Do not do it, unless you are willing and able to make the payments!
they get a car and you get to worry if they will make all the payments or even make the payments in a timely manner.you are at great risk if you co sign. I will co sign for a much smaller loan first like $300 and see how that goes. By the time they pay off that smaller loan they could probably qualify for the loan themselves.
If means if they do not pay, the bank has the right to come to you for payments. Overdue payments posted on your credit record same if you were the leandee.
You end up despising that person,then hate yourself for trying to be a nice guy. If a person need a co-signer they are not ready to buy it yet. (unless this is your child)but you assume responsibilty if payments are not paid. so you can imagine what could happen
stevo I'm still waiting for the fish\hunting story.
Oh yeah . What was this about again.
It's your car until It's payed for.
You are held responsible for the payments of the vehicle by default!