I really like this question and my advice is always the same. Don't put your name on the title as an owner. Put a lien on the title for the full amount of the loan and enter into a written contract for him to pay the loan. That way if there is an accident two things happen. One you get the loan paid off by the insurance company because you're a lien holder and two you aren't an owner so you don't get sued for damages. You might also want to be added to the insurance policy as an additional insured or lien holder; this way the insurance company is on notice of your lien.

Will I be liable if my child gets into a car accident? I have a private loan with my 22 year old son on his car. He has full coverage on it. I have removed my name from the title and am holding it until he pays off the loan. If he would get in an accident and kill someone, would I be liable for this in any way? He does not live in my home.

 

A:

I really like this question and my advice is always the same. Don't put your name on the title as an owner. Put a lien on the title for the full amount of the loan and enter into a written contract for him to pay the loan. That way if there is an accident two things happen. One you get the loan paid off by the insurance company because you're a lien holder and two you aren't an owner so you don't get sued for damages. You might also want to be added to the insurance policy as an additional insured or lien holder; this way the insurance company is on notice of your lien. 




For good advice see a lawyer and if you have questions about this blog, the law or your case write or call me directly. Steve Lombardi, sdlombardi@aol.com and 515-222-1110. I handle all types of personal injury cases including car accidents, truck accidents, motorcycle accidents, workers' compensation cases. We help truckers all across the country who come through Iowa and end up in an accident. If we need other lawyers from other states we hire them and it costs you no more than what you would pay us; in other words, we split the fee between us. So call 515-222-1110 or email us at sdlombardi@aol.com. 
Steve Lombardi, Attorney



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