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 this scenario, you could easily end up owing nearly $15,000 with no vehicle to show for it. This is how quickly a friendly cosigning gesture of your kindness can turn sour in a heartbeat. Not only would you be liable, but you could also lose any personal assets you have.