Loan Default Consequence What happens if the person with whom you cosigned a note refuses to pay or misses a payment. In most states in this country, should a friend, relative or acquaintance miss just one payment, the lender can immediately go to you the cosigner and immediately collect from

Asset Repossession There is always the possibility that what you cosign could be repossessed, leaving you still on the hook for most of the outstanding loan. Ask any credit union or bank how they come out financially when goods are repossessed. Repossession is usually a financial disaster for both the

More Than You Thought Is Owed In the event of loan default, all that extra expense, transaction fees, legal fees, etc., will be added on to your bill as a cosigner. You could increase your debt obligation to nearly $30,000 less the proceeds from the sale of the vehicle. In

Peace of Mind Are you able to sleep well at night and wake up the next morning fully rested? If so, you might want to ensure that you continue in good health by not co-signing a loan. If you lose the ability to get a good night’s rest by helping

I Am Determined to Become a Cosigner While I believe that biblical concepts and practical horse sense suggests strongly that you do not do so, and that cosigning anything is a huge mistake you most likely will regret, if you so insist, here are a few guidelines. Be aware that