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You have good credit. Your kid just graduated from high school. You gave her $500.00 for a graduation present. She just got a new job. She needs a car to get to work. She takes the money you gave her and some money she saved. She wants to use that for the down payment on a car. She has no credit. She puts the money down and you sigh the loan along with her. You cosigned the loan. She signed the loan. She will pay it. If she can not pay it, Then they will ask you for the money. If the main signer can not pay the loan, the cosigner is then responsible for the loan.
Very simply - a co-signer of a loan is responsible for absolutely everything as the "other" signer) who may be called primary signer). No difference.
EXCEPT that the cosigner frequently does NOT have possession or legal control of any property involved in the loan, so using it (say selling it) to pay for the loan can be much more difficult, if not impossible.
So whatever the responsibility, or recourse, (legal or financial) is for whatever action or lack of action required under the loan (and frequently under law too as many times you are considered the owner of any property connected with the loan), you are subject to also.
What else can I help you with?
Can you cosign a car lease for me?
I am unable to cosign a car lease for you.
How many time can you cosign a car?
how many times can someone cosign a car
If I cosign a car, will the car be in my name?
No, if you cosign a car loan, the car will not be in your name. You are simply agreeing to be responsible for the loan if the primary borrower fails to make payments.
Can my wife cosign a car loan for me?
Yes, your wife can cosign a car loan for you. This means she is agreeing to be responsible for the loan if you are unable to make payments.
Can someone cosign a car lease for me?
Yes, someone can cosign a car lease for you. This means they are agreeing to be responsible for the lease payments if you are unable to pay.
Can someone not related to you cosign a car?
Yes.
Can a husband cosign for a car loan for his wife?
Yes
Can you cosign a car loan in a different state?
nope
Can you cosign without your name being on the car just the car loan?
yes
Can someone without a job co-sign on a car?
Yes, a person without a job can cosign on a car loan. However, the person must have great credit before they can cosign.
What do you need to cosign a car?
To cosign a car, you typically need a good credit score and a stable income to show the lender that you can help repay the loan if the primary borrower is unable to do so.
Can you cosign for a car if you are filing for bankruptcy in the future?
If you are filing for bankruptcy, and you try to cosign -- two things can happen. 1. the lender will turn you down. 2. If the court finds out you have applied for credit the bankruptcy can be stopped. If you mean that the car and loan will be for you during or after the bankruptcy, this still has to be disclosed and again the bankruptcy can be stopped.
