Am I responsible for a vehicle I co-signed for that is almost paid off
Full Question:
I co-signed an autombile loan for a friend. The loan is nearly paid off and I am not concerned about obligations to the creditor. My questions is do I bare any legal responsibility if this car is involved in a car accident resutlting in personal injuries or property damage since I am listed as a co owner.
05/27/2007 |
Category: Debts and Cr... ยป Cosigning |
State: Colorado |
#5977
Answer:
There is a difference in co-signing and co-owning. If you only co-signed the loan then it would be difficult for someone to claim you are responsible for an accident. If you actually own the vehicle with another and your name is on the title, then you could have liability for accidents. Things to consider include insurance coverage tp protect you, transfer of your interest to the other owner and other things you could possible consider.
