Co-signing

The lender can go after the co-signer. If you are the co-signer you should consult with an attorney who can review the situation and explain your position.

The loan must be paid off and refinanced in the primary borrower's name.

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)

They can still come after the cosigner, and it will still reflect poorly on your cosigner's credit history. You have been absolved of the debt, not your cosigner.

No. You signed agreeing that if they didn't make the payments, you would be the responsible party. You will either have to make the payments or risk collection activity against you as well, including negative credit reporting or suit. You should consult an attorney and find out whether your state's laws would allow you to sue the primary party to recover some of your losses, but you can't get blood from a turnip. Unfortunately, this is the setback with cosigning a loan.

No.

For the best results credit-wise, the co-signer of your loan should have a great credit record, however, they do not have to live with you.

No. Not unless they are also on the title. The name on the Certificate of Title is the owner. Unless the co-signer makes other arrangements than just co-signing the loan, all they have is the debt to pay if the primary borrower stops making payments.

yes you can return it without their consent,just take it back you just can't get another car without their consent,not using their information.

Yes, you can sue the borrower and receive a judgment if they defaulted on the loan. They can also sue the cosigner.

The only way one with bad credit get a loan from a bank is to use a co-signer who has a stronger credit profile.

Most accounts that have been closed (for whatever reason) will stay on the credit record for seven (7) years. Some companies keep tradeline items on the report for ten (10) years.

If you paid off the loan more than seven (7) years ago, the credit bureau may have removed the tradelline. Also, not all of the credit bureaus are provided insight into your credit activities. Some lenders only use two (2) and some only use one (1).

To be sure that the tradeline is not present, find out which credit bureau that your lender exchanges quality-of-payment information with. Alternatively, get a copy of all of your credit reports (free once a year at annualcreditreport.com) and look for the auto loan.

If you are not able to find the loan in any of the reports AND the account has not been paid off for more than seven (7) years, you can ask the credit bureau(s) to add the activity through a dispute process.

Not likely. If you cosign then you are saying "I trust my credit in this person's hands." If the signer does not pay then it is the responsibility of the cosigner to take care of the payments.

When the co-signer signed for the signer then the co-signer accepted the debt as his/her own. If the signer does not fulfil the terms of the lease then the co-signer will be responsible and it will appear on the credit report.

If and when it effects the credit score will depend what is contained in the report now, example to many debts, not paying per the guidelines of the other debts, etc.

Some credit report sites have scenerio calculators, most times they are free to use.

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.

yes... it is quite common to be prescribed BOTH.. for pain.. dont worry.. but it can cause constipation..lol x

the borrower

Don't know of any state that allows a co-buyer. There might be. For this purpose, let's use co-signer. What legal action does the co-signer have if the buyer doesn't make the car payments? In reality, the co-signer signed as a guarantee that the payment would be made and on time on the specified date. The buyer is the one buying. That's 2 different operations. The co-signer, at last known fact, cannot take the car because he is not buying it. He's paying THE LOAN since (and we're assuming here) the buyer is not paying. In my experience, if the buyer wants to be a horse patootie, he can drive that car with a smile on his face and not make payments because the co-signer IS OBLIGATED TO MAKE THE PAYMENTS. If the co-signer does not make the payments, then HIS CREDIT IS RUINED! Never co-sign, if at all possible.

By refinancing the loan in your own name.

No, finance company holds vehicle title and are mailed renewal forms for tags. Renewal fee is calculated into monthly payments and registration is paid for and sent if loan is up to date. Unless car loan was signature/personal credit type, then you renew registration yourself, finance company option is to reposses vehicle from you in first senario, ruined credit forever in second one.

If your vehicle has been impounded, the impound yard will normally only take cash to free your ride.

Some options include the following:

* Use a credit card (not too expensive; many impound yards will take Visa or MasterCard, but they will generally pass the merchant fee, around 2% of the transaction, on to you)

* Borrow money from a friend or family member (downright cheap; impound expenses are not usually that high and most friends will loan money to a friend to help them get moving again)

* Take a payday loan (expensive; if you have a job with a consistent and verifiable paycheck, a payday loan may provide you with enough cash to spring your car)

GO for personal loan

You cosigned the mortgage. If the are now taking the money out of your account to pay the mortgage, it means the other people are no longer paying their mortgage.

First: You should contact the other people and see if they actually are skipping payments. If they are skipping payments, then since you cosigned the mortgage the bank will take the money from your account to pay the mortgage.

Second: If they are paying the mortgage, you should contact the bank and find out what is wrong.

Third: No. Escrow will not fix this. Escrow serves a totally different purpose. It is a way to spread out the taxes over a year's time. 1/12 of the years taxes and insurance are put into an account.

Yes, according to Florida state law. Title XXXIII, chapter 537 (also known as the "Florida Title Loan Act") discusses the requirement that any entity providing title loans must be licensed.

Specifically:

537.002 indicates that the industry is regulated and those in the industry must be licensed to participate.

537.004 indicates that a title loan issuer must be bonded (minimum $100,000) and pay application ($1,200), investigation ($200) and/or renewal ($1,200) fees to be considered for a license.

537.005 summarizes the fees and bonding requirements in detail.