2007-01-03 01:55:00 · 12 answers · asked by mz_deep 1 in Business & Finance ➔ Credit
Yes. A co-signer is a person who is legally responsible for the debt in the instance that it is not being paid by the original debtor. If the debtor does not make the payments, this affects the credit of both parties, which is why it is an extremely bad idea to co-sign a loan for anyone unless you make an agreement whereby the co-signer gets the money and makes the payment himself or herself, thereby making sure the debt is paid and credit is not affected.
2007-01-06 14:10:53 · answer #1 · answered by ginabgood1 5 · 0⤊ 0⤋
yes. thats the purpose of a cosigner. they are the person the bank goes after when the primary signer defaults on the loan. A good rule of thumb is to never cosign for anyone ever. Especially family.
2007-01-03 01:59:05 · answer #2 · answered by Michael F 5 · 1⤊ 0⤋
Yes, both parties are responsible. The reason the bank let the other person co-sign on the loan is because they had a better credit report and were more likely to be able to pay it back.
The bank wants their money and will go after each and every person on the note until it is satisfied.
2007-01-03 01:58:38 · answer #3 · answered by John Stamos 3 · 0⤊ 0⤋
considering the fact which you're no longer previous sufficient to legally sign a settlement, your concepts are very limited. i think of you should set your attractions on a used motor vehicle, which you would be able to save sufficient money for, possibly a pair thousand. you should be waiting to locate something in that funds to get you to college and your job. it somewhat is how I have been given my first motor vehicle, as quickly as you turn eighteen, in case you nonetheless have secure employment and could teach some money for a down value, then you truly can stick to for yet another motor vehicle, probably nonetheless used, yet greater moderen than your first motor vehicle, and build your credit from there. good success, do no longer assume to have a sparkling motor vehicle at one in each and every of those youthful age, it takes time to be sure your self in life, and you're only taking those first steps.
2016-11-26 00:34:30 · answer #4 · answered by ? 4 · 0⤊ 0⤋
They can and they will. If the bank takes the car back, they will sell it for whatever they can get and you and/or the co-signer will have to pay the difference. The best thing for you to do is pay for it now or you'll be paying for it later and you won't even have it.
2007-01-03 01:58:40 · answer #5 · answered by capnemo 5 · 0⤊ 0⤋
Your co-signer is your back-up. They are saying that if you don't pay, the loan originator has the right to come to them for the balance owed.
2007-01-03 01:58:29 · answer #6 · answered by Brownie 5 · 0⤊ 0⤋
Yes because the co-signer is as responsible for the loan as you are.
2007-01-03 01:57:50 · answer #7 · answered by madamspud 4 · 1⤊ 0⤋
Yes, you are both responsible. It will hurt your credit as well as the co-signers
2007-01-03 02:03:13 · answer #8 · answered by Spoiled 3 · 0⤊ 0⤋
Yes and it will go on both crediy reports.
2007-01-03 02:25:45 · answer #9 · answered by Marcella D 2 · 0⤊ 0⤋
Yes. Don't let anyone put you in that situation, family or not.
2007-01-03 02:34:20 · answer #10 · answered by Anonymous · 0⤊ 0⤋