johncoctostan25
New Member
- 2
My older brother fell on hard times and is digging himself out. I am considering co-signing on a small auto loan with him. He needs a small payment and to rebuild his credit score. I am not concerned with the price. Even if he can't make the $120 payment, I easily can and could carry that in perpetuity until he can afford it or I can sell the car.
My concern is insurance liability. Specifically, If I co-sign on an auto loan for him and he gets in an accident, can I be held liable?
I read an article on Nest that says I would have no liability, as long as he keeps the car properly insured.
Any input on my insurance liability exposure would be greatly appreciated.
My concern is insurance liability. Specifically, If I co-sign on an auto loan for him and he gets in an accident, can I be held liable?
I read an article on Nest that says I would have no liability, as long as he keeps the car properly insured.
Any input on my insurance liability exposure would be greatly appreciated.