Alex Can you be sued if you cosign a car loan?
LIABILITY AFTER A CRASH As mentioned, cosigning an auto loan does not make you liable for what the primary borrower does with the car. However, you are liable for the loan payments, which could pose a problem if the driver is sued.
Can you remove a co-signer from a lease?
Landlords and property managers are not legally obligated to remove cosigners from leases. Removing a cosigner from an apartment lease is difficult to do because the landlord or property manager may take on more business risk if he consents, but it is possible.
Can a cosigner take possession of the car?
Unfortunately, if the primary borrower defaults on the car loan, you won’t be able to take possession of the vehicle as a cosigner, even though you’ll be responsible for any payments. Once you sign the loan contract, your credit will be affected, too.
Can a friend cosign a car loan for You?
Sometimes, a parent or a friend cosigns a loan for someone else who isn’t able to get a car loan on their own. Either way, even though you might start these relationships and loans with the best of motives, sometimes those intentions head south. And when they do, you might be wondering how you can get out of that cosigned or co-borrowed auto loan.
What are the dangers of co signing a car loan?
While the advantages of co-signing are tilted toward the main borrower, the dangers of doing so are aimed squarely at the co-signer. If the primary borrower does not make their payments on time, the co-signer is legally obligated by the loan’s terms to make the payments. Failure to do so can result in loan default and vehicle repossession.
What should I do if I co signed with my ex?
What you need: An ex willing to sign documents, and also willing to find their own transportation (assuming they’re driving the car). Trading the car that’s co-signed in for a new car is another option. If you already have a car, you can trade in both your car and the ex’s car and buy one car to replace them (a “two for one” trade, if you will).