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If you cosign an auto loan for someone and that they have an accident and do not have car insurance will you be held responsible as well as the owner?
Wiki User
∙ 8y ago
YES, you are responsible for anything that concerns the loan you co-signed.
In the land of litigation, anyone can sue for almost any reason. However, a lender would require insurance be carried on an auto until the loan is paid in full. Most states have insurance requirements also. The fact that he was uninsured could be a serious problem in the liability and legality arena. The transaction might be seen as fraudulent. What you knew or didn't know about this, might decide your responsibility (if any).
Wiki User
∙ 8y ago
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When you cosign for someone how long are you required to be their cosigner?
For the length of the contract you sign. If you cosign on a 3 yr loan, you are responsible for the debt for 3 years.
If you cosign for someone and they go bankrupt does it affect you?
You would be responsible for the note or loan you co-signed for.
If I were to Cosign for someone so they could get a car what happends What is my obligation then?
You could be held liable for the payments if the other party defaults. Your signing the contract is "insurance" for the lender that payments will be made, and they will consider you responsible if the primary party defaults.
What does it mean if a bank asks you to get someone to cosign for you?
they want your parents or another responsible adult to say they will repay the loan if you can't .
How many time can you cosign a car?
how many times can someone cosign a car
Can someone not related to you cosign a car?
Yes.
When the cosigner dies is the spouse responsible for a repossion that she did not cosign for?
The spouse is not responsible and should not have this on her credit. But the estate of the deceased will still be responsible for the debt.
Do you have to get your auto insurance under your cosigner's auto insurance if they cosign for you?
maybe it will help you - autoinsurance.aains.us/adding-young-driver-auto-insurance-policy/
If i cosign a loan for refinancing a home for a family member and they default what can happen?
You will be responsible for the money.
Can a person without a drivers license cosign for someone?
Yes
Can your husband cosign on someone's home without your knowledge?
Yes. And if he does he will become equally responsible for paying the mortgage if the primary mortgagor defaults on their mortgage payments. The bank will go after him for 100% of the debt.
Can a minor cosign a loan with someone other than his or her legal guardian?
If you are a minor, you cannot LEGALLY cosign or sign any loan/contractual agreement.
