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Is it better for a person considering cosigning on an auto loan to be a co-buyer versus cosigner?

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2006-06-16 15:15:48
2006-06-16 15:15:48

Yes, because then they have a vested interest in the property, whereas a cosigner usually has no legal rights to the vehicle and is only agreeing to assume the debt if the primary borrower defaults on the contract.

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Normally a cosigner has to be able to pay the loan if the signer does not pay. So the cosigner should have better credit than the person seeking the loan.

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Yes, you should have your loan officer check what your interest rate would be with a cosigner and without. If the cosigner has a lot of debt and not very high income it might be better not to put them on the loan.

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No, you do not need copies, but can easily get copies by asking for them. Your first mistake was cosigning the loan. You are now responsible for this loan and you better pray he makes the payments on time. IMO, cosigning for a loan on anyone other than family is foolish at best. You may end up loosing a friend and lots of money to boot.

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If the cobuyer is in possession of the vehicle in this scenario, then eventually the lender will put it out for repossession. Once located, the repo agent will secure the vehicle or will have it assessed for the lender to determine if they want it or not, if it is worth repossessing. Either way, if you are the primary on the account, it will negatively affect your credit. It might be better for you to contact the lender and divulge the location of the unit. As a signer on the loan, you have the right to sign a voluntary repossession and surrender the vehicle. In light of the irresponsible behavior of the cosigner, it is the right thing to do.

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Yes. It is a common misconception that cosigners are not responsible for the debt of the primary on the account they signed. I'm not sure how that started, or why it persists, but cosigners, comakers, coguarantors, and cobuyers are equally responsible for the debt they sign with the primary. Collections agencies will not waste a lot of time trying to get a primary to pay when there is a cosigner who is easier to locate. And, because both are equally responsible, there is no need to even try to get the primary who is not paying to do what they are already not doing when the contract was written based on the better credit of the cosigner.

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