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Does a cosigner have any liability if the ower of vihicle has an accident and the cosigner is the primary on the loan?
Wiki User
∙ 16y ago
Unfortunately yes. I am a co-signer on my sons car. My name is on the car title as well (in which I am going to try my best to get off of title). My son has his own car insurance that covers quite a bit, however if he was to get in an accident and it was found to be his fault, his insurance would be used to it's limit (if it came to that) then they go after the deep pockets. Well, guess who has the deep pockets. I own a home and rental. I could be sued since I am on Title.. I would not worry about being on the loan, except if you think the person you are cosigning for will default. I would be more concerned about being on Title. I hope this helps you. I'm going to encourage my son to refinance since his credit is good. I want off title. Heather
Wiki User
∙ 16y ago
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