2006-08-14 05:58:01 · 4 answers · asked by dmdalton_71 1 in Business & Finance ➔ Credit
A co-signer is the one who has to guarantee payment if the borrower fails to do so. It will effect your credit even if the borrower is late on any of his/her payments.
2006-08-16 09:09:07 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Directly from Experian's site:
Co signer
Person who pledges in writing as part of a credit contract to repay the debt if the borrower fails to do so. The account displays on both the borrower's and the co-signer's credit reports.
http://www.experian.com/consumer/glossary.html
You can also request a voluntary repossession on the vehicle, but keep in mind it will also affect your report as well. Unfortunately there is usually nothing you can do to remove this item from your credit report short of selling the vehicle, and satisfying the tradeline.
2006-08-14 13:15:32 · answer #2 · answered by Anonymous · 0⤊ 0⤋
A co-signer is fully responsible for any note one has co-signed.
The primary borrower is expected to pay it, "only by you".
If one has satisfactory credit, the lender would finance that person.
You are the one being financed. You are responsible for the debt.
2006-08-14 13:06:45 · answer #3 · answered by ed 7 · 0⤊ 0⤋
YOU ARE JUST AS RESPONSIBLE FOR THE DEBT AS THE PRIMARY SIGNER. THEREFORE, THE ITEM YOU SIGNED FOR IS JUST AS EQUALLY YOURS AS IT IS THEIRS. IF THEY FAIL TO PAY ON-TIME, YOU FAIL WHEN IT COMES TO YOUR BUREAU SCORE.
2006-08-14 13:08:14 · answer #4 · answered by americanreavill 2 · 0⤊ 0⤋