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If I signed as a buyer on a vehicle for a friend and they…

If I signed as a...
If I signed as a buyer on a vehicle for a friend and they signed as co-buyer and they wreck and total the vehicle and stop making payments, can I be sued solely or would we both we sued equally?
Also, if I requested forced insurance be placed on the vehicle and monthly note after reporting to the finance company that I found out the co-buyer dropped the insurance, but the finance company took no action, then within 30 days the co-buyer wrecked and totaled the vehicle, do I have any defenses to not being held liable?
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Answered in 3 minutes by:
3/11/2018
Legal Eagle
Legal Eagle, Lawyer
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Hello! I am a licensed attorney, admitted to practice in state and federal court. I have a nearly 100% satisfaction rating (click here for more info) so all that means is that you can count on me to help today. Because I want to provide you with the most accurate answer possible, do you mind if I take a moment to review your question?

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I'm sorry to hear about your situation. If you are a buyer on a vehicle, and the co-buyer wrecks the vehicle and stopped making payments, you can be sued solely; however, it is more probable that the bank would a) repossess the vehicle if possible; b) if they cannot repossess they will likely sell the debt to a third party collection company; and c) either the bank or the third party collection company will bring a lawsuit against both you and the other buyer.

Also, insurance can only be placed on the vehicle by the holder(s) of the title; not the financing company. The financing company only has a lien on the vehicle which means they have a security interest in the property, but they aren't responsible for having it insured. If the co-buyer is the one that wrecked the vehicle, and they are on the title, they will be financially responsible for any damages, not you.

.Sometimes, just settling the debt is the easiest thing to do. It doesn't always appear as if it's the easiest thing to do, but every single day lawyers across the country are explaining to their clients that if they just work on settling their debts in a way that makes sense for them and they are going to be in a better position in the long-term. To facilitate your situation, there’s a site that I’ve used in the past where you can find a good template for debt settlement (click here). It's a bit easier (and cheaper) than going through litigation and I have seen it be effective in the past. If you send this letter and they do not respond, then try sending it again to remind them that settling is really what resolving disputes is all about.

How else can I help you today?

Legal Eagle
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Customer reply replied 1 month ago
Ok, thanks! I will definitely check out the website as I would prefer to settle, however I just want to be aware of what if any rights or defenses I may have before settling.Also, the bank has filed a lawsuit against me solely. When I asked why only me and not both of us, the bank told me that they do not have him listed on the contract, however the copy of the contract we both signed at the dealership, I has me listed as the buyer and him as the co buyer. Also both of our names were on the tags and title and we both received regular correspondence from the bank, but now the bank is saying is was listed as a co buyer, but maybe they decided to take him off at some point. If so, I was not informed. Can a contract be changed without notice to all parties???
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