Legal Question in Credit and Debt Law in Illinois
Legal Contract
My father has bad credit and wants to take out a loan on a used car he wants to purchase. He asked me to the co-signer but i have a few doubts. if i decide to help him out, What should i do to protect myself & my credit? Should I make him sign a contract? If so, what should it say?
1 Answer from Attorneys
Re: Legal Contract
Having him sign a contract with you is basically pointless. He will already have signed a contract with the lender in order to get the loan. If he is going to breach that contract, he will probably breach the contract with you as well. Otherwise, he would just make his payments.
If you decide to co-sign, be prepared to pay the payments--all of them. If the payments are not made, the lender will come after you, and your credit score will be adversely affected.
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