is the co-signer a co-owner for a used automobile?
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My grandpa decided to be a co-signer on my used automobile loan, but I guess this means that he is going to be the co-owner also. Is there a way to get it so I am the owner and he is only the co-signer? I guess he wants to make sure that he is not at fault if I get into an accident or to make sure he is not on the insurance policy.
this is very vague and sorry for that.
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Orion said:
A co-signer is responsible for the payment if the loan is defaulted on. It is not required for the co-signer to be on the title or on the insurance policy. The co-signer can opt to be on these and become a co-owner to help protect themselves; ie. if the loan is defaulted on they would be able to try and sell the property etc so they wouldn’t be forced to make the payments or negatively impact their credit. The driver is always at fault for the accident so they wouldn’t go after the co-signer; unless they were the one’s driving the vehicle at the time of the accident in which they become liable.
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0March 25th, 2010 at 2:22 am -
STEWIE said:
A co-signer is not a co-owner.
Co-signer is guaranteeing that if you fail to payback the loan that he will pay it. He neither owns the car nor required to be on your insurance policy.
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0 0March 25th, 2010 at 2:22 am -
f100_supersabre said:
The co-signer guarantees the payment of the loan.
He is NOT the co-owner and therefore is NOT responsible for anything except the loan, should you NOT make the payments.
He has no other liability.Like or Dislike:
0 0March 25th, 2010 at 2:22 am -
mccoyblues said:
The co-signor is not a co-owner. All the co-signor does is guarantees the loan. They make sure the loan will not go into default if the owner stops making the payments. They are not on the insurance and are not responsible for any aspect of the car other than the loan payments if you stop making them.
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0 0March 25th, 2010 at 2:22 am
