April 25, 2013

Michael Petruccelli asks; What are some reasons you shouldn’t co-sign that loan? (6)



Michael Petruccelli says;  Put your name on the title

 “If you’re co-signing a car loan, make sure your name is on the title as co-owner. You owe, you own.”
That will be important if you can take possession of the car should the primary borrower stops making payments. Then you can drive the car – or, providing they agree to sign over the title, sell it to help pay off the remaining balance.