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| *Loan,banking and credit>>>auto loan |
Co-signer for auto loan in different state? |
Can someone in a different state cosign for a person in another state? The financing and buying of the vehicle would be in a different state than the cosigner but not the other person. My guess is no. If you live in a differnet state how would they get the car if it had to be repossed, however ask the lender and your DMV or state goverment. They have laws regarding this and everyone would be different. Yes If that person has good credit and is willing to risk it for an other. Who ever co signs is responsible for the payments if the other person doesn't make the payments. You are asking a lot of the co-signer. Be sure you can make the payments, as you are risking not only your credit but your co-signers as well. It will depend on the lender (bank). Some major banks will allow it if the person co-signing lives within their lending area, so banks like Chase, Regions,FMCC, GMAC, etc... will typically allow out-of-state co-signers. Smaller, regional/local banks typically will not allow out of state co's, but that goes on a case by case basis. It does not effect title or registration, just make sure that the dealer puts "and/or" on the title, that way both parties won't have to be at the BMV. |
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