As a Co-Signer for my friend, am I affected anyway if he is in an accident
One of my friend purchased a new car.Since he didn't have enough credit history, I was a cosigner in purchasing the automobile for him. He met with an accident with 18 Wheeler Semi truck in less than 24hrs from the day of purchase. His insurance is paying only $ 25,000 towards the damage. The insurance company estimates the cost totalling
$ 1,00,000. Now will i be affected in anyway if the truck company files a law suit against him? I would appreciate if someone can answer my question.
1 Answer from Attorneys
Re: As a Co-Signer for my friend, am I affected anyway if he is in an accident
If all you did was co-sign the loan and are not a registered owner of the car you don't have and responsibility. If you are a co-owner then you may have. Check the title.