Legal Question in Banking Law in Minnesota

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

Asked on 2/26/09, 3:53 pm

1 Answer from Attorneys

David Anderson Anderson Business Law LLC
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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.

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Answered on 2/26/09, 4:12 pm

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