nothing in this posting should be construed to be legal advice, but it is my understanding that when one ex-spouse files bankruptcy on a mortgage, the mortgage lender usually doesn't care so long as the other ex-spouse maintains payments. This doesn't mean that your particular mortgage lender will agree. Please understand that I am not suggesting any course or action or inaction, I am simply relating what my understanding is, which may or may not be accurate in your jurisdiction

I don't think there is much you can do except give your ex morale support as they are not legally tied to you so therefore you are not responsible for any debts that your ex has accumulated ever since the break up.

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In most cases the co-signer will not be released since they guaranteed that the loan would be paid if the primary borrower, who was a credit risk, failed to pay. Generally, the loan must be refinanced to remove one of the makers and that requires that the primary borrower's credit has improved enough to allow them to qualify without a co-signer.

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From a commercial account, yes. From a loan, no. The loan must be re-financed in order to remove names from that type of account.

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You might want to talk to the credit consultant who is dealing with your car loan. Most times they will do it, but it matters who you are dealing with.

I am a co-signer and the primary is currently wishing to add 2 payments to the end of the loan. In the State of California, the primary and co-signer both have to sign an agreement to put the payments at the end of the loan. If you can get the payments put at the end, there is usally a fee and additional interest associated with this. The best thing is to ask your lender if this can be done and how.