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What happens when the cosigner on my car loan goes bankrupt?
I had a cosigner for my first car loan. Recently, he's had some financial setbacks and had to file for bankruptcy. How will this affect my car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“You’re the primary owner of the car and the primary name on the car note. Even if your cosigner declares bankruptcy, it shouldn’t affect the loan at all.
In fact, you may want to think of removing him from the loan, as he is no longer able to provide financial support anyway. Ask your lender about a cosigner release form and see what they think about removing him.”
View full answer
- Gregory R.
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