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

Most current me Asked by sacraficed 6 months ago, 4 answers.

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?

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Answered by amblessed on May 30, 2008, 09:17AM
| 8727 answers.

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.

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Answered by heather420 on May 30, 2008, 09:20AM
| 35 answers.

it will get inpounded and she wont be able to get the car out... they will put in the car lot for the bad cars. and stuff...

Answered by filletofspam on May 30, 2008, 09:30AM
| 2361 answers.
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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.

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Answered by toadaly on May 30, 2008, 01:51PM
| 2916 answers.

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.

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