Question:
if I become a guarantor for my nephew to buy a car and now decided not to be a guarantor.
Answers:
Are Jeeps as good as Honda's and Toyota's, I mean milage wise?
Not without paying it off or the bank agreeing to release you based on his credit information, which if it were good, he wouldn't have needed you in the first place, or a big enough decrease in the principal amount they are willing to look at it.Call the lender and ask, but don't hold your breath; otherwise have your nephew look into a new loan on his own and pay the old one off?
I plan to buy the Ford Fiesta SXI Diesel (INDIA)? how is the car?
no, the loan would have to be refianced. if he can prove he's been making the payments, they can reevaluate his creditworthiness and he may be able to stand alone on the loan.Then what guarantee would you hold if you could? The point is you vow to guarantee the payments of the car.
Nope. you guaranteed the payments. What good does it do a bank to accept you as a guarantor if you then backed out and your nephew stopped making the payments? He would have to refinance, if he can, otherwise you are stuck. You should never have agreed to be the guarantor if you didnt want to back it up. And for most people, you should never be the guarantor in the first place, because if he stops making payments, it negatively affects your credit just as much as his!
Is it advisable to buy a car on ebay?
Do you mean like Co-signer?No-you are stuck.
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