Co-signing – More Than You Thought Is Owed

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.



Your thoughts on this subject?  Your comments appreciated!


Content © Rich Brott, 2011

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