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Posted in Auto Loans
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Question By
vick26

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What will happen if i cosign on a vehicle for my granson? Like if he missed a payment?

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If your Grandson misses a payment it will show up on your Credit-Report.

If he stops paying on the Car are you going to make the payments because you cosigned you  guarantee that the loan will be paid even if he is not able to make the payments.

Lets say he stops making payments,  do you have the monies every month to make the payment?

Parents should Co-sign for their kids,  not grandparents.  ( just saying thats all )

Check out what Dave Ramsey would say on the subject.   Have your grandson research who dave ramsey is.

Tuff one.

Top Contributor
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As much as you love your grandson, co-signing for a car for him will not help him develop into a responsible adult.  Let him save up for a good used car, if he really wants a car.  You have earned your retirement and should enjoy it, but don't risk financial grief by co-signing a loan for ANYONE. 

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