No. A co-signer is a person who guarantees the loan and a co-buyer is a person who has equal ownership and liability. An example is when a young married couple wants to buy a car but does not have good or sufficient credit or enough collateral for the loan. They might get one of their parents to guarantee payment of the loan by becoming a co-signer. If the couple defaults on the loan, the co-signer becomes liable. In this same case, the couple as husband and wife, sign the loan (co-borrowers) and the purchase document for the car as co-buyers, sharing equally ownership and primary liability.
The cosigner has the same legal obligations to repay the debt as does the primary borrower. If the primary borrower defaults, the lender can begin proceedings to collect the full amount owed plus applicable fees from the cosigner. A cosigner can be sued just as can the primary borrower. And if the primary borrower claims bankrutpcy, the cosigner will still get "stuck" with the debt. The credit report of the cosigner will be equally affected, either in a positive or negative way, depending upon the circumstances.
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