Legal Question in Banking Law in Iowa

I agreed to Co sign a loan for a friend of mine. The car dealership put the Loan in my name as the main lender. Is this illegal when I only agreed to be the co signer?


Asked on 6/03/11, 1:09 am

1 Answer from Attorneys

Thomas Moens Moens Law Offices, Chartered

Honestly, there is no difference between a "main" borrower and and a co-borrower. The payment information can show up on either or both of your credit reports, and if the payments are not made, they can chase down either one of you, or both of you, to pay. If you have already signed the agreement, you essentially agreed to be the primary borrower. If you have not already signed it, tell them you want it changed. However, as I said, it makes no real difference.

Read more
Answered on 6/03/11, 7:44 am


Related Questions & Answers

More Banking Law questions and answers in Iowa