The defaulted debt will become a negative entry on the primary borrower's credit history and will remain for the required 7 years.
When the primary borrower defaults the cosigner becomes legally responsible for the loan. If the cosigner is not able to pay the loan he or she can also be subject to legal action by the lender and the cosigner's credit score will be seriously affected.
Does the cosigner have lega recourse monetary damages when the primary borrower defaults on a vechicle loan
To pay the loan.
The credit of the primary borrower(s) and the cosigner(s) are equally affected (positively or negatively) and both are subject to the credit history check and evaluation.
The title has nothing to do with the loan. The loan will need to be refinanced using a different cosigner or only the primary borrowers.
When the primary borrower defaults the cosigner becomes legally responsible for the loan. If the cosigner is not able to pay the loan he or she can also be subject to legal action by the lender and the cosigner's credit score will be seriously affected.
It can be depending upon the course of action the lender chooses to take.
No. The purpose of requiring a co-signer is that in the case of a default by the primary borrower, the cosigner has agreed to be fully responsible for the loan. Therefore, if the borrower defaults, that's what you're there for if you're the cosigner.
Does the cosigner have lega recourse monetary damages when the primary borrower defaults on a vechicle loan
To pay the loan.
Cosigner
The credit of the primary borrower(s) and the cosigner(s) are equally affected (positively or negatively) and both are subject to the credit history check and evaluation.
The cosigner has the same legal obligations to repay the debt as does the primary borrower. If the primary borrower defaults, the lender can begin proceedings to collect the full amount owed plus applicable fees from the cosigner. A cosigner can be sued just as can the primary borrower. And if the primary borrower claims bankrutpcy, the cosigner will still get "stuck" with the debt. The credit report of the cosigner will be equally affected, either in a positive or negative way, depending upon the circumstances.
No. The cosigner will still be equally responsible for the debt
The title has nothing to do with the loan. The loan will need to be refinanced using a different cosigner or only the primary borrowers.
No. You are the primary borrower and are honoring your financial obligation.
yes, as co-signer you only guarantee the loan in case the primary defaults, they own the car.