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Old 01-26-04, 04:34 PM   #1 (permalink)
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A question about car cosigners

Trying to find some info for my friend.

If there's a cosigner on someone's car, and they are set as a primary, but the secondary person is the one that pays for the car, will he/she get any credit history for the payments, or will all of it go to the primary signer. Whom has not made any payments at all.
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Old 01-26-04, 04:36 PM   #2 (permalink)
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Re: A question about car cosigners

Quote:
Originally posted by TypeH
Trying to find some info for my friend.

If there's a cosigner on someone's car, and they are set as a primary, but the secondary person is the one that pays for the car, will he/she get any credit history for the payments, or will all of it go to the primary signer. Whom has not made any payments at all.
I'm in this boat myself. I made some poor economic choices with my credit cards after I turned 18, and when I went to get a car my credit sucked so bad I had to get a cosigner to be the primary signer. The answer to your question is that both parties will receive credit history, both good and bad, for all payments made.
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Old 01-26-04, 04:42 PM   #3 (permalink)
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Thank you sir, I'll make sure and let her know.
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Old 01-26-04, 04:48 PM   #4 (permalink)
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Re: Re: A question about car cosigners

Quote:
Originally posted by Adam D
I'm in this boat myself. I made some poor economic choices with my credit cards after I turned 18, and when I went to get a car my credit sucked so bad I had to get a cosigner to be the primary signer. The answer to your question is that both parties will receive credit history, both good and bad, for all payments made.

Not necessarily...

Be sure that the lending institution reports prompt payments to the co-signer's credit. (it is likely that they do - but double check to be sure)
 
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Old 01-26-04, 04:51 PM   #5 (permalink)
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Re: Re: Re: A question about car cosigners

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Not necessarily...

Be sure that the lending institution reports prompt payments to the co-signer's credit. (it is likely that they do - but double check to be sure)
Well she would be the one needing an co-signer but she would be paying for the car. So she wants to make sure she gets the credit history build up.
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Old 01-26-04, 04:57 PM   #6 (permalink)
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Re: Re: Re: Re: A question about car cosigners

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Originally posted by TypeH
Well she would be the one needing an co-signer but she would be paying for the car. So she wants to make sure she gets the credit history build up.
good luck
 
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