As a co-signer for a car lease and loan, am I liable if the driver has an accident?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
As a co-signer for a car lease and loan, am I liable if the driver has an accident?
Asked on July 27, 2013 under Accident Law, Texas
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
Absolutely, you and the driver and the insurance company will be liable for any such accidents. Further, if the primary borrower doesn't pay or is late, the lender will immediately look to you for payment so be aware that there is no way to disclaim liability. Consider if it is possible for the borrower to refinance on his or her own so that you may be able to taken off of the loan.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.