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Some students can and some students cant it depends on the students age. if the student is under 18 years of age then they need a cosigner. But if they are over 18 then they usually dont.
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∙ 12y ago
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Is the cosigner of a vehicle liable if the it gets repossessed?
Yes. That is the point of the lender asking for a cosigner. The cosigner will have a repossession showing on their credit as well as the primary lender.
Who gets the credit when you have a cosigner on a new car?
Both
Who gets garnished for student loan The borrower or the cosigner?
the borrower
Does the credit of the cosigner gets affected if car is not paid?
Oh yes it does. That person put their credit on the line when they signed the contract making me a cosigner.
Can a credit provider report a guarantor to credit reporting agencies based on the defaults committed by the principal?
If you're talking about a cosigner, then yes. The cosigner's credit gets dinged also. Be careful about who you cosign for.
If you are a cosigner on a vehicle and the other person gets the vehicle repossessed then files for bancruptcy what happens to the cosigner?
you are still liable for that loan. the lender may decide to not accept the bankruptcy charge and go after you for the money.
Why do we need a bank?
We need a bank because without it we cant make loans and if we cant make loans we cant buy off land and property and things we need and once we buy these things and pay back the loans the bank gets more money wich goes to the government
If the cosigner of a auto loan files bankruptcy and the borrower can't make payments what happens to the auto and the balance of the loan?
Really simple: The loan goes into default and the car gets reposessed. In many car loans, the language in the contract ensures that in the event of default, the lender doesn't need to provide any more consideration and can take the car without worrying about the money left when default occured.
If I am a cosigner on a car loan and it gets repo is the owner of the car responsible for the remaining balance after it is auctioned or is it the cosigner's responsibility?
Both are responsible until paid in full. It will also be on both credit reports as well.
You have bad credit and no cosigner you need a 18000 dollar loan to get you through your last year of college what can you do?
AnswerAnswerYou asked for ways to get money now, you didn't ask anyone to lecture you about your credit score. Try these out, (A) students have a fair amount of different lenders. (B) peer to peer lending networks . (C) Secured installment loans might help. Most everyone I know gets a preapproved credit line from catalogs, check Craigslist wanted ads, buy for them.
How can the cosigner of a car immediately have possession of it after it was repossessed by the bank?
When you cosign for anyone you are taking 100% responsibility for the payments on that car. If the person that gets the car doesn't keep their payments up it will be repossessed by the bank with an option for the cosigner to take over payments or sell the car and pay back the loan. Marcy
If you made a couple of late payments on your apartment will this affect your cosigner's credit rating?
Yes, If the co-signer gets "dinged" on the credit report just like they where the signer
