What is the responsibility of the co-signer in a car loan?

Answer by  adawg (247)

The co-signer is responsible for the debt in full as well. Both the primary borrower and the co-signer each must pay the debt and both can be taken to court by the lender if the debt is not paid.

Answer by  tamarawilhite (17883)

If you co-sign for a loan and the first signer does not pay, you are obligated to pay the loan. It is not your job to harass them for payment, the loan company has debt collectors to do that. You are legally on the hook for the debt now.

Answer by  John13 (186)

As co-signer on a car loan, or any kind of loan, you are legally responsible for repayment of the loan if the other person does not make the payments. In other words, the lender will come after you for the money if the primary borrower defaults. Never co-sign a loan for anyone unless you are certain you can trust them.

Answer by  barkley (951)

The cosigner is just as liable to repay a car loan as the borrower, the loan you cosign for will appear on your credit report. If the borrower does not pay the loan the cosigner has to make the payments or their credit will be damaged as well.