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    kenneali's Avatar
    kenneali Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Oct 4, 2006, 09:38 PM
    Cosigning leads to responsibility for what car does?
    I am considering co-signing a car loan for my son but don't want any association with being liable for his driving if he hurts someone. If the car is registered in his name and I am the primary on the car loan am I liable? He is an adult.
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #2

    Oct 4, 2006, 09:46 PM
    Hello ken:

    Will you be liable?? You could be. You'll for sure be sued.

    (Edited) Now I find out that, not only does he not have good credit, he has a sketchy driving record too. Change that "could" be liable above to, probably will be liable.

    excon
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member
    		  
    #3

    Oct 5, 2006, 12:07 AM
    Can YOU afford this car loan in your own right? Because if he defaults, they will come after you!!

    Honestly, if he can't afford the car on his own, he shouldn't be getting one. Let him buy a used car for a thousand bucks or so, and if he doesn't have the money just yet, have him save up for it.

    Do not co-sign this loan for him.
    s_cianci's Avatar
    s_cianci Posts: 5,472, Reputation: 760
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    #4

    Oct 7, 2006, 09:42 AM
    You would not be liable for any damages caused by your son for which he is liable. Hopefully the insurance is in his name as the primary driver ; insist on it. However, if the car is not adequately insured to cover any damage to the car itself, regardless of liability, then as a co-signer on the loan you could be held responsible for satisfying any difference between the principal owed and the amount covered by insurance.
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