Michael Petruccelli asks; What are some reasons you shouldn’t co-sign that loan? (2)

Michael Petruccelli says; You are responsible for the loan.
 By co-signing, you agree to take over the loan if the primary borrower doesn’t pay. In 2011, 0.51 percent of all auto loans were delinquent – meaning they were at least 60 days late, according to Bankrate. If you had co-signed one of those loans, the lenders would be looking to you for money.
And that could spell financial disaster. Experian’s State of the Automotive Finance Market report shows that in the fourth quarter of 2011, Americans borrowed an average of $26,419 for new cars and $17,404 for used cars. I know I don’t have $26,000 lying around to cover someone else’s loan – or extra money to make their payments.