If a name is first on a car loan does that mean he is the primary and not a cosigner. OR can you be first on car loan and still be the cosigner

closed as unclear what you're asking by mhoran_psprep, Pete B., Nathan L, Dheer, Brythan Nov 4 '17 at 2:18

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    Depending on where you are, there may be no such thing as a "primary" or "secondary" borrower on a car loan. Can you explain what you think it means to be "the primary" on a car loan? – Ben Miller Nov 2 '17 at 3:03
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    The lender probably doesn't distinguish; typically, the only difference would be who gets title to the car once the loan is paid off, but that's not an issue the lender would care about. – chepner Nov 2 '17 at 13:54
  • This could really use a jurisdiction. If US, state may matter as well. I'm also a bit concerned by the change from primary to first. Primary has legal meaning. Perhaps the question was intended to be if the co-signer (second on the loan) could be named primary. If so, that's obscured by the edit. But as I don't know which is the correct interpretation, I'm not going to make things potentially worse with my own edit. – Brythan Nov 3 '17 at 3:39

I want to first state that I'm not an attorney and this is not a response that would be considered legal advice. I'm going to assume this was a loan was made in the USA. The OP didnt specify.

A typical auto loan has a borrower and the ability to add a co-borrower or "cosigner". The first signer on the contract is considered the "primary". As to your question about a primary being a co-borrower my answer would be no. Primary simply means first signer and you can't be a first signer and a co-borrower. Both borrower and co-borrower, unless the contract specifies different, are equally responsible for the auto loan regardless if you're a borrower or a co-borrower (primary or not primary).

I'm not sure if there was a situation not specified that prompted the question. Just remember that when you add a co-borrower their positive and negative financials are handled equally as the borrower. So in some cases a co-borrower can make the loan not qualify.

(I worked for an auto finance company for 16 years)

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