If a car loan has been acquired with a cosigner, is the cosigner stuck with the loan if the primary signer dies?

It looks like I may soon be in this situation, as my brother is sick and I cosigned a car loan for him two years ago. If we lose him, am I still obligated to pay off the loan?

Answer
“Yes, the cosigner is required to make payments if the primary borrower on the loan dies. However, you can often find ways around this situation if you’re not interested in taking on a car loan. Typically, the best plan of action is to refinance the vehicle (if you want to take control of the vehicle) or to sell it to help you pay off the car loan. “
avatar
Eric Schad
Answered on Apr 07, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
thumb-up

Did this answer help you?

Ask us a question by email and we will respond within a few days.
thumb-up

Have a different question?

You can meet us at our office and discuss the details of your question.