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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.

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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.

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Bankrate.com's corrections policy -- Posted: Sept. 5, 2008
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