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Can a cosigner be held legally responsible and sued for a car accident involving the primary borrower?
Yes, a cosigner can be held legally responsible and sued for a car accident involving the primary borrower, as they are equally liable for the loan and any related incidents.
Does the cosigner have to live with you?
. Generally, no. A co-signer on a loan does not have to reside at the same residence as the primary borrower. Once the co-signer signs for the primary borrower; he or she is as liable as the primary borrower. It should be noted that some lenders may have their own requirement that the co-signer live at the same address as the primary borrower.
Does a bad loan affect the cosigner?
Yes. That is the whole purpose of having a co-signer. They are liable for repaying the loan if the primary borrower defaults.
Is the cosigner of a vehicle liable if the it gets repossessed?
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.
Does a cosigner have to live at the same address as the primary borrower on a loan?
No. No. A co-signer on a loan does not have to reside at the same residence as the primary borrower. Once the co-signer signs for the primary borrower; he or she is as liable as the primary borrower. As far as where the co-signer resides is up to the company providing the loan proceeds. Example: parent co-signing for a collge loan for their child who lives or attends school in another state.
Can a cosigner sue for the debt incurred as a result of the primary borrower filing bankruptcy.?
No * In most cases, yes. Secured debts such as a vehicle are not dischargeable in BK. Therefore, the primary borrower is only temporarily avoiding action by the lender. If the cosigner is held responsible for the default he or she may sue the primary borrwer for damages incurred. ==ans == Yet another take: The cosigner is a co-borrower. By the primary defaulting he actually gets no more debt than he already had and agreed to be liable for. Whether he would have a claim for paying having to pay the debt he agreed to be liable for before the BK, instead of the primary, would depend on the (hopefully written) agreement between those two parties. While unlikely, it is possible that is noted in the loan document.
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.
If you co-sign a car loan, are you liable for accidents that occur while the primary borrower is driving the vehicle?
Yes, if you co-sign a car loan, you can be held liable for accidents that occur while the primary borrower is driving the vehicle.
What rights does a cosigner of a car have in the state of Texas?
In Texas, a cosigner on a car loan shares responsibility for the debt but does not have ownership rights to the vehicle unless explicitly stated in the loan agreement or title. A cosigner's primary role is to provide additional creditworthiness for the borrower, thereby helping them secure financing. If the borrower defaults, the cosigner is liable for the loan payments and may face negative impacts on their credit score. However, cosigners typically do not have the right to possess or control the vehicle unless they are also listed as an owner on the title.
If a cosigner is forced to make payments on the loan because the borrower has defaulted can the car be confiscated from the borrower by the cosigner?
No. The car is not your property, nor do you have legal authority to sieze property. It would be considered grand theft. As a co-signer, you agreed to be just as legally liable for the debt as the borrower. That's why it's a good idea to NEVER co-sign ANYTHING.
Is a student loan valid if the person whose name it was put in was actually the cosigner and not the student?
The parent borrower of a PLUS loan sometimes thinks they are the cosigner, when they are actually the non-student borrower. This misconception would not exist if they had actually read the loan agreement, and they are still severally liable for the keeping their part of the contract.Being the student or not being the student does not necessarily determine whether or not you're a "cosigner" or a borrower, you need to read and understand what you're signing.
Can you cosign a car loan after bankruptcy?
Yes, you can cosign a car loan after bankruptcy, but it may be more challenging. Lenders typically assess the creditworthiness of both the primary borrower and the cosigner, and your bankruptcy could impact their decision. It's crucial to demonstrate improved financial responsibility post-bankruptcy to increase the chances of approval. Additionally, be aware that cosigning makes you liable for the loan if the primary borrower defaults.
