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No - just the loan. BUT! The seller may repossess and sell the damaged car for $500.00 to apply to the loan rather than maybe $2000.00. So it's about the same anyway. You lose.

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โˆ™ 2008-01-13 02:53:48
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Q: In North Carolina if you have cosigned for an auto loan and the loan is in default and the auto is damaged is the cosigner responsible for the damage?
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Is a husband liable for a student loan for his stepson if his wife cosigned for the loan and it has not been repaid?

No. In community property states spouses are sometimes responsible for debts incurred by the other spouse even if the debt is not joint. However, such marital debt laws would not apply in the situation cited. The husband would not be responsible for repayment in case of default nor would his credit be damaged with the exception of possible problems when applying for joint credit with the cosigner wife.


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