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Originally Posted by bjghelp  What is the name of your state (only U.S. law)? Missouri.
My 21 year old son and his 22 year old finance live with us - pay rent. His fiance just got a job and needs a car. She cannot get financing on her own. I want to help, but don't want to be held liable if she has an accident.
If I co-sign a loan for her, I think my name goes on the title which would thereby make me liable if she had an accident. She will have insurance, I am worried about law suits that go over and above insurance amounts.
If I bought the car with a loan in my own name, and then made a gift of it to them as say a wedding gift, can I get my name off of the title and still pay the loan payments? If I do this, would it remove me from liability if she has an accident?  |
The best way to do this would be to buy her a car and give it to her, one that she would own free and clear
Co-signing is asking for trouble.
A 22 year old does not need the hassle of a car payment on a new car.
Indeed a 22 year old does not need a new car
2,500 to 5000 dollars, even 1,500, even 1,000 dollars free and clear on a car would buy a GREAT used car that would give many years and thousands of miles of service.
That is much less than you propose to spend now... with no hassles of payment or laibility.
If you don't have the money, but want to get a loan, then get your own personal loan without having a security interest (lien) on the car.
That way you are free and clear, and your nice gift is not a responsibilty which could bite you.
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