01/03/13, 9:09 pm
I co-signed a loan for my daughter's car. She is making payments. What re my rights if she stops paying or lets someone else drive the car and has an accident?
Share This: Twitter Logo Facebook Logo Digg Icon
United States   |   Florida  |  Consumer Law
Cost: Free


Andrew Rader Says:

Jan 04,2013 9:07 AM

If you co-signed the loan for her vehicle and it goes bad, both of you will be responsible to pay the lender back. You need to look at this co-sign as if you are taking out the loan yourself. If your daughter doesn't pay and the lender sues to collect, you could get hit with attorneys' fees. Does your daughter have the title and insurance in her name alone? If so, only the your daughter, the owner of the vehicle, and driver can be held liable in an accident. Your co-signing of her car loan does not make you an owner nor does it make you liable. So long as you are not listed as the registered or titled owner of the vehicle, you should not have liability for any accident your daughter may have.

Andrew Rader
Cutler Rader, PL
1166 W. Newport Center Dr Suite 308,Deerfield Beach, FL 33442

Share This: Twitter Logo Facebook Logo Digg Icon