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if I cosign for a car loan and the person I cosign for gets into an accident am I liable ?

7 Answers

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  • 1 month ago

    No as long as there is ample evidence that you are the co-signer only. Co-signers for car loans have a remarkably high rate of stopping making payments so you will probably be making those payments in a year or less. You can say that will never happen, everybody says that. It will not help you in the slightest from being forced to pay for that car. There is not a financial advisor in the world who would ever co-sign a loan for anybody or anything.

  • 1 month ago

    No you are only liable for the loan if they default but you do not own the car so you are not held liable for any accidents the car was involved in.

  • Kathy
    Lv 7
    1 month ago

    No, the person who took out the loan is liable.

  • 1 month ago

    You are liable for the payments for the car still of course.  You would only be liable for the car if you are on the title, 

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  • Anonymous
    1 month ago

    No, not unless your name is on the title.  Financing and title are often separate.  Some lenders REQUIRE that the names of the people borrowing the funds be on the title.

  • 1 month ago

    No.  Your name will not be on the title, so there is no way to bring you into any claim.

  • Anonymous
    1 month ago

    No. That's an insurance matter not a loan issue.

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