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  1. #1

    Default Co-Signer and Liability

    My question involves an auto loan in the State of: Pa
    I recently purchased a new car and needed a co signer to get a low rate since I am young and have little credit. The cosigner of the loan was put on the title of the car. I didn't think that this would happen, I only thought that they would be cosigner for the debt. I have a variety of questions. 1. Does the cosigner have any liabilty beside the debt. 2. I am well insured, but if there is any issue of liability, can they be taken off the title and yet cosign for the debt. 3. I recently but this vehicle, in the last 5 days. Can this all be changed? Thanks!

  2. #2
    Join Date
    Apr 2007
    Location
    Il.(near StL,Mo.)
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    5,252

    Default Re: Co Signer and Liability

    Quote Quoting Frustrated85
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    My question involves an auto loan in the State of: Pa
    I recently purchased a new car and needed a co signer to get a low rate since I am young and have little credit. The cosigner of the loan was put on the title of the car. I didn't think that this would happen, I only thought that they would be cosigner for the debt. I have a variety of questions. 1. Does the cosigner have any liabilty beside the debt. 2. I am well insured, but if there is any issue of liability, can they be taken off the title and yet cosign for the debt. 3. I recently but this vehicle, in the last 5 days. Can this all be changed? Thanks!
    If you mean liability like if you had an accident - no, they don't.

    In some states vehicles must by law be titled the exact same way the paperwork reads and since both buyer & co-signer are usually on the paperwork for the loan they are both on the title. Also, the co-signer may want to be on the title since they are responsible for the loan if you don't pay. The title may have to stay as is at this time.

  3. #3

    Default Re: Co Signer and Liability

    Quote Quoting Betty3
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    If you mean liability like if you had an accident - no, they don't.

    In some states vehicles must by law be titled the exact same way the paperwork reads and since both buyer & co-signer are usually on the paperwork for the loan they are both on the title. Also, the co-signer may want to be on the title since they are responsible for the loan if you don't pay. The title may have to stay as is at this time.
    Thanks Betty3

  4. #4
    Join Date
    Apr 2007
    Location
    Il.(near StL,Mo.)
    Posts
    5,252

    Default Re: Co-Signer and Liability

    You're welcome.

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