Potential liability for co-signing & registering son's car

[StanMan]

Situation:

State of Illinois

Son moves out of the house. Father co-signs for an auto loan, as well as co-registration of the auto with the DMV.

Son has his license suspended, cancels the insurance on the auto. What is the potential liability to the father if the son (age 19)

has an accident & causes massive property damage, personal injury, or death. Loss of house?!!, Perpetual garnishment of wages?!!

Any help is greatly appreciated!!

Thanks in advance

 

[seniorjudge]

Short answer: Pay off the loan (or sell the car) and tell sonny boy to get his own car with his own insurance. Yesterday.


Google negligent entrustment.

You can, of course, get sued for anything at any time. So lower the odds. Do what I say.