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Cosigner of an auto loan responsible??

Is the cosigner of an auto loan responsible for the loan if the loan was refinanced by the buyer without the knowledge or consent of the cosigner?

4 Comments

  1. David B says:

    If the buyer refinanced a loan without the co-signer being present, that means the co-signer’s name is now off the loan.

    When a loan is refinanced, the person takes out a new loan which is used to pay off the old loan. Since the co-signer did not sign the new loan, the co-signer is now no longer part of the loan.

  2. stan c says:

    If the original loan is refinanced under his own name only, you are off the hook. I hope you learned never to lend money to friends or family members because in most cases, they will never pay it back on time.

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  4. Tracie says:

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