Is the car loan cosigner liable in human injury?
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I am doing a lease buyout with my dad (jointly) and my girlfriend is the primary driver. The car registration and car insurance is under her name and I am named the other driver in the car insurance policy.
My question is if my girlfriend gets into a car accident and the individual who is hurt sue’s my girlfriend and she cannot pay, is my dad Cosigner to the car loan liable to lose his house since he’s a cosigner to a loan me and my dad took out.
Kinda confusing.
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R J said:
Registration, title and insurance are all different. Both you and your dad are safe provided that neither of you appear as the registrant. RJ
PS I don’t know the details of the transaction, but s**t happens and relationships end. You and/or your dad might want to consider holding title to the car and leasing it to your girlfriend. That way you are also protected in case your relationship sours. As registrant and insuring party, the buck still stops with her.
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0March 27th, 2010 at 6:04 pm -
My Take on It said:
Is your dad named on the title?
If he is named as owner of this vehicle or co owner in any way, then yes, he can be sued.If he is just on the loan, I don’t think that he can be sued. But, his best interest is to be on the title in case she defaults and he has to go repo the car in order to sell it to pay it off.
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0 0March 27th, 2010 at 6:04 pm -
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0 0March 27th, 2010 at 6:04 pm -
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0 0March 27th, 2010 at 6:04 pm
