Cosigning for a Car

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What is Cosigning?

Cosigning is the act of signing a document, usually a contract, along with another person.  The effect is both individuals are responsible under the terms of the document. 

Why Do I Have to Cosign for a Car?

Cosigning for a car occurs for two general reasons:

  1. The other signer is a minor: because minors cannot contract, car companies will generally make you cosign for a minor's car.
  2. The other signer has bad credit: by cosigning, you are supplying the necessary credit to the car company.

What are the Consequences of Cosigning for a Car?

If you cosign, you could face some or all of the following:

Do I Need an Attorney if I am Cosigning for a Car?

It is always recommended that you consult with an attorney before signing any legal document.  This rule applies to consigning a car, since any documents you sign are valid contracts, and an attorney can help explain the consequences before it is too late.

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Last Modified: 11-15-2011 04:18 PM PST

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