If the account was secured by what ever was purchased, then it is likely to be repossessed, and regular collection procedures will begin to collect any remaining balance. If the account is unsecured, collections will begin against the guarantor or primary on the account. It is possible that the guarantor may be able to get all or part of the debt covered by any funds available from the cosigner's estate, but this would likely require the assistance of an estate attorney.
The cosigner now owes for the loan.
If you default on your loan, the cosigner is stuck with paying it off. If your credit had been any good in the first place, you would not have needed a cosigner.
A cosigner- someone who agreesto pay the loan if you default
Nothing. The only option for being remove as a cosigner is to have the original loan refinanced without the cosigner participating.
To obtain a cosigner loan, you typically need a cosigner with good credit and income to guarantee the loan repayment in case you default. The cosigner's financial stability helps you qualify for the loan and secure better terms.
No, the cosigner signs on to the loan. Usually, the primary signer owns the car and drives it. The cosigner is there in case the loan goes into default and needs to be paid for. After they sign on the car does not belong to them, but the person who took out the loan.
If a lender does not feel comfortable with what they perceive as your ability to repay a loan they may ask that you get a cosigner. The cosigner is a person who would be guaranteeing the loan repayment if you were to default.
If a lender does not feel comfortable with what they perceive as your ability to repay a loan they may ask that you get a cosigner. The cosigner is a person who would be guaranteeing the loan repayment if you were to default.
If your cosigner dies during the loan repayment period, the responsibility for repaying the loan typically falls solely on the primary borrower. The terms of the loan agreement will dictate how the situation is handled, but the primary borrower may need to continue making payments on their own or seek alternative arrangements with the lender.
The other signer must make the payments or the loan will go into default, the property will be taken and your credit will be ruined.
Yes, a cosigner can take over a car loan if the primary borrower is unable to make payments. The cosigner would become responsible for the loan and would need to make payments to avoid default.
No, you signed, you are equally responsible for the payments, you are also equally responsible for what happens with regard to default. This is why the lender permitted you to sign as a co-securer of the original loan.