Legal Question in Insurance Law in Virginia

co signing auto loan

If I co sign a note for a vehicle I realize I am financially responsible for the loan, BUT what about the legal liabilities regarding any accidents that the primary owner should have, specifically involving death or life changing injuries to anyone involved. Am I in danger of being sued for this or what?

Asked on 6/19/08, 9:23 am

2 Answers from Attorneys

Alan Wagner Wagner McLaughlin, P.A.

Re: co signing auto loan

If you are simply a cosigner on the loan, you have no liability for the negligence of the operator. If you are on rthge title or own the car, then you do.

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Answered on 6/19/08, 9:41 am

Gary Mims Sickels, Frei & Mims

Re: co signing auto loan

First, are you signing the loan, or an owner on the title? If just on the loan, the answer is no--co-signing the loan does not create any potential liablitly except for payment of the loan. If you are on the title then it depends on the state you are living in. In Va., the owner is not liable for the driver's conduct unless the owner is in the car and some how contributes to the conduct, or the driver is working for the owner (or on an errand for him), or the driver was unfit. There are other factors that might apply, but generally in Va. the answer will be no even if you are on the title.

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Answered on 6/19/08, 10:00 am

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