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If you cosign an auto loan for someone and that they have an accident and do not have car insurance will you be held responsible as well as the owner?
YES, you are responsible for anything that concerns the loan you co-signed.
In the land of litigation, anyone can sue for almost any reason. However, a lender would require insurance be carried on an auto until the loan is paid in full. Most states have insurance requirements also. The fact that he was uninsured could be a serious problem in the liability and legality arena. The transaction might be seen as fraudulent. What you knew or didn't know about this, might decide your responsibility (if any).
What else can I help you with?
Can someone cosign a car lease for me?
Yes, someone can cosign a car lease for you. This means they are agreeing to be responsible for the lease payments if you are unable to pay.
Is it possible for me to pay someone to cosign for me?
Yes, it is possible to pay someone to cosign for you, but it is important to choose someone who is financially responsible and willing to take on the responsibility of cosigning for your loan or agreement.
When you cosign for someone how long are you required to be their cosigner?
For the length of the contract you sign. If you cosign on a 3 yr loan, you are responsible for the debt for 3 years.
If you cosign for someone and they go bankrupt does it affect you?
You would be responsible for the note or loan you co-signed for.
If I were to Cosign for someone so they could get a car what happends What is my obligation then?
You could be held liable for the payments if the other party defaults. Your signing the contract is "insurance" for the lender that payments will be made, and they will consider you responsible if the primary party defaults.
What does it mean if a bank asks you to get someone to cosign for you?
they want your parents or another responsible adult to say they will repay the loan if you can't .
How many time can you cosign a car?
how many times can someone cosign a car
Can someone not related to you cosign a car?
Yes.
Can my wife cosign a car loan for me?
Yes, your wife can cosign a car loan for you. This means she is agreeing to be responsible for the loan if you are unable to make payments.
Can my girlfriend cosign for me on a loan or financial agreement?
Yes, your girlfriend can cosign for you on a loan or financial agreement, which means she is agreeing to be responsible for the debt if you are unable to pay.
When the cosigner dies is the spouse responsible for a repossion that she did not cosign for?
The spouse is not responsible and should not have this on her credit. But the estate of the deceased will still be responsible for the debt.
Do you have to get your auto insurance under your cosigner's auto insurance if they cosign for you?
maybe it will help you - autoinsurance.aains.us/adding-young-driver-auto-insurance-policy/
