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No. A co-signer has no such authority over the primary borrower. The co-signer is on the hook until the loan is paid off.
No. A co-signer has no such authority over the primary borrower. The co-signer is on the hook until the loan is paid off.
No. A co-signer has no such authority over the primary borrower. The co-signer is on the hook until the loan is paid off.
No. A co-signer has no such authority over the primary borrower. The co-signer is on the hook until the loan is paid off.
Wiki User
∙ 11y ago
Wiki User
∙ 11y agoNo. A co-signer has no such authority over the primary borrower. The co-signer is on the hook until the loan is paid off.
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What can a cosigner do after a car is repossessed Can they sue the primary signer?
Seems pointless to even consider. If the primary signer didn't have enough funds to make the car payments, they probably will not have enough funds to pay any lawsuit you charge them with. Fact is, if the primary signer defaulted on payments, then the cosigner would be responsible for making them - If repossession occured, then it was due to the fault of the cosigner .. can't sue yourself.
Cosigner repo a vehicle?
If you are a co-signer of a repossesion, and the primary borrower has not made an attempt to make their payments then you are fully responsible for this debt.
If cosigner files bankruptcy on car does it wipe out primary signer obligations?
I'm not an attorney, but I seriously doubt it. What sense would that make?
Will a bank repossess a car from co signer if primary goes bankrupt?
Only if the primary has said s/he will surrender the property in the bankruptcy and/or if the cosigner does not make the payments due.
Can you protect yourself from being liable if you are a co signer?
No, that's the point of being a co-signer. Your role is to make sure the payments are made. If the primary person on the loan cannot make the payments, the co-signer is responsible for covering the payments. If a cosigner was not held responsible for the loan, it wouldn't make much sense to even have a co-signer.
Would a cosigner's name appear in the credit bureau?
Yes. A co-signer is fully responsible for the debt. If the primary borrower doesn't make the payments it will be reflected on the credit record of both borrowers. If the primary defaults, the bank will go after the co-borrower for payment. That is the purpose of having a co-signer. The co-signer guarantees the debt will be repaid.
Will your credit be damaged if you as a cosigner continue to make payments on a car loan when the primary signer declares bankruptcy?
GET the car(if you want it), make arrangements with LENDER to do what they will expect you to do anyway....NO DONT pay for it and YES it will be bad
Can a cosigner ask the court to garnish the borrower's wages to make the loan payments?
The cosigner can ask but I seriously doubt they will be successful. The cosigner knew the risks when they signed the loan application. The cosigner knew, or should have known, the borower's history of successful loan payoffs were questionable at best. The cosigner assumed the responsibility when they signed on.
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?
Can the lender take to me to court if I am just a cosigner for my friend and he could not pay the remainder of his car loan?
Yes. That is the job of a co-signer, to make sure the signer makes the payments or to make the payments if the signer cannot.
Why do it have to affect the co-signer when its your debt?
Because the cosigner guaranteed the to pay the loan if you do not. You fail to make a payment and the lender will be looking at the cosigner for the payment. You not only have an obligation to the lender who lent you the money but to the cosigner who also signed his name to the loan agreement.
What are the obligations of a co-signer?
Co-signers are in fact co-borrowers and are jointly and severally liable for the loans. A co-signer guarantees the lender that if the primary borrower does not make payments, the co-signer will assume the loan obligations and make payments on it in the primary borrower's place. a cosigner of a car? because if they dont pay there car bills they will come after you for the money. and if you dont have it to pay they will reposses the car and you and the other persons credit is down the drain To pay the bill if the 1st signer defaults. If you don't pay, then your credit is ruined so be careful of who you cosign for. Be sure you can trust them and that they are responsible.
