It depends on the policy of the finance company. I used to work in the auto finance business, and the companies that I worked for would not do it because there was no reason to. Technically speaking, the co-signer is fully liable for the loan, just like the primary signer, so whose name appeared first on the contract had nothing to do with anything.
Yes, you can switch the cosigner to the primary on a loan. The way to do this is to have the loan refinanced.
If you go to the registration office with the primary and have them give consent to the cosigner
A cosigner is responsible for anything the primary party does not pay.
No. The purpose of requiring a co-signer is that in the case of a default by the primary borrower, the cosigner has agreed to be fully responsible for the loan. Therefore, if the borrower defaults, that's what you're there for if you're the cosigner.
YES !!! He/she should certainly discuss it with the cosigner. It may be a gift or it may just be that the cosigner doesn't want to have that note appearing on his/her credit report. Whatever the reason, even if the cosigner did it as a gift, the primary should acknowledge and express appreciation. But be prepared if the cosigner expects the loan to be paid back.
The cosigner has the same legal obligations to repay the debt as does the primary borrower. If the primary borrower defaults, the lender can begin proceedings to collect the full amount owed plus applicable fees from the cosigner. A cosigner can be sued just as can the primary borrower. And if the primary borrower claims bankrutpcy, the cosigner will still get "stuck" with the debt. The credit report of the cosigner will be equally affected, either in a positive or negative way, depending upon the circumstances.
Yes, the cosigner is typically liable for the vehicle if the primary borrower defaults and the vehicle is repossessed. The cosigner is equally responsible for the loan and may be pursued for any outstanding debts, fees, or deficiencies resulting from the repossession. It's important for cosigners to understand their obligations before agreeing to cosign a loan.
no
Yes. But for now the lender has you and will get their money from you as they would the primary borrower. Cosigning is a really, really bad idea. At least for the cosigner. Everyone else seems to benefit.
Does the cosigner have lega recourse monetary damages when the primary borrower defaults on a vechicle loan
No. The cosigner will still be equally responsible for the debt
An auto cosigner, in the state of Indiana, has to meet all of the requirements of the contract. In most cases the cosigner has the same obligations as the primary signer.