I am a Michigan resident. My daughter is Florida resident and has asked me to cosign on an auto loan. The size and repayment of the loan would not be a financial burden to me.
I am concerned about avoiding legal liability (insurance-type liability, not the liability to repay the loan) should the car be involved in an accident. I would have a cosigning arrangement where I am not named on the title or registration of the vehicle to avoid any potential legal liability. I realize that I may lose some potential recovery advantage by not being named on the titel or registration. Would this arrangement be sufficient in Florida to avoid legal liability (insurance-type liability)?