If i were to get a loan, would my co-signer be responsible towards anything if i were in a large accident?
I’d like to say no, but considering lawyers in NY found a way to sue Ford because it leased cars to people, and those people then drove drunk and got in crashes, you never know.
The insurance is in the name of the registrant. The loan is a mostly seperate transaction altogether (legally).
:gotme:
so if i get into an accident theyre not going to like ass rape my grandmother and take her house?
[quote=“JayS,post:2,topic:30181"”]
I’d like to say no, but considering lawyers in NY found a way to sue Ford because it leased cars to people, and those people then drove drunk and got in crashes, you never know.
[/quote]
Leasing in NY State held dealers liable because the titles were held in the name of the dealer / company - there was your lawsuit connection.
They’ve (dealers/companies) found a way around it, which is why you see some manufacturers starting to bring it back.
Oh yea, YGPM.
Interesting question.
Its one that I would pose to an insurance agent, not guys on NYSPEED.
My guess is the co-owner could be liable if their name is on the title.
And you would need proper insurance (more than state minimum).
The best thing to do would be to put the vehicle in the name of a LLC or corporation if you have one. That would stop it from accessing anyones personal assets.
well, i plan on getting full coverage, the works ::empties wallet::
its also pretaining to the LOAN and the the Insurance, and im asking here whilest also trying to research.
What they can win, and what the can sue for are two entirely different things. If you get in a bad wreck and it’s your fault a lawyer, especially a sleazy personal injury one, is going to look for someone with money to sue.
It today’s legal world where you can be sued for pretty much anything, I don’t see it being a stretch for a lawyer to argue that your co-signer is at least partially responsible since without them you wouldn’t have been able to purchase the car. This applies even more if you buy any sort of performance car, since they could argue that without a cosigner you would have been limited to a cheaper, slower, safer vehicle. Is it likely, probably not. But you’re asking for legal advice on a car forum so my speculation and conjecture is just as good as the next guy’s.
Would they win the case? That depends on the 12 people who were too stupid to get out of jury duty.
Anything’s possible, but this isn’t likely. As you mentioned, you will have proper insurance. Beyond that, I can only see someone going after the person who enabled you to financially have a car if you were a complete fucking dumbass menace to society who should never have a car and despite this someone cosigned for you. The fact that you care enough about your grandma to even ask the question shows that you’re not dumb or careless enough to do 160 into a preschool full of kittens in the car grandma just helped you buy.
It’s possible, but highly unlikely. Just get a responsible first car, drive conservatively, and use it to go visit your grandma once in a while. 
Oh, and come to an autocross in it so you can learn what driving at the limit is like, and so you aren’t tempted to do it on a public road. (I’ve been driving for ten years and just started. It’s surprising just how much room I really need for threshhold braking, and how quickly I really can swerve if need be, and…)
No. They can’t go after your grandmother for an accident even if you kill someone while driving.
When you take out a loan for an auto, you have to have full coverage(everything) until the car is paid off…I believe. Insurance and loans are totally different so you’ll be safe.
[quote=“RedGoober4Life,post:9,topic:30181"”]
Why are you taking out a car loan when you’re 18?
[/quote]
because im not permitted to buy a shit beater, and if i wait till i have all the money together that will be a long while