"Illinois law I cosigned for car loan . I am listed as buyer on a car loan for my 25 year old son as cowner ( his car ) what are my legal liabilities I know I am responable for the loan but what about if he gets into accident his fault with DUI"
Asked on 5/28/13, 8:30 am
3 Answers from Attorneys
Chen Kasher
Chen Kasher
You are probably only liable for the car loan. I assume you just signed the promissory note. Did he purchase his own insurance, or is it yours?
Answered on 5/29/13, 7:18 pm
Chen Kasher
Chen Kasher
I say probably because this turns on all sorts of facts you don't mention. Cosigners may be liable for accidents because they can be considered the co-owners of the vehicle.
Answered on 5/29/13, 7:29 pm
Chen Kasher
Chen Kasher
Disclaimer: I am not your attorney and this is just general advice.
Answered on 5/29/13, 7:30 pm
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