What are a co-signer’s rights/responsibilities?

UPDATED: Aug 15, 2012

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What are a co-signer’s rights/responsibilities?

I co-signed for an “as is” vehicle for my son 4 days ago. It is now in the shop for “check engine” light coming on. The car was financed as is. If bank decides not to fund the loan, will dealership be required to refund my $4,000 deposit?

Asked on August 15, 2012 under Bankruptcy Law, New Jersey


M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

What does your contract with the dealer state?  Did it state "subject to the loan"?  I would consider taking the agremeent to an attorney on a consultation basis asap. "As is" means "as is" and I am afraid that if the necessary legal protections are not in the agreement you will have to explore other options like misrepresentation to get your money back.  Good luck.

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