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Are a primary borrower and a secondary borrower on a car loan equally responsible for the loan? |
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Yes, the cosigner/co-borrower has the same legal responsibility to repay the debt/loan as does the primary borrower. If the primary defaults the creditor can attempt to collect from the co-borrower before the primary borrower.
First answer by Macky. Last edit by Macky. Contributor trust: 3628 [recommend contributor]. Question popularity: 30 [recommend question]
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Answers.com > Wiki Answers > Categories > Business and Finance > Personal Finance > Money Management > Loans > Auto Loans and Financing > Are a primary borrower and a secondary borrower on a car loan equally responsible for the loan?
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