Co-signing

Promising to pay someone else's debt if that person does not make good on their obligations. Auto loans and mortgages often require a co-signer.

3,686 Questions
Loans
Co-signing
Student Loans and Financial Aid
Money Management

Can co-signing a car loan affect your chance to get a student loan?

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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Loans
Co-signing
Mortgages

Can a cosigner have their name taken off a debt?

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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Personal Finance
Debt and Bankruptcy
Loans
Co-signing
Bankruptcy Law
Money Management

Can you cosign a car loan if you filed for bankruptcy?

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

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Co-signing
Clothing
France

What kind of clothes do French waiters wear?

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

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Loans
Co-signing

Can a cosigner have their name removed from the loan?

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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Auto Loans and Financing
Repossession
Co-signing

What rights does a cosigner have when a car is repossessed when the cosigner is the parent and the adult child missed payments?

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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Co-signing
Mortgages
Deeds and Ownership

Can you sell a house without using a solicitor?

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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Debt and Bankruptcy
Co-signing

What happens if you cosign a car loan and the other party then files bankruptcy but secures the loan and will it be on the cosigners credit report or effect it?

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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Loans
Co-signing

How can you get a loan without a cosigner when you have a limited credit history?

Car Loans Specialist in USA offers a variety of car finance for your new or used cars with no co-signer. Credit doesn't matter if you have good credit, bad credit or limited credit!

Getting a Loan Without a Co-Signer -Save up for a larger down payment. The more EQUITY you have in the purchase, the more likely you are to get a loan.

So if I happen to have no credit, how am I going to get approved for a car loan?

Well, with the majority of car loan companies, just being young and having little to no credit isn't a factor when it comes to granting an approval. Why is that? Well that's because a auto loan is a secured sort of loan. The lending institutions are protected by the fact that if your loan does go into default they get to take your car.

Usually auto finance companies won't require a cosigner for auto loans up to the $25,000 range. If you happen to be a student, there isn't a need to have a auto loan for a car that costs more than $25,000.

Car Loan financing is what I do for a living and car loans are based on the following factors;

1. LTV (loan to value).

2. Term requested.

3. Age of vehicle.

4. Down payment.

5. Miles on vehicle.

6. Time at residence.

7. Time on job.

8. Monthly income before taxes.

9. Credit score/profile.

10. Total debt to income ratio.

With bad or poor credit, the only way you will be approved for no cosigner car loan is if the LTV is around 85% of wholesale. This is goin to require you to find a dealer that first owns something that far back of book and second is willing to sell it that cheap. Very, very hard to do.

First of all collect some more cash for down payment and then go online and search loan with no credit you will find lots of sites on internet who provide no credit car loans just fill out form they will contact you if you will qualify.

311312313
Cars & Vehicles
Co-signing

In order to be an eligible co-signer does that person need 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.

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American Cars
Loans
Co-signing
Student Loans and Financial Aid

How do you get a 6000 dollar loan with no co-signer?

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.

295296297
Debt and Bankruptcy
Loans
Co-signing

What happens when someone you co-signed for has filed for bankruptcy?

Answer

About 6 months ago I had to deal with the same thing. What happened to me was, that the card and all $3000 was turned over to me. That was not cool at all and I was made responsible for the card. But the person that raked up the bill gave me what he owed, but some are not so lucky.

Answer

As a cosigner, you assert that you are capable of and intend to repay a debt when:

  1. the borrower cannot pay
  2. the borrower refuses to pay
  3. the borrower files for bankruptcy

If you are not able or willing to repay the debt, then you should not cosign for the loan. Cosigning can be useful for helping a loved one establish credit. Cosigning should never be used to help anyone with poor credit to purchase an asset, whether that person is related or not. They have already stiffed other lenders, and you will be next on the list.

By the way, cosigners will experience negative credit reporting on any shared debt that is reported as delinquent or in default.

Answer

When you file for bankruptcy you are required to disclose if any of your debts have co-debtors. A co-debtor is someone who also agreed to pay that debt, which includes co-borrowers, co-signers, and guarantors. Even if the debtor is discharged of their obligation for a debt, the co-debtor still owes the debt.

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Cars & Vehicles
Auto Loans and Financing
Co-signing

Does a cosigner have rights to the car?

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.

283284285
Auto Loans and Financing
Repossession
Co-signing

Do you still have to make payments after returning a car?

Making Payments After Returning a CarNo, you do not have to make payments HOWEVER.....once they sell the car you still owe the left over balance. Just because you don't have the car anymore DOSEN'T mean you didn't borrow the money

#2

No you do not have to make payments after returning a car as long as you are ok with having a repossesion on your credit history and as long as your ok with the finance company filing a judgment against you for the amount left owed after the sale of the returned vehicle.

278279280
Repossession
Debt and Bankruptcy
Co-signing

What happens to the co-signer if a car is repossessed?

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.

278279280
Auto Loans and Financing
Repossession
Personal Finance
Loans
Co-signing
Money Management

Can a husband cosign for a car loan for his wife?

Yes

261262263
Co-signing
Improving Your Credit Rating

How does cosigning affect your credit rating?

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.

261262263
Co-signing
Chennai
Public Speaking

Does Bi Rain knows speak English?

Yes

259260261
Auto Loans and Financing
Repossession
Co-signing

Is a co-signer a co-owner?

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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Co-signing

What happens when a co-signer dies?

The answer depends on the type of loan, whether the decedent was a co-signer or also a co-borrower, the state laws, whether the co-signer was married and whether they lived in a community property or separate property state, whether the loan was in default, and other factors. You can read more about it at the related link.

If the co-signer simply enabled a borrower with poor credit or no credit to obtain a loan the lender no longer has a guarantor.

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Personal Finance
Loans
Co-signing
Money Management

What are the risks of cosigning a loan?

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

227228229
Debt and Bankruptcy
Co-signing
Bankruptcy Law

What do you do if your ex wants to declare bankruptcy?

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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Car Buying
Auto Loans and Financing
Loans
Co-signing

What can a cosigner do to get released from a car sale contract?

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.

215216217
Repossession
Co-signing
Banking
Money Management
Commercial Bank and Checking Accounts

Can a co signer remove their name from a checking account?

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.

233234235
Co-signing

Can you add a missed car payment to the end of the loan?

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.

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