Auto >> AutoSPT >  >> Auto Repair

If you co sign for an auto loan and the person signed is in accident can as signer be liable injuries or damages?

As a co-signer, you share equal responsibility for the loan, and the lender will expect you to make the payments if the primary borrower defaults.

In case the primary borrower is involved in an accident and the loaned vehicle causes injuries or damage to third parties, you, as the co-signer, may be held liable for the damages caused if the primary borrower fails to make the payments required to cover them.

When you co-sign a loan, it is essential to understand the potential risks and financial obligations you are taking on, including the possibility of becoming responsible for damages and injuries resulting from accidents caused by the primary borrower.