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hi welcome back to finally revealed in this episode i want to add a little bit more onto our cosigner videos and this is in response to a viewer question i can't answer that question specifically because there's not enough information and i can't give legal advice um to the to the general public but i want to they brought up a couple of good points that i thought were important to cover so a co-signer is a person who signs on the dotted line for someone else who has either no credit or needs help to buy something or to get a loan if the loan is to acquire some asset whether it's a car a motorcycle a boat a house furniture whatever it is it's a good idea for the party who is lending their credit to also be getting an ownership interest in that asset and that should be documented between the two or more people who are going to get this loan because it's that agreement that is going to control what the parties can do with the asset if there's any problems when you sign on the dotted line for the creditor for the loan your obligations and rights and responsibilities as to the creditor are on those documents so also if you want anything extra between you and the other people that you are helping get this loan that should be put in writing into those documents if a cosigner is required to pay the obligation which you're not obligated to if the main person stops paying and you just say you know you need to learn your lesson and they need to repossess the car and you are satisfied as the cosigner that that's going to be a mark against your credit but you think it's worth it for this lesson to be had then you can do that if you as the co-signer pay an obligation that was to be a mutual obligation either because that's what the documents say or you had a separate uh side agreement with this person that you were co-signing only so they could get the loan using your good credit but your separate agreement is that you are not going to be paying the creditor that they are promising to you that they are going to pay the creditor that is not binding on the creditor and so if they other person stops paying then the creditor can come to you as the cosigner and demand payment if a one or more people owe an obligation together whether it's a loan or any other kind of obligation it could be also roommates if you've signed on a dotted line with more than one person and agreed to make a payment to a third party there is then a right of contribution it's a common law right in the united states of contribution among the people who are obligated to make the payment and what that means is if there's three people then you're each responsible as to each other for a third if two people pay the full obligation and the third person doesn't those two people between them if they're if they each paid 50 50 they can then recover the amount over their one-third obligation against that third person that is not something that's binding on the creditor they can pursue any and everybody who is on the obligation and recover whatever they can recover from any of them and then it's between the joint obligors as far as settling up with each other so i hope this was helpful if it was give me a thumbs up or if you learned something leave any comments or questions below subscribe to see the other videos and come back and see me next time thanks for watching