|
Mick Ronson AutoLoans.com San Diego California 800-609-1716 |
 |
AutoLoans.com has posted an article reminding consumers who are considering co-signing a subprime auto loan that they essentially are assuming the risk of ending up fully financially responsible for the payment of the loan.
AutoLoans.com pairs consumers with industry leading lenders and provides unparalleled auto lending articles and news features.
Online PR News – 12-September-2011 –AutoLoans.com, an independent site that offers quotes on car loans from a large network of national lenders, reminds its visitors of the dangers of co-signing poor credit auto loans in its most recent article. Many of the site’s lenders offer bad credit car loans and want to make sure potential co-signers are fully aware of the risks they are taking in so doing.
“We keep the lines of communication open with both our visitors and our lenders so we can address their issues and concerns in our weekly articles. From both borrowers and lenders, we’ve repeatedly gotten feedback that many co-signers or co-borrowers on bad credit loans get left holding the bag. Repeatedly, the borrowers who find themselves in this situation tell us that they never would have co-signed the loan in the first place had they completely understood the risks,” said Mick Ronson, spokesman for Auto Loans.
In the article, the site emphasizes that co-signing always has risks, but they are especially acute with bad credit auto loans. The rate of default on subprime loans is radically higher than that of standard loans, which is why co-signing is more dangerous. The site urges consumers considering co-signing not to do so unless they are completely confident they could handle repaying the loan if the primary borrower defaults.
“Co-signers typically think they are doing nothing but providing a signature as a favor to a friend or relative, when in reality, they are for all intents and purposes basically taking out the loan themselves. With regard to financial accountability, that is how lenders see co-signers. It’s true that they are “plan B” in a way, but we advise our customers not to sign if they could not afford to assume the payments if “plan B” ends up happening,” said Mr. Ronson.
| Bookmarks |  |  |  |  |  |  |  |  |  |  |  |  |  |
