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I have bad Credit & want my parents to co-sign for an auto loan. If something happens where I got into a car accident or hit someone, etc., could my parents by sued for damages as well as me? Or are they not responsible for anything since they are just co-signers? Thank you
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They would only be responsible if you did not have car insurance, or if the payments for the car are not made. If for example you get in an accident and the car is totalled, they would still have to pay off the car loan, or used the insurance proceeds to pay for it.
Answered on Jul 14th, 2014 at 2:14 PM
Diana L. Anderson, Certified Elder Law Attorney This response is not legal advice and does not establish any form of attorney/client relationship
Co-signing on a loan makes you responsible to repay the loan, nothing else.
Answered on Jul 11th, 2014 at 9:40 AM