What happens if you cosign for someone who then gets in trouble?

just curious… let’s say I cosigned for my friend to get a car, now this friend gets locked up for say selling drugs… what happens to the vehicle?

Answer #1

Cosigning makes you financially responsible for the loan. It’s really not much different than if your friend had borrowed the money from you, and you borrowed it from the loan company to give to him.

Answer #2

If the car was used in the comission of a crime the police can take it and auction it off.

Since you cosigned you are equally responsible for car payments.

Answer #3

You too are responsible for the payments - miss payments your credit can be ruined and the car repossessed, if it isn’t now state property due to the charges.

More Like This
Ask an advisor one-on-one!

Tank Trouble

General News, Business, Entertainment


YesAssistant LLC

Virtual Assistant Services, Online Business Support, Remote Administrative Services


London Immigration Lawyers

Legal Services, Immigration Law, Solicitors


Report Writing Help

Academic Writing Services, Content Writing Services, Professional Writing Services


Writing Metier

Copywriting Services, Content Writing, Freelance Writing