It depends.
If this is not for a close friend or a family member, forget it. You have no obligation to help him out. Here are the reasons.
1. You will be the co-signer so your name is on the note, even though it does not have to be on the title. That gives you no control of the vehicle except liabilities. If the guy gets behinds or defaults, you are the one who has to pay.
2. His insurance company may insist on your co-signing the insurance policy even though you are not the co-borrower.
3. If he is involved in a car accident, you may be found liable on the theory of negligent entrustment, if the plaintiff can prove you knew or should have known the driver's inexperience or dangerous propensity that is likely to pose dangers to the public.
If this is not for a close friend or a family member, forget it. You have no obligation to help him out. Here are the reasons.
1. You will be the co-signer so your name is on the note, even though it does not have to be on the title. That gives you no control of the vehicle except liabilities. If the guy gets behinds or defaults, you are the one who has to pay.
2. His insurance company may insist on your co-signing the insurance policy even though you are not the co-borrower.
3. If he is involved in a car accident, you may be found liable on the theory of negligent entrustment, if the plaintiff can prove you knew or should have known the driver's inexperience or dangerous propensity that is likely to pose dangers to the public.
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