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If a student loan is paid in full by the student does the cosigner have to pay the like amount also?
Cosigning means you will pay any amounts the borrower does not pay, so if your son has paid the loan off, it is done.
Does the cosigner have to drive the car?
No, the cosigner signs on to the loan. Usually, the primary signer owns the car and drives it. The cosigner is there in case the loan goes into default and needs to be paid for. After they sign on the car does not belong to them, but the person who took out the loan.
What are the responsibilities and obligations of a loan cosigner?
A loan cosigner is responsible for repaying the loan if the primary borrower fails to do so. They are obligated to make payments on time and ensure the loan is paid off in full. Additionally, the cosigner's credit score may be affected if the borrower defaults on the loan.
If your a cosigner and want to remove your name before the loan is paid off will this affect your credit in any way?
A cosigner cannot simply remove their name from the contract. The cosigner is obligated equally with the primary borrower until the loan is paid. A cosigner's credit history will be affected, hopefully in a positive way.
How long does the co-signer have to stay on an auto loan?
A cosigner is obligated as long as the loan exisists. The loan must be paid off or refinanced into the primary borrower's name only to release the cosigner.
How long does the co signer have to stay on an auto loan?
A cosigner is obligated as long as the loan exisists. The loan must be paid off or refinanced into the primary borrower's name only to release the cosigner.
How can I remove a cosigner from a car title in California?
To remove a cosigner from a car title in California, you typically need to refinance the car loan in your name only. This process involves applying for a new loan without the cosigner's involvement and using it to pay off the existing loan. Once the new loan is approved and the old loan is paid off, the cosigner can be removed from the title.
How do you get out of responsibility for a loan if you are a cosigner?
The loan must be paid off. Until then you are responsible.The loan must be paid off. Until then you are responsible.The loan must be paid off. Until then you are responsible.The loan must be paid off. Until then you are responsible.
Can a cosigner be removed from mortgage loan?
No. The loan must be paid off and you must refinance without the co-signer.
Can you refinance your car without a cosigner if your current loan has a cosigner?
if you take it to your personal bank and ask them how much you need to have paid already they can indeed refinace you and remove the cosigner
Can a cosigner for a loan be relinquished from repaying the loan?
Only one way, have the borrower consolidate the loans without you being a cosigner. Then the original loans are paid off, and a new loan is made in only the borrowers name.
If the cosigner decides to pay off the loan to clear their property used for collateral can they put a judgment on the primary loan holder to collect the amount paid off?
Yes, the cosigner can sue the primary borrower if they can prove the money paid on the exisitng loan was a loan to the borrower and the person had knowledge of and agreed to the action.
