Dear Terry, I co-signed for my son's new car loan. If he takes the car and runs away from some personal legal problems, can I report it as car theft and not be held responsible for payments? If he steals my personal car, will I be covered by my insurance? He will definitely need a car to flee. -- JohnDear John, I don't know whether to take this question seriously, but I'll try. There are a whole bunch of potential felonies here, from insurance fraud to filing a false police report. If your son takes off in a car with your knowledge and help, it's not car theft and you'll be responsible for any payments. Tell your son to stay and take care of his problems. Running never helps. This week•Gas prices down but hybrid research up•Can I trade my new truck in on a Mustang?•What if my son steals our new car?•Why won't Ford pay for my blown engine?If you have a question for Terry, e-mail him at Driving for Dollars. Save money on your car -- sign up for Bankrate's new weekend Car & Money newsletter advertisementRelated Links:7 best off-to-college carsNational auto loan averagesWhat changes auto loan rates?Related Articles:All new cars for 20105 steps to 'clunker' dealTake the 'cash back?'
Dear Terry, I co-signed for my son's new car loan. If he takes the car and runs away from some personal legal problems, can I report it as car theft and not be held responsible for payments? If he steals my personal car, will I be covered by my insurance? He will definitely need a car to flee. -- John
Dear John, I don't know whether to take this question seriously, but I'll try. There are a whole bunch of potential felonies here, from insurance fraud to filing a false police report. If your son takes off in a car with your knowledge and help, it's not car theft and you'll be responsible for any payments. Tell your son to stay and take care of his problems. Running never helps.
If you have a question for Terry, e-mail him at Driving for Dollars. Save money on your car -- sign up for Bankrate's new weekend Car & Money newsletter