If I co-signed for my adult child’s car loan, would I be liable if there is an accident?
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If I co-signed for my adult child’s car loan, would I be liable if there is an accident?
What if it was discovered that they are no longer or may not have been insured at the time of purchase?
Asked on October 15, 2014 under Accident Law, Ohio
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
IF all you did was co-sign or otherwise guaranty the loan and you are NOT on the title or registration, then you are not liable for his accident(s). Only an owner (or the driver) of a vehicle is liable for accidents, and co-signing or guarantying a loan does not make you an owner. You would, of course, be liable for the loan, if your son defaulted on it.
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