Legal Question in Credit and Debt Law in Georgia

If payments are not made, the lender will take the car. Unless you have paperwork stating you have a security interest, you can't take it unless he agrees. Ask him to sell/transfer the car to you, and you pay it off. This was the risk co-signers take -- all the liability and none of the benefits (i.e., the vehicle). There is a reason people need co-signers -- usually a history of not paying. As far as your credit, check your credit report. No one here can tell you what it says.

Everything that Scott says is true. You should never cosign a loan unless you plan to actually make all the payments.