Legal Question in Business Law in California
If I cos-sign a auto loan for a non-family member, do I have any liability for what the owner does with the car (accidents etc)? Also if i make payments on behalf of a defaulting primary buyer as co-signee, do I have any recourse to the asset (car)
Asked on 1/05/10, 3:04 pm
1 Answer from Attorneys
Terry A. Nelson
Nelson & Lawless
If you are on title, then you are liable for damages he may cause. If you are only on the loan, then you are liable only for the loan. You have no claim on the car unless you pay off the loan.
Answered on 1/11/10, 11:50 am
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