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Message
Cosigner information
Posted on 7/25/16 at 5:15 pm
Posted on 7/25/16 at 5:15 pm
A family member had someone cosign for a vehicle. He the owner of the vechile) is making each payment on time, however the relationship is less than perfect. Does the cosigner have any ability to own the vehicle or make decisions on the vehicle if the payments are being made? Pardon my ignorance, I have never been in this position myself.
3
Posted on 7/25/16 at 5:26 pm to Pmurda3
No, the cosigner and other person on loan are 50% each responsible. Only way to change that is to refinance vehicle in one owners name, and/or trade in vehicle and put next vehicle in sole name of one person. GL
Posted on 7/25/16 at 8:21 pm to CoachRobertson
That is not quite right. Both people are 100% responsible for the pay,met. Cosigner 99% of the time is just a coborrower. Maybe no ownership in the vehicle, that depends on the title, but 100% responsible for repayment of the loan
Posted on 7/25/16 at 8:30 pm to MsState of mind
If the relationship is less than perfect, why consign? Cosigning in general for a family member is a usually a horrible idea, unless it's for someone under 18 to help buy a car or something since they are young without any credit.
How much debt is it? I mean if the borrower doesn't pay what's going to happen? Can the consigned pay it off fairly easily?
How much debt is it? I mean if the borrower doesn't pay what's going to happen? Can the consigned pay it off fairly easily?
Posted on 7/25/16 at 8:37 pm to Pmurda3
Cosigner: The person that actually makes the payments.
Posted on 7/25/16 at 9:50 pm to Pmurda3
Consumer stat revealed this month: in 40% of cases, the co-signer must pay some portion of the debt.
Lots of grandmas are cosigning for grandchildren (the mother is not married and has no assets). Grandmas have, in some cases, lost their properties because of the deadbeat grandson.
Best alternative: guarantor rather than surety.
Lots of grandmas are cosigning for grandchildren (the mother is not married and has no assets). Grandmas have, in some cases, lost their properties because of the deadbeat grandson.
Best alternative: guarantor rather than surety.
Posted on 7/25/16 at 10:27 pm to MsState of mind
quote:
That is not quite right. Both people are 100% responsible for the pay,met. Cosigner 99% of the time is just a coborrower. Maybe no ownership in the vehicle, that depends on the title, but 100% responsible for repayment of the loan
Title will be in both names, as per registration. Coborrower/cosigner are same thing, 100% of the time. Yes, both are 100% responsible to pay on loan, and effects both buers credit.
Either refinance or trade-in (unless you can payoff), to seperate the buyers on this vehicle
Posted on 7/25/16 at 11:35 pm to CoachRobertson
I never understood people consigning for other people. It is a banks job to lend money to people and they want to do so. If they say no to a borrower why would someone else jump in and know more than the bank.
Posted on 7/25/16 at 11:38 pm to MsState of mind
I will say however I did have one customer back when I worked at the bank and he would come in and consign a 5k loan for each of his grandchildren when they turned 18. Now this guy had a good amount of cash and 5k wasn't much to him but he would know which grand kids to leave a good amount of cash to when he passed based on how they paid, or if they paid it back. That has always stuck with me
Posted on 7/26/16 at 10:16 am to MsState of mind
quote:
I will say however I did have one customer back when I worked at the bank and he would come in and consign a 5k loan for each of his grandchildren when they turned 18. Now this guy had a good amount of cash and 5k wasn't much to him but he would know which grand kids to leave a good amount of cash to when he passed based on how they paid, or if they paid it back. That has always stuck with me
When I was 18 I needed to buy a car to go to college (I just borrowed parents cars while in high school). I bought a car for $3,000. My grandfather did not co-sign it for me, but he put up a CD he had as collateral. I paid the loan until done and all was well.
A few years later, my sister went to college and needed a car, cost I think $3,500, grandpa again put up a CD as collateral. I think my sister made two payments, and the end result was the CD was cashed in to pay the debt.
When grandpa died my mom and her sisters got all the money and I didn't see a dime. I did get personal items of his.
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