by tony maturo » Thu Jan 31, 2008 04:33 pm
i recently cosigned for a vehicle for my son, who is 23. i am actually listed on the title and registration as a co-borrower, or co-buyer. My question is, if he insures the vhicle in his name, what is the extent of my liability if he were involved in an accident, could I be sued for instance if he's in an accident and is found liable for more than his minimum liabilty coverage?
Posted: Sat Feb 02, 2008 02:26 pm Post Subject: As a "co-signer" I think you
Should be included on the insurance policy to be on the safe side. However, if you are just wanting to help someone ( say a child or relative) qualify for an auto loan with a major financial institution such as Ford, GM ect, and as such are simply wanting to guarantee the loan then you can sign the contract on the back as "guarantor". This should make you responsible for the loan only.
Many dealers will not tell you this is an option because they prefer to have "guarantor" listed as co-buyer and therefore on the title.
Posted: Sat Feb 02, 2008 03:25 pm Post Subject:
I would put him on to be safe, cover your self
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