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missanne missanne
 
January 07, 2009 12:01 AM

if you co-sign on a car and the person who is responible for the bill take the car back and get another
you

they paper work get transferred to another car without the cosigner being present is that legal
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pazaq pazaq
 
 January 07, 2009 08:16 AM
Well you can co-sign a loan and NOT have your name on the title. If your name is not on the title than it's most likely legal as they are the owner of the car. If your name is on the title regardless of whether or not your on the loan I believe it requires both of your signatures to sell it so then it would be illegal.

I'm not attorney, I don't pretend to be one. I just know that if your name isn't on the deed, title other legal document it isn't yours. :)
Source(s):
Past life experience.



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ozark ozark
 
January 10, 2009 12:34 AM
I guess it depends on where you are at. Around here if the loan is still open no matter what is used for collateral you are still responsible if the loan isn't paid. When you co sign a loan you are giving your word that you will make the payments if the person you cosigned for doesn't.

When someone asks you to cosign a loan you have to ask yourself if you are willing to make the payments if the other person can't or won't. If the answer is no then you know what to tell them when they ask.

Some other questions I always answer no to:
Will you make my bail?
Do you want to take advantage of this once in a lifetime free offer?
Do you want to take a free tour of our resort?
Can I ride your motorcycle?

:) Ozark
Source(s):
http://www.dealertricks.com


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