October 29th, 2009
Why Not To Co-Sing for Auto Loans
Auto Loans maybe hard for someone to get if they have very bad credit. So they will turn to a friend or family member with good credit to co-sign for them. hat is something that you should never do. It doesn’t matter how good a friend or close the family member is to you, that is something you should never do. The reason why is because if they decide to stop paying for the loan, the co-signer is stuck with making the monthly payments. The lender can come after you when the borrower doesn’t make a payment. I learned the hard way. I co-signed for my sister and she stopped making payments and I ended up getting a judgement for the loan that she didn’t pay for.
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