-advertisement -
Columns: Driving for Dollars
Terry Jackson   Expert: Terry Jackson
Driving for Dollars
Lawsuit possible in litigious society
Driving for Dollars

Consult a lawyer if you co-sign loan

Dear Terry,
My husband co-signed an auto loan for our son. The car is registered in my son's name -- my husband's name appears on the loan only.

If our son was involved in an accident with injury to another party, could we be sued or in some way held responsible?
-- Susan

Dear Susan,
In our litigious society, almost anyone can sue anyone else. So, there is always the risk that your husband could become involved.

You don't say what age your son is -- if he's a minor, that changes things -- or what control, if any, you have over the car. It also matters whether the car is fully insured.

My best suggestion for your peace of mind is to consult a lawyer.

Here are this week's reader questions:
My 10 favorite cars for today's shopper
Will scant credit history affect my loan rate?
Should I buy my lease car?
Can we be sued after co-signing?
Bankrate.com's corrections policy -- Posted: Sept. 5, 2008
Read more Driving for Dollars columns
Ask a question

2008 New Car Guide
New vs. used car
Car-buying services shop for you
Winner or loser: Mortgage shopper
Winner or loser: Home equity loans
Winner or loser: Auto loans

Auto Loans
Compare today's rates
48 month new car loan 3.20%
60 month new car loan 3.26%
48 month used car loan 2.90%
  Auto loan calculator  
  A rebate or special dealer financing?  
  How much will the auto lease really cost?  
Rev up your portfolio
with these tips and tricks.
- advertisement -