If I co-signed for a car how did I end up being the primary

Submitted by jpammy75 on Sat, 04/10/2010 - 23:55
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Credit repair

The car cost more than I make in a year 53,000 dollars and I had just bought a car. So instead of telling my friend no I said sure because I thought it wouldn't go through. Mind you his car payment is 995.00 a month. He doesn't see what the problem is if he is making the payments and ontime.

sdchargers_63

WOW!! That's a HUGE car payment. I'm not one of the Experts, on this Forum, but,..I can give you a bit of 'personal experience' advice. First of all: DID you Co-sign on the loan? If you did, that means you're not the 'Primary' on the loan, but,..it DOES mean if your frined doesn't make the payments, the Lender will go to you to make payments. As a Co-signer, you are basically telling the Lender you will take responsilbilty, for the payments, if your friend fails to make them. Being a C-signer, the loan is also on YOUR credit, as well. I'm curious...what kind of vehicle is it?

Sun, 04/11/2010 - 09:03 Permalink