my wife cosigned a loan for our grandson to buy a car. if he would be involved in a serious accident could the party he hit sue us for our assets.
1 Answer from Attorneys
Re: financial responsibilith
Dear Concerned Grandparents: Your concerns are well founded. By accepting financial responsibility for your Grandchild, you have done just that - assumed financial responsibility for any adverse event, including his failure to pay for the car.
You should insist that he have a valid insurance policy with a sizeable liability coverage, and include you, with your name, etc. on that policy as an additional insured.
I think it was Mark Twain who said that an accommodation party is an idiot with a pen!
No offense intended, but be cautious for whom and for what you assume liability and financial responsibility.
Good luck and God Bless. Sincerely, J. Norman Stark