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Richard, Attorney
Category: Legal
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Experience:  Attorney with 29 years of experience.
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If I co-signed a car loan family member who has car

Customer Question

If I co-signed a car loan for a family member who has car insurance that is current but could be in an accident and sued by the other driver: am I legally responsible in any way for having co-signed the loan? The car title and insurance is in the name of the family member.
Submitted: 4 months ago.
Category: Legal
Expert:  Richard replied 4 months ago.

Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!

Expert:  Richard replied 4 months ago.

Ken...You have no worries. If you are only on the loan, you have no liability whatsoever except to the lender. Being a co-signer on the loan simply means that if your family member were to default, the lender could look to you. But, any accident victim could only look to the family member and/or whoever was driving the car if the insurance coverage was not sufficient. Being only on the loan does not put you at risk!

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