Consumption and Real Estate
What are my responsibilities as a car lease co-signer in case a car accident and lack of insurance liability?
Question : What are my responsibilities as a car lease co-signer in case a car accident and lack of insurance liability?
I’m a co-lesse in a car lease. A primary lesse have had a car accident where several cars were involved. An insurance coveridge for property damage and bodily injury liability is short to pay full amount of money for this accident. Do I have to pay my personal money to cover lack of liability in this case or this is responsibility of the primary lessee only?
property damage liability insurance
Best answer:
Answer by Laissez-Faire Guy
As a car lease co-signer, you are responsible for the bank being paid for the car only. Is someone trying to sue you for the bodily injuries when you weren’t even there?
There’s no such thing as a “primary lessee”. If you signed because they have rotten credit, rest assured, YOU are the one that the leasing company and other party are going to come after, for all damages.
Yes, you’ll be responsible for the excess.