Car Co Buyer - Insurance Liability?

All. I stupidly co signed for a loan with my ex GF. I am a "co buyer" of the car. So far she has made payments to car company which I am not really worried about as I check once a month and I will pay it if she is late. What really worries me lately is am I liable for anything else. If she doesn’t pay the registration will this mess up my credit? We never had car insurance together. The car was added to her mothers policy. If she causes an accident could I be held liable? If she doesn’t pay her insurance can I be held liable? Is there anything I can do to protect myself. Thanks.

San Diego Baby

not really. only if she defaults on her payments could it screw you. the first named insured on the vehicle, which is her, is who is liable for everything else. if she gets in an accident or if someone wrecks that car, you have no liability! just make sure the payments are made. check to see if they will let you take your name off as a co buyer.

oklatom

No, as co signer all you are responsible for is paying if she doesn't, or getting your credit messed up. Everything else, including insurance and registration, is her responsibility.

mbrcatz

OK, so you are co OWNER of the car, along with being a cosigner on the loan, right?

If you are an owner of the car, and she's in an accident with that car, and doesn't have insurance, then YOU can be held fully responsible for any damage your car does. You can be left holding the bag, with a big fat judgement, writing five or even six figure checks. Or getting your wages attached forever.

If she doesn't pay the registration, that won't affect your credit.

But honey, you have a MAJOR problem, if she doesn't have insurance in her name. See, you can't insure my car. I can't insure your car. Her mother can't insure her daughter's car. There's no INSURABLE INTEREST. So, her committing insurance fraud by telling the insurance company the car is titled to the mother, will come back and bite her, with an uninsured car, if there's an accident. Yes, you can be held liable for damages.

The way to protect yourself, is one of two things: 1. Pay the loan off, get the title, and sign it completely over to her, and get your name OFF the title to this car or 2. insure the car on your own policy. THAT'S IT.

terry rodriguez

my mom is the primary on my car. my ex is the co-signer. i have the car and make the paymens. my name is nowhere on the car. but me and my ex are no longer together and i want her off. she doesnt make any payments or nothing. but it does affect them both when payments are late. how can i get her name off if she doesnt want to sign off on it. i dont know why she wont or what she wants. can she up and decide she wants the car and they give it to her if she hasnt paid on it in 3 yrs. can she sue me for something. ruining her credit.

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