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Question: Cosign , if my grandpa cosigns for me at a used car lot, will they take away his Medicare if he does so?

I'm planning on purchasing a BMW but came up short on my approval, lady said get your grandfather to cosign and you can take it. He's retired and gets social security.well him cosigning for me affect his social or Medicaid? Like will they take it away from him?

Lower Tones0 answers 5 December 2016 06:16

Short answer: No. And, on top of that, were you to default on the payments the creditor would not be able to seize any portion of his social security pension, as these funds are not vulnerable to third party demands. The creditor could, however, seize his bank account and any monies that might be there. They could also seize any assets he might have, such as his own car (so long as no other creditor has already registered a lien on it), his home, and any other asset which the creditor has identified and directed the sherrif to seize and auction.
Medicaid is not an asset which can be seized and sold, so no to that portion of your question.
I do hope you enjoy your BMW, they are beautiful machines. I have owned several over the years.
Just keep up on the payments and if you find yourself in trouble, arrange with the creditor (who no doubt will register a lien against the car until it is paid) for you to sell the car and apply the funds from the sale to your outstanding balance.
Hope this helped you. I have been employed in the banking industry for many, many years.
Best,
Lower Tones

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