Repossession
Personal Finance
Loans
Money Management

When a car in Texas gets repossessed for failure of payment does the car company come after the main signer or the cosigner for paying off the rest of the loan?

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Wiki User
2006-09-13 15:04:05

Both. But in reality, they go after the money. If the primary is

broke, doesn't have a job, homeless, whatever, the bank will go

after the person with the money. Now aren't you glad that you

co-signed? They'll first try to get the primary signer to pay the

debt. If he can't, the company will hold the co-signer liable for

it. A co-signer is just as legally liable for the debt as the

primary signer. You know when it's a good idea to become a

co-signer? Never.


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