Legal Question in Credit and Debt Law in Texas
Car repossession involving a co-signer
If a person co-signed for a loan for an automobile and the other party does not make the payments, how much legal responsibility does the co-signer have and how much liability does the co-signer have if the car is reposessed?
Asked on 11/30/02, 4:13 pm
1 Answer from Attorneys
Peter Bradie
Bradie, Bradie & Bradie
Re: Car repossession involving a co-signer
The co-signer is responsible for the payment of any money owed if the party they co-signed for doesn't pay.
If the vehicle is repo'd, the co-signer will be responsible for the deficiency. That is, the amount still due on the note plus interest, plus costs of sale, costs of repossession, less the money received by the lender from the sale of the vehicle.
Answered on 11/30/02, 10:51 pm
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