The co-signor IS liable for the debt if the car is repoed. The bank can get a judgment against the co-signor as well as the signor. They can garnishee wages and/or get leins against BOTH signors other property. Anything that has a prior lien on it will be subject to the PRIOR leins being satisfied first.
A co-signer is jointly and severally liable on the note, but doesn't have any security interest in the vehicle. In other words he has no rights to the vehicle, other than to pay off the note if you fail to do so. A cosigner can ask that his name be added to the title, which means he has equal ownership. When the note is paid he can then have his name removed But as a co-signer, it also means you have the responsibility to ensure that the owner of the property is able to pay on time for the financed car. If you have any doubts you can call the bank where the car is financed; they will give you a clear answer.
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