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If you cosigned a leased car for your daughter and the car and insurance are in her name are you responsible as cosigner for any liability over the covered insurance amount in the event of an accident?
Wiki User
∙ 17y ago
No. Y-THINK-Y * Ordinarily a cosigner would not be liable for anything other than the lending agreement. However, responsibilities incurred by all parties when a vehicle is under lease can be quite different than the purchasing a vehicle. It would be prudent for the cosigner to read the leasing contract very carefully and perhaps seek legal advice if they are unsure of the terms of the contract.
Wiki User
∙ 17y ago
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I cosigned on an automobile loan and insurance for my son. Who is responsible if the insurance is not paid up and he gets in an accident?
As a cosigner, You are jointly and separately liable for any and all amounts that might arise out of the finance note you guaranteed.
Are you legally responsible for a car that you have cosigned?
You are legally responsible for the loan. You would want to make certain the car is sufficiently insured and has gap insurance. If you are also on the title then you are legally responsible by way of liability for the car.Parking tickets are applied to the plate number and an excess of unpaid parking tickets can result in impoundment.
Is the cosigner responsible for other debts beside the item such as house rental he has cosigned for?
A cosigner is only responsible for the items that he has cosigned for.
If you get married are you responsible for the loan your spouse cosigned for their sibling?
No.
Who is liable if you are a cosigner and the primary driver has an accident and is charged with DUI?
As long as the driver has auto insurance on the vehicle there should be no problem, DUI or not. If there is no insurance on the vehicle you have a problem. In that case not only will you be liable for the damage to the vehicle you cosigned but you also may have liability for the injuries and damages for anyone they hit. You should be very careful about cosigning a loan with anyone. They will get payment from the one who is easiest to get payment from and that is you most likely.
I cosigned daughterinlaws car wrecked no insurance she filing ch 13 what is my liability was unaware of no insurance she owes 11000 car totaled?
Listen...your in a mess..and I suspect may not be understanding things fully or correctly. (Like generally all lenders require insurance, and if she didn't have it they automatically buy it)...as a cosigner your involved in both the car loan... and her Chap 13 effects you too....other things (like possible liability from the accident if it turns out you were actually co-owner, not just co-signer)...all fairly specific and complex. I don't normally say this, but engage a lawyer TODAY.
The person you cosigned for on a car loan passed away am I still responsible for the loan?
Yes
What are your rights you cosigned for your stepson who is 4 months behind and no insurance?
there is a difference between co signing a note and being on the actual title, if you are on the title as an owner, you need to pay this insurance yourself, because (in most states i know) you will be held legally responsible as an owner of the uninsured vehicle should he be in an accident.........as to the note he is hurting your credit severely by defaulting on the loan......personally i would pick up the car and bring it to my house, or call the bank and ask them to foreclose the note.....
If you cosigned on a car and the car was in a solo accident is the cosigner rewarded half of the insurance money?
The bank would be paid ffirst since it most likely placed a lien on the title. If there is any money left over after the loan is paid off the owner of the insurance policy would receive it unless the co-signer was also on the insurance or also had a lien on the title.
If you cosigned a car note for a friend and he gets into an accident and a legal lawsuit and then files bankruptcy what responsibility do you have?
It becomes your financial resposibility to satisfy the note.
I cosigned a car for your son can i refuse to let his girlfriend drive the car?
No, but if you pay the insurance, or if she's not on his, you can probably manage to get her into trouble for driving it.
If you cosigned on a car loan and the car is in an accident am I liable?
That depends on whether your name is on the title also. Not everyone who co-signs has their name on the title. However, you should consider something else. People who need a co-signer generally have a poor credit record. Many do not follow through with responsible car ownership and allow their insurance to lapse. If they wreck the car they stop making payments. In that case the lender will go after you for the balance on the loan.
