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?
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?