Cosigned on car loan

Cosigned on car loan - liability?

Hello all,

I know it was stupid but I cosigned on a car loan for my ex gf.

In fairness she has been making payments.

I got a notice in mail today from DMV addressed to me or her.

It is a bill for renewal of registration.

Like I say she has been making payments but what worries me now is that I will be hled liable if she has an accident while driving the car I co signed for.

Will I be held liable if she has an accident? Is the re anything I can do to protect myself?

Thanks for your help.

entidtil

The name(s) on the loan means nothing as far as liability in an accident. The names on the title do matter though. Is your name also on the title ? If she has insurance, they should cover in the event of an accident. If the insurance limits are exceeded and your name is on the title, you (and her) could be held responsible. You need to make sure she keeps making payments and keeps insurance on the car.

lucy

if as you say she has been making payments on the auto, why dont you try and talk to the lender about taking your name off the loan.

most likely had bad credit and needed co-signor so you helped her out.

if she has established good credit by paying, they may be reasonable and let you off the hook.

if not, i suggest you verify her auto insurance. make sure you are listed as a co-owner of the auto and verify that they notify you if she should not keep her auto insurance current. if she fails to keep insurance current and has accident that is her fault, they will also hold you responsible for that accident. so if she lets her insurance lapse, you might want to get insurance of your own to protect your assets.

or another scenario on the insurance, has accident, not her fault, but policy lapsed, so cannot repair the auto and now on the hook for the auto repairs and loan.

if all else fails, contact a lawyer for your legal rights. it could be that the contract states that after so many payments, you could have a right to be taken off. my concern is that most loans are for a minimum of 3 years to 6 years. that is a long time to worry if she pays or not, or if she has an accident and they come after you.

good luck

655321

When I got a car loan from my bank they offered my some insureance that covered my payments if I was seriously injured and could not work. It may have been GAP insurance im not sure. If you didnt get anything like this well then if she cant pay then you gotta pay.

ms s

You just need to make sure that she keeps insurance on the vehicle... insurance covers all accidents...

God Bless,
Ms S

callmeporter

no, not if its in HER name, if you bought the car she should have regisstered in her name, if its in your name transfer it to her, actually, if its in your name GET IT BACK, make sure she is ensured if u keep it in her name, its never good to co sign for an ex

Amber

No you wont be held liable if she has a wreck, however if she wrecks the car, then stops making payments, you will be liable for the remainder of the amount owed

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