Co-signing an auto loan
Does it matter who's name appears first on the paperwork of an auto loan ? I understand that even though I co-signed on a loan that we each share equal responsiblity, regardless who appears first on the paperwork. Is this a true statement ? Are there any ramifications to appearing first on the auto loan ? The person that I co-signed for had very limited credit and I just received the paperwork with my name on first. I await your response. Thanks
1 Answer from Attorneys
Re: Co-signing an auto loan
I would need to see loan doc to advise with particularity, but if it is a standard loan co-sign obligation, BOTH signers are liable JOINTLY and SEVERALLY.
Which means, if one pays nothing, the other is on the hook for the whole enchilada.
Related Questions & Answers
Buying ahouse i am on disabiity and i would like to buy a house up north in backus,... Asked 2/12/09, 9:07 am in United States Minnesota Banking Law
Canceling a check Say i bought a home and signed papers agreeing to buy it am i able... Asked 11/12/08, 2:23 am in United States Minnesota Banking Law
Bank accounts The bank I have been banking at went into my personal accts &... Asked 11/07/08, 5:58 pm in United States Minnesota Banking Law
Car title issues. I live in Minnesota and in 2005 purchased a new car. I got the... Asked 10/22/08, 9:01 pm in United States Minnesota Banking Law
Bank Error I recently cashed a series of pay checks at Republic Bank. The teller at... Asked 9/02/08, 2:58 pm in United States Minnesota Banking Law