Cosigner On A Car Loan?
I have a car which I had to get a cosigner for. If he files for bankruptcy would my car be able to be taken? Or would I be affected at all?
- River EuphratesLv 71 month ago
As someone else pointed out, as long as they are actually just a co-signer, and not a co-owner, then as long as you make your payments on time, you are golden.
- thebax2006Lv 71 month ago
As long as you make your monthly payments you'll have no problem.
- Anonymous1 month ago
If he is indeed a cosigner and not a co-owner it will not affect you.
But a lot of times what people think is a cosigner is a co-owner. Which means if you had equity, they could ask you to sell it and pay them.
- USAFisnumber1Lv 71 month ago
You are the primary on the car so they would not go after it if he files for bankruptcy. However what you need to do is be up front with the lending company and tell them the co-signer filed for bankruptcy and see if they want you to get another person to co-sign or if they will be OK with him dropping off. If you have been making payments on time for over a year they probably will let him drop off.
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- regeruggedLv 71 month ago
You won't be affected as long as you make payments.
- AlphonseLv 71 month ago
You wouldn't be affected. All a cosigner is, is someone who promises to pay the debt if you don't. They won't even know about him filing for bankruptcy.