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hi,
Christine
I have
done co-applicant before, just following the same procedure you would with a
borrower
they
need to complete an application and their name is also on the title on the car
and they are both responsible for paying back the loan, the main reason sometime
clients use co-applicant is either they are married. I do not use
co-signer if their credit is bad.
Hi Lex,
I talk with the people and try to figure out how
they will have the greatest success of qualifying. Then I do the budget
accordingly. Sometimes I do it both ways to see if they're better off
applying together or if just one should apply. Unlike Dave, I don't
necessarily encourage co-applying because it doesn't help them build credit as
individuals, and that's one of my goals. I don't really discourage it,
either, though. If they are co-applicants I always require the same
paperwork for both and apply the same guidelines. Both names would go on
the title. I rarely have this happen, by the way.
Chris R-Q
----- Original Message -----
Sent: Thursday, July 01, 2004 7:36
AM
Subject: [WTW] Co-Applicant /
Co-Signer
Hello All-
I have my first Co-Applicant loan going through and am wondering how
this is handled. Do any of you have experience with this and if
so, can you tell me the procedure your site follows.
Do you require the Co-Applicant to complete a Loan Budget Form?
Are they listed on the Car Title? What if the Co-Applicant shows
a pattern of poor credit? What if the Co-Applicant makes
sufficient income to cover the loan with poor credit? etc. etc.
Thanks for your help.
Lex Levy,
Ways to Work
Family Services of Montgomery County
Pottstown, PA
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