Heidi, as a general rule, YES. You are responsible for the UNPAID balance due on the loan. Example, you owe 5000.00, car gets sold for 2500.00, you owe 2500.00 plus fees.Good Luck
Non-approval of what? The Car Loan? In that case, yes. If you have no means of paying the loan, credit rating wise, then the dealer certainly isn't going to simply let you keep it without getting paid in return.
If you repay your loan before the interest comes due you will be probably be paying no interest on your loan. You will probably only be paying off the principal.
Yes. When you co-signed the loan you made yourself legally responsible to pay the amount due if your grandson failed to make the payments. You are as responsible as he is for paying the loan.
Yes, if you bring your loan up to current, and pay any additional fines & expenses. Making your loan current requires paying all overdue or due payments on the vehicle.
In most cases, the interest rate on a new car loan is lower than the interest rate on a used car loan. This is the due to the fact that most borrowers will keep the new car longer than a used one.
pay your bill Paid 3 months back current payment due and bank has issued repo Who can help until can get caught up
Your 'rights" are to do whatever you said you would do(pay the loan off) or give up the car. Its fairly simple, the lender has worked with you and you simply cant afford THAT car. There is a car somewhere that you CAN afford. There are NO magic rights that enable you to keep anything you cant afford. You can file bankruptcy to avoid paying the balance due on the car, but you still dont get to keep the car.
With any debt, even if you are making a monthly payment, you are not paying the full amount due. The car may be repossessed, your credit report can reflect these late payments thus making future credit applications more challenging.
If you are in default on a student loan, any payments due to you from the government may be withheld and applied to the loan.
The parties who signed the loan are responsible for paying the loan. You can do the B/K deal just like the co-signor did and it will all go away.
There are no benefits for a co-signer. If the loan is for the purchase of property such as a car, the co-signer may end up paying for property they don't own. Your role as a co-signer involves your own risk. By co-signing you agree to be equally responsible for paying the full balance of the loan if the primary borrower fails to make their payments. If they are late making a payment, it will be reported under your own credit record.Also, co-signing a loan will create a liability against the co-signer. If they need a loan, it may not be approved due to the outstanding co-signed loan or there may be a higher interest rate due to the increased possibility of a loan default if the co-signer needs to start making payments on the co-signed loan.There are no benefits for a co-signer. If the loan is for the purchase of property such as a car, the co-signer may end up paying for property they don't own. Your role as a co-signer involves your own risk. By co-signing you agree to be equally responsible for paying the full balance of the loan if the primary borrower fails to make their payments. If they are late making a payment, it will be reported under your own credit record.Also, co-signing a loan will create a liability against the co-signer. If they need a loan, it may not be approved due to the outstanding co-signed loan or there may be a higher interest rate due to the increased possibility of a loan default if the co-signer needs to start making payments on the co-signed loan.There are no benefits for a co-signer. If the loan is for the purchase of property such as a car, the co-signer may end up paying for property they don't own. Your role as a co-signer involves your own risk. By co-signing you agree to be equally responsible for paying the full balance of the loan if the primary borrower fails to make their payments. If they are late making a payment, it will be reported under your own credit record.Also, co-signing a loan will create a liability against the co-signer. If they need a loan, it may not be approved due to the outstanding co-signed loan or there may be a higher interest rate due to the increased possibility of a loan default if the co-signer needs to start making payments on the co-signed loan.There are no benefits for a co-signer. If the loan is for the purchase of property such as a car, the co-signer may end up paying for property they don't own. Your role as a co-signer involves your own risk. By co-signing you agree to be equally responsible for paying the full balance of the loan if the primary borrower fails to make their payments. If they are late making a payment, it will be reported under your own credit record.Also, co-signing a loan will create a liability against the co-signer. If they need a loan, it may not be approved due to the outstanding co-signed loan or there may be a higher interest rate due to the increased possibility of a loan default if the co-signer needs to start making payments on the co-signed loan.