Im in dire need of a new vehicle. My guy is going to co sign for me but just to cover myself, if we call off the engagement, could i loose my car if he tries to back out? how does it work? will i have ties to him afterwards?
2007-04-18 09:55:37 · 8 answers · asked by yourmygoodfeeling 3 in Cars & Transportation ➔ Buying & Selling
i will be paying the note, not him. by the way.. i just dont have enough credit to get a loan nor do i make enough.. but can afford a newer car
2007-04-18 10:04:58 · update #1
If he has signed the papers he is legally obligated to pay the loan in the event that the primary borrower defaults..
2007-04-18 10:06:07 · answer #1 · answered by ? 5 · 0⤊ 0⤋
The only out that either of you will have is to sell it, or pay it off. If the loan has a problem, both of your credit ratings will take the hit. He won't be able to take it away from you, but I think that what you are doing is a bad idea. A car is just a car, buy what you can afford, and save money to buy something better later.
2007-04-18 10:02:20 · answer #2 · answered by Ben H 5 · 1⤊ 1⤋
If he cosigns the loan, he will also be a registered owner and would be responsible for anything that happened with the car. If you guys break up, you would have a car that is regisered to both of you, he would need to release his interest, to be removed from the title, the lender would have to agree to drop him. Basically, unless you qualify to have the loan in your name only, he would be a part of your life, until the loan was paid in full. He would be responsible for the loan, just as much as you would be. If you quit making payments, they would go after him. He would be able to have full use of the car, just like you, and he could take it somewhere and hide it from you, as long as the payments were made, you wouldn't be able to do anything about that, he would have legal rights to it.
2007-04-18 10:55:57 · answer #3 · answered by fisherwoman 6 · 0⤊ 1⤋
Once he co-signs he is in it until you pay the loan off. If you default, then he will have to pay the loan payments. Is there any way you can get away from a co-signer? Maybe try your bank and see what they can do. good luck
2007-04-18 10:04:49 · answer #4 · answered by Fordman 7 · 0⤊ 0⤋
I agree with Ben. Buy what you can afford on your own if possible. If the day comes when he's no longer your boyfriend then things could be rough. All are correct that if you miss payments then the finance company will ask him to pay and your credit as well as his will be messed up for a long time if neither can/will pay for it. That happened to me and my credit is still messed up. I former friend had me cosign for her even though I had a huge car payment already and she stopped making the payments and I couldnt afford it so they repossessed it and I had to file bankruptancy to get out of paying for something I never even had (both our names were on the title and 2 lawyers said I couldn't sell it even though I had buyers unless she agreed) Please do yourself a favor and get a new car later when you (and only you) can afford to pay for it
2007-04-18 10:08:31 · answer #5 · answered by Goofy 3 · 0⤊ 1⤋
this is ugly I think
If he co-signs for you he is on the hook for the loan if you don't pay
I assume if he does not pay, they would come to get the car and the loaner could sue you both - going on both your credit ratings - and I am sure he would try to collect from you then
I am not sure why you would even want to have him co-sign if your relationship is not rock solid
Helloooo
2007-04-18 10:03:32 · answer #6 · answered by roadrunner426440 6 · 0⤊ 1⤋
He can't back out. He is the Guarantor of your loan! If you stop paying he HAS to.
2007-04-18 09:59:58 · answer #7 · answered by Cruiser 4 · 1⤊ 0⤋
once you both sign the paperwork, its both of yours. if things go bad and he says hes done with the payments, it you fail to make the payments it affects both of your credit. only way he can legally back out is to sell the car to you.
2007-04-18 10:00:13 · answer #8 · answered by mac150 5 · 1⤊ 1⤋