Am I possibly liable for activities involving a car that I have co-signed for?
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Am I possibly liable for activities involving a car that I have co-signed for?
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put it briefly, I have co-signed on a loan to help out my step-daughter who did not
have established credit. It is her car, she drives it, maintains insurance etc. Since I
co-signed for the loan, my name also appears on the registration as that is based
on info provided to the DMV from the lien holder.
My question If my step daughter were to cause an accident, or be found at fault in
any possible issue involving her car, do I assume any liability because I am listed on
her registration/loan? If that is affirmative, what steps might I take to protect myself
in the unlikely, but possible, issue involving her car?
Thank you in advance….
Asked on March 7, 2017 under Accident Law, Florida
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
Yes, if the car is registered to you as well, you are potentially liable, as an owner of the car, for any accidents in which the driver (e.g. your daughter; but also any friends of hers whom she lets drive) is at fault: owners, even co-owners, are liable for accidents involving permitted drivers. You can't eliminate the possibility of liability; the best you can do is assure that you and she have more-than-adequate insurance.
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