* Has equal ownership of the car with the primary borrower.
* Is jointly and severally liable for the loan, meaning that the lender can collect from either co-owner if the other defaults.
* Can be added to the loan at any time, but typically must be present at the dealership when the loan is signed.
* May be able to build credit by co-owning a car, but this depends on the lender and their credit reporting practices.
Co-signer
* Does not have ownership of the car, but is legally obligated to repay the loan if the primary borrower defaults.
* Is not responsible for making monthly payments, but may be required to pay the entire loan balance if the primary borrower defaults.
* Can be added to the loan at any time, but typically must be present at the dealership when the loan is signed.
* May not be able to build credit by co-signing a loan, but this depends on the lender and their credit reporting practices.
In general, co-owners have more rights and responsibilities than co-signers. Co-owners are entitled to equal possession of the car, and they can sell or trade in the car without the co-signer's consent. Co-signers, on the other hand, have no ownership rights in the car and they cannot sell or trade it in without the co-owner's consent.
