What legal risks exist in buying a car together with an acquaintance?
Emilio G asked:
I need a car but will not use it that often, I am thinking of buying a car 50/50 with an acquaintance and share it. What are the legal risk for doing this, if she gets in an accident can I be in trouble or responsible in anyway? What other kind of legal risks might there exist?
I need a car but will not use it that often, I am thinking of buying a car 50/50 with an acquaintance and share it. What are the legal risk for doing this, if she gets in an accident can I be in trouble or responsible in anyway? What other kind of legal risks might there exist?
July 23rd, 2008 at 10:56 am
Equal liability for what ever the other does. Consider ranting occasionaly or search the net for Vehicle sharing programs in your area.
July 25th, 2008 at 11:45 am
You are also at risk losing your friendship over this car. There’s 7 days in a week who gets it for 4 days an the other for 3. Or who gets it for the holidays. Somebody will get upset, mostly if your sharing the payments an the insurance payments. What if they don’t pay there part but still wants to use the car. Do you have the heart to say NO! If the car tares up an needs a motor an your not driving it that day will you put 1/2 the money in for repairs, or will that other person put the cash in also. Just beware an remember you get what you pay for. Good Luck