WHAT CAN HAPPEN TO A CO-SIGNER WHEN A CAR HAS BEEN INVOLVED IN A ACCIDENT WITH NO LISCENED DRIVER?
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WHAT CAN HAPPEN TO A CO-SIGNER WHEN A CAR HAS BEEN INVOLVED IN A ACCIDENT WITH NO LISCENED DRIVER?
I HAVE A COSIGNER FOR A VECHILE I GOT , MY SON DROVE THE CAR WITH NO LISCENSE AND GOT INTO A ACCIDNET, I HAD INS BUT IT DIDNT COVER WITH NO LISCENSE DRIVER, THE OTHER CAR WAS AT COST OF OVER 17,000 DOLLARS, IT WENT TO COLLECTION, WHAT CAN I DO TO GET CO-SIGNER OFF IT AND WHAT COULD HAPPEND TO HER? I WANT TO TAKE RESPONSILBILTY OF IT AND DONT KNOW HOW TO LEGALIZE IT TO RELEAVE HER FORM ANY RESPOSIBILTY. CAN U HELP ME HERE PLEASE?
Asked on May 22, 2009 under Accident Law, California
Answers:
N. K., Member, Iowa and Illinois Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
Usually, the only way to remove the co-signer from the contract is if the creditor agrees to it. Sometimes, the contract terms will provide for a way to remove the co-signer from the contract. Read the vehicle contract and see if that is allowed.
If you are the only person listed as the owner of the car, then the co-signer is probably safe from any potential lawsuit arising from the car accident (depending on the fact situations). But she is liable for payment of the vehicle you bought.
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