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| Would you like Gold? |
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 Posted: Wed Jan 10, 2007 10:19 am
Does anyone know much about the Law? The reason I am asking this is because I know someone who never had a driver's license; tried to help her granddaughter out and cosigned for a car and then her granddaugter died so now the place where the car was purchased is coming after her. Legally can they allow someone to co-sign for a vehicle and that person never had a driver's license? If you know the answers to these questions can you let me know please. Thanks.
question question question question question question question confused
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Posted: Wed Jan 10, 2007 11:29 am
I don't know how it works anywhere else. But here in canada the co-signer is signing for the loan, not whatever was purchased.
a co-signer is used to ensure payment on whatever is bought is paid for.
so be it a car, or a new piece of furniture if the original person who took out the loan doesn't pay. then the company who it was bought from is within their rights to come after the co-signer for payment.
My question is, can't she sell them back the car? or is it gone?
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Posted: Wed Jan 10, 2007 11:38 am
Ok maybe that wasn't quite clear, lemme try again.
a co signer is designed to ensure payment will be made. If someone's credit is less than stellar (like mine) they will ask for a co-signer and usually that person on the loan is basically saying yeah they're a good person they'll pay.... and if they don't... I will.. Now if for some reason the person with the not so great credit doesn't pay... then yes the bank ( or loan company) can come after the person who said Yeah they're good for it... and if they don't pay I will.
Usually in the case of a death, the estate is liqudated and then all debts are paid off with that...
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Posted: Wed Jan 10, 2007 5:15 pm
Nom-de-Plume Ok maybe that wasn't quite clear, lemme try again. a co signer is designed to ensure payment will be made. If someone's credit is less than stellar (like mine) they will ask for a co-signer and usually that person on the loan is basically saying yeah they're a good person they'll pay.... and if they don't... I will.. Now if for some reason the person with the not so great credit doesn't pay... then yes the bank ( or loan company) can come after the person who said Yeah they're good for it... and if they don't pay I will. Usually in the case of a death, the estate is liqudated and then all debts are paid off with that... What if the cosigner is on disability only?
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Posted: Wed Jan 10, 2007 5:50 pm
mshonesty Nom-de-Plume Ok maybe that wasn't quite clear, lemme try again. a co signer is designed to ensure payment will be made. If someone's credit is less than stellar (like mine) they will ask for a co-signer and usually that person on the loan is basically saying yeah they're a good person they'll pay.... and if they don't... I will.. Now if for some reason the person with the not so great credit doesn't pay... then yes the bank ( or loan company) can come after the person who said Yeah they're good for it... and if they don't pay I will. Usually in the case of a death, the estate is liqudated and then all debts are paid off with that... What if the cosigner is on disability only? Doesn't matter. The cosigner assumes responsiblity for repayment of the debt in the event the primary signer can not/refuses to pay.
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Posted: Wed Jan 10, 2007 8:00 pm
I don't think there's any law that says that someone who doesn't know how to drive can't own/buy a car. They just can't drive it.
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Posted: Wed Feb 07, 2007 10:15 am
Nom-de-Plume Ok maybe that wasn't quite clear, lemme try again. a co signer is designed to ensure payment will be made. If someone's credit is less than stellar (like mine) they will ask for a co-signer and usually that person on the loan is basically saying yeah they're a good person they'll pay.... and if they don't... I will.. Now if for some reason the person with the not so great credit doesn't pay... then yes the bank ( or loan company) can come after the person who said Yeah they're good for it... and if they don't pay I will. Usually in the case of a death, the estate is liqudated and then all debts are paid off with that... The place where the car was purchased told them they sold a 1999 Buick LeSabre for $400 and there was absolutely NOTHING wrong with the car and when the request of how much they sold the car for was sent it was a piece of paper that said that what type of car it was and it was sold for $400 but not to whom, where, when.
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