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If only one month passed with no payment can you the co-signer have the car repossessed to avoid credit problems in the future?
Wiki User
∙ 14y ago
When we cosigned a loan for our daughter we wrote up a separate contract which she signed. In the contract it stated that if she was one month late we had the right to reposess and she would also be responsible for all interest charges incurred for the life of the loan. We had insurance stipulaions as well. She signed the agreement and it is useable in court.
Wiki User
∙ 14y ago
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As a cosigner can you have a vehicle repossessed without affecting the cosigner credit rating?
Nope.
How bad does it affect the cosigner's credit if the borrower has the car voluntarily repossessed?
It has the same effect on the credit.
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.
Does a cosigner have to have a job?
No, a cosigner can be retired, or just in good standing with the federal credit bureau. They do not necessarily have to have a job. But the deal with a cosigner is that if the individual they are cosigning for does not pay the bill, the cosigner is responsible for the payment.
Can a cosigner help you get an automobile if your other automobile was repossessed?
this is the main reason why people need someone to sign for them.(bad credit) the answer is yes
If your car was repossessed but redeemed by the cosigner can the bank report a repossession on your credit but not on the cosigner's?
VERY possible. reporting repos is up to the LENDER(of course, they usually do). It was very much repoed from you sooo. Nothing you can do about the co-signor having or not having a repo on their credit.
Which states' lenders are supposed to notify the cosigner before reporting a late payment to credit bureaus?
None
If we have bad credit will a cosigner help us get a mortgage?
Yes, a person with bad credit can get a cosigner for a mortgage. The cosigner will have to have excellent credit and must go into the office to sign papers to become a cosigner.
How long does a company have to inform a cosigner that the borrower is in default in payment?
It is their legal right to never inform you and simply allow your credit deteriorate. It is your job as the cosigner to make sure the contract is up-to-date.
Whose credit score is used when you cosign for a loan?
The cosigner's credit score is used. They are the one responsible if the primary signer defaults on payment. Both credits are ruined if the car payment is missed. Be very careful of who you sign for!
If you cosigned for a car and it got repossessed voluntarily what will it do to your credit and will you owe?
Whether a repossession is done "voluntarily" by the primary or through the action of the lender, the primary borrower and the cosigner are still legally responsible for all the terms of the lending agreement. The affect the repossession has on the cosigner's credit history will depend upon the actions of the lender to recover the debt owed.
Will a cosigner's credit history appear on your credit report?
No
