Legal Question in Business Law in Michigan
Hi
If I co sign for an automobile loan for my 24 year old daughter, am I considered a co-owner and will my name appear on the title? More importantly, what are the legal implications of me being a cowoner if there is a claim or lawsuit say from an accident involving my daughter?
Thank you
Tony T
Regards
Asked on 12/17/13, 8:15 am
1 Answer from Attorneys
Timothy Klisz
Klisz Law Office, PLLC
A co-signer is not necessarily on title, and shouldn't be from an owners liability standpoint. Any owner of a vehicle can be held liable for injuries caused by a driver of that vehicle. Make sure there is very good liability limits or avoid being on title.
Answered on 12/17/13, 1:23 pm
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