Since any map projection is a representation of one of those surfaces on a plane, all map projections distort. Every distinct map projection distorts in a distinct way. The study of map projections is the characterization of these distortions.
If you have the car as collateral, the loan company will take the car. The co-signer is not automatically put on the title, that would be between you and the co-signer. My father co-signed a loan when I was younger, and my name was on the title, not his.
If you use a co-signer to qualify for an auto loan, you create a legally binding contract. This primarily affects the payment of the loan -- not the auto insurance if you, the car owner, drive the car and carry the insurance in your name alone.