co-owner liabilities

[cjones194]

I am in VA and consigned for a car for someone. I am also on the title. The person just moved to Georgia, even though I didn't really want the car taken there. I had to drop the car from my insurance because it is not staying at my house. Am I liable if the person has an accident? I knoe they have insurance?

If I am, to what limit?

 

[army judge]

You betcha you could be liable.

You're a co-owner.

If the other person has no assets (or cancels their insurance) guess who the victim will come to see?

Get your name off the title, if you can.

 

[cjones194]

I am slightly concerned about just taking my name off the title in the part that if I do have to make payments, I want to have the car. Is there any legal way I can push the issue to get everything out of my name or could I create some kind of contract with her that says I will take my name off the title, but if she can't make the payments she has to sign the car over to me.

Thanks for your help.

 

[army judge]

I am slightly concerned about just taking my name off the title in the part that if I do have to make payments, I want to have the car. Is there any legal way I can push the issue to get everything out of my name or could I create some kind of contract with her that says I will take my name off the title, but if she can't make the payments she has to sign the car over to me.

Thanks for your help.

Come on, you're a pretty smart person. :cheer:

If this person decides NOT to pay this debt, what good would a contract with her be to you? :dunno:

She isn't honoring her contract with the lender. Why should you TRUST her to honor another piece of paper with you? You shouldn't!

That said, this was a bad decision on your part in the first place.

Getting out of it is NOT possible at this point.

The lender would never let you free.

To the lender, two tasty rabbits are better than one.

You have no protection.

All you can do, if she defaults, is sue her.

You'll be alone on the hook making payments on the car.

Because her name is also on the title, she wouldn't be breaking the law by KEEPING the car, while YOU make the payments!

Sure, you could sue her.

But, that will be almost impossible.

Why?

She run off to another state.

You'd have to spend money to go to that state and TRY to sue her.

You're in a very precarious position.

You are at her mercy and good will.

Your best bet is try to use kindness and civility to keep her paying the debt.

Your legal options are none and none!

She even has the car in another state.

This could end up costing you more than you ever imagined. :yes:

The lesson here is NEVER co-sign for anyone for anything! :no:

You're not a bank.

 

[mightymoose]

Your best option is to have the other co-owner obtain a new loan in their own name that will pay off the loan that you are signed on to. Do that, be clear of your debt, and get off the title.