CFPB Issues Advisory on Auto Loan Co-Signors

On Tuesday, June 14, 2016, the CFPB released a blog post informing consumers about the “3 things you should consider before co-signing for an auto loan.”  Building of the new auto buying educational materials, this post focuses on the three items cosigners need to know including their responsibility for repaying the loan, the potential effect on one’s credit, and their right to request monthly statements.