Does a Cosigner Need to be Present for an Auto Loan?

January 27, 2012

It depends on the lender, as some require the auto loan cosigner to be present at the closing of the loan. Other lenders may allow the co-signer to fax the documents back to them. If faxed, it may require the services of a notary to verify, and notarize the signature of the co-signer. Being a co-signer is a serious commitment and should not be taken lightly. If the loan is defaulted on, the co-signer will be on the hook for the loan amount. Check with the lender regarding their requirements and make sure the co-signer completely understands their obligations.

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