Legal Question in Civil Litigation in Massachusetts
co sign a loan?
our daughter who just got her drivers license wants a car she is almost 18.
our question if we co-sign a loan so our daughter can get a car. would we put our home at risk for a lawsuit if she has an accident in her car?
Is co-signing a loat wise for us we do not want to put our home at risk.
thank you bob
2 Answers from Attorneys
Re: co sign a loan?
when you cosign a loan, you are taking on additional obligations, including making the payoff of any outstanding debt.
if your name is not listed as an owner, and your daughter has sufficient insurance, this ought to solve any potential exposure.
Re: co sign a loan?
Assuming your name is not on the title, and assuming there is plenty of insurance on the car, there should not be an issue. If you are concerned, you might be wise to ask your insurance agent if you might be able to get umbrella coverage which might cover any claims over and above your daughter's insurance.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
