Ask a Lawyer and Get Answers to Your Legal Questions
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!
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!
Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as OK, Good or Excellent (hopefully Good or Excellent). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!