I heard that you can be listed as a co signer for a couple of months then it's completely on the primary signer. Is this true?
2007-02-27 08:21:32 · 7 answers · asked by liyah20072007 1 in Cars & Transportation ➔ Buying & Selling
you are what is known as 'jointly and severley liable' which means you are just as much responsible as the other co-signer, no let offs, and they will come for you if the other guy runs away, no matter what any private agreement between you
2007-02-27 09:10:38 · answer #1 · answered by fast eddie 4 · 0⤊ 0⤋
No at least not where I have lived which is 4 different states. When you co-sign you are the co-signer for good until that lease or loan is up. IF you do not want to do it do not want to do it. It will mess with your credit if that person does not pay. Just say no.
2007-02-27 08:26:22 · answer #2 · answered by meggie v 2 · 0⤊ 0⤋
You are equally responsible for the loan.
Should the first signer of loan/principal signer should FAIL to make the payments then YOU are responsible. Unless you personally know this person I don't recommend it. They will come after you for payment.
I would only do it for my daughter or mom and dad.
http://financial-dictionary.thefreedictionary.com/Cosigner
Cosigner
A term referring to a person, other than the principal borrower, who signs for a loan. The cosigner(s) assumes equal liability for the loan.
2007-02-27 08:36:25 · answer #3 · answered by LucySD 7 · 0⤊ 0⤋
Nope. Once you cosign on the loan, you are on the loan until it is paid off. You are equally liable and responsible, the only way out is if the primary borrower can get the vehicle refinanced in their own name, which rarely happens.
2007-02-27 08:25:33 · answer #4 · answered by Robert S 3 · 0⤊ 0⤋
Not, not true at all. Your score/income is used to qualify for the loan-- so they wont let you off until the other person can qualify on their own via a refinance.
2007-02-27 08:36:52 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Nope.....
If the person you helped defaults on the loan, they can choose to come after YOU ONLY. Then you'll be responsible for the ENTIRE outstanding amount......
Looks like you didn't know what you were doing when you co-signed or he/she told you lies to get you to do it.
Go and beat them up.
2007-02-27 08:28:10 · answer #6 · answered by Anonymous · 0⤊ 1⤋
no you have it until the loan is paid
2007-02-27 08:28:52 · answer #7 · answered by Anonymous · 0⤊ 0⤋