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Is the co buyer obligated to pay the loan if the buyer defaults?
Yes
Is the co-buyer obligated to pay the loan if the buyer defaults?
Yes
What is the difference between a buyer and a co-buyer when purchasing a car?
A buyer is the primary person responsible for purchasing a car and is legally obligated to make payments. A co-buyer is someone who shares the responsibility for the car loan and is equally liable for payments if the buyer fails to pay.
Do you still have to pay a car loan if the co-buyer filed bankruptcy?
Yes.
What is the difference between a co-buyer and a co-signer?
A co-buyer is jointly responsible for making payments and owns the item being purchased, while a co-signer is only responsible for payments if the primary borrower fails to pay.
If a co-buyer is on the contract and is making the payments does the co-buyer receive the credit points or does the buyer?
Both the co-buyer and the buyer get the credit and the blame if the loan is not paid. Co-signing on the loan is the same as getting the loan.
Can the co-buyer insure a car?
Yes the co-buyer can insure the car because basically its saying that the co-buyer has ownership in the automobile as well as the buyer.
Who is responsible for the auto loan buyer or cobuyer?
If the buyer does not pay the loan, then the lender comes after the co-signer. Late payments affect both credit reports. Most recommendations are not to co-sign a loan.
If you pay for the judgment is the co buyer also released?
Yes, but it will remain on your credit *as paid* for ten years.
Does a co buyer have rights to the auto loan payments?
The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.
Is the co signer the same as the co buyer?
No. The co-buyer has an ownership interest in the property. The co-signer does not and only guarantees the loan will be paid. The co-signer is equally responsible for paying off the loan if the primary borrower fails to pay.No. The co-buyer has an ownership interest in the property. The co-signer does not and only guarantees the loan will be paid. The co-signer is equally responsible for paying off the loan if the primary borrower fails to pay.No. The co-buyer has an ownership interest in the property. The co-signer does not and only guarantees the loan will be paid. The co-signer is equally responsible for paying off the loan if the primary borrower fails to pay.No. The co-buyer has an ownership interest in the property. The co-signer does not and only guarantees the loan will be paid. The co-signer is equally responsible for paying off the loan if the primary borrower fails to pay.
If there is a buyer and co-buyer and the buyer does not want the auto can the co-buyer take over the loan because the buyer gets all the credit?
The co-buyer should contact the LENDER and ask to have the buyer removed from the loan. Nothing can be done legally without the LENDERS approval.
