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The short answer is yes. When you co-sign on a loan "YOU" are guaranteeing that if the 1st doesn't pay, you will.
As whether to co-sign for someone is a very personal decision based on many facters; daughter, son, brother sister, real good friend, etc. In my 6 years selling cars I found in almost all cases that family and friends were the first to screw you. BTW!
In the case of my own daughter, I refused to co-sign for her. She was angry at me!!! Then, as I new she would, filed Bankrupcy at 23 years old. She is now 34 and still hasn't shown responsibilty for her debts. For the end of the story, I bought her a van for $5000 and drove it from Pensacola, FL to Madison Wisconsin and flipped her the keys and said," It's gift, now get a job."
Just be dead sure of someones ability AND perpensity to pay. These 2 words are very different from one another.
Hope this helped
Paul
Wiki User
∙ 11y ago
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Can Minnesota garnish wages for a repossed car?
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If you default on a car loan the creditor may obtain a court judgment that will enable it to garnish your wages. The rules are provided at the link below.
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Can collection agencies garnish wages in Texas?
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