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Is the co-signer responsible for for the primary not paying timeshare payments?
Wiki User
∙ 13y ago
Yes. It is the stated purpose of a co-signer to take responsibility if the primary signer is unable or no longer interested in fulfilling the obligations they signed for.
Wiki User
∙ 13y ago
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Is the cosigner the only one responsible on the loan?
The primary borrower is responsible for making the payments and adhering to the terms of the lending contract. The cosigner is legally obligated only if the primary borrower defaults on the lending agreement or files bankruptcy (chapter 7).
Is a cosigner responsible for overage miles?
A cosigner is responsible for anything the primary party does not pay.
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.
What are the consequences of signing a car loan when the primary borrower defaults on the payments?
When the primary borrower defaults the cosigner becomes legally responsible for the loan. If the cosigner is not able to pay the loan he or she can also be subject to legal action by the lender and the cosigner's credit score will be seriously affected.
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.
Does the lender on a car loan have to notify the cosigner before they repossess the car in TN?
They should since they are just as responsible for making payments as the primary.
Is a cosigner liable for an automotive repossession in Michigan?
When you cosign for an automobile purchase you are typically liable for an automobile repossession in Michigan. The reason why is because you are responsible for car payments as a cosigner if the primary debtor cannot pay.
Can someone garnish a cosigner for a car and garnish the primary also?
In the State of Texas, the answer would be "YES" as both parties signed for the car loan and both are responsible for the balance due. I was the primary signor but the cosigner had the car and was making the payments. Then she stopped making payments after owning the car for 3 years and the car was repossessed.
What if the primary borrower files bankruptcy is the cosigner still responsible for making payments on the vehicle Can the co-signer take their name off the vehicle?
A Co-signer is always responsible for the item unless the primary borrower refinances and removes the co-signer. Unfortunately if the primary borrower filed bankrupcy it doesn't seem likely they will be able to refinance. Yes. Cosigner means that if for ANY reason the main borrower cannot pay, cosigner will be responsible to pay.
Is a cosigner on a credit card responsible after the primary dies?
Yes.
Can the cosigner sell the house if his name is not on the deed and the primary borrower has missed 3 payments?
No. If you are not on the deed, you can't sell the property. The only "right" you have as a cosigner is the obligation to make the payments.
Can a cosigner take the primary borrower to court to get possession of the car that the primary has made all the payments on and the car is insured and registered to the primary?
No.
