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Posted in Auto Loans
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strippedtiger

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define cosigning
If I was told that I would not be responsible for payment on a car loan that was for a family member, that my income was just used as for verification why would it show up on my credit. I don't pay the note and was told I would not be held responsible if it wasn't paid.

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None of that is true. What good would it do a loan company to use your income for verification if they weren't going to use you as a way to collect their money? Co-signing for anyone makes you equally responsible for the debt and in many cases more responsible for the debt since if they were asking you to co-sign you are probably more likely to have the money to collect.

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  1. DEFINITION of 'Cosign' The act of signing for another person's debt which involves a legal obligation made by the cosigner to make payment on the other person's debt should that person default.

    What you were told,  did you get that in writting?   Did you sign the documents without reading them?

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