Re: joint auto loan - possible effect
01-30-2013 06:45 PM
you have to put cosigner to be primary,and you will be cosigner. after 1 year try to get refinance to take the cosigner out, in the eye of lender,they make decision base on primary first,if primary not qualify for loan,they will have to look a cosigner, then if cosigner did not qualify then bye bye . on credit report. 3 CRA will report both of you guy. So the main thing is just get the Loan approval, thats it
I am confused, why put the planned cosigner as the primary in this case. By your own analysis what would be the point of it?
If the OP can't qualify then the co-signer is used; if that individual doesn't qualify, then they would not have qualified as primary either. What does the additional hassle and step gain in this instance other than a lot more aggravation and paperwork?
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