Q. What should I do if I witness a car accident?

A. If you witness a car accident while driving, carefully pull your car completely off the road, making sure you are not blocking sight or access to the accident.

Determine if any drivers or passengers are injured. Don’t move injured people (unless they are in immediate danger); incorrectly moving someone can worsen injuries. Call 911 to report the incident. Be prepared to stay on the line to answer questions about your location and provide information to the dispatcher. Set out emergency triangles if you have them.

Witness accounts can be crucial in car accident investigations–-both for minor fender benders or more serious accidents–-so it’s important to give accurate information to the arriving law enforcement. Leave your contact information with the drivers involved in the accident, as well as with a police officer at the scene.

Q. I’ve recently been asked to cosign a loan, but I’m not sure if I should. What should I know before cosigning?

A. Cosigning a loan carries a lot of responsibility. By becoming a cosigner, you are agreeing to pay back the loan if the borrower defaults. Even if you trust the borrower, keep in mind that:

• If the borrower misses one payment, the lender can take immediate action against you in order to collect the full balance on the loan.
• If the loan defaults, you’ll be responsible for paying off the loan, and may have to pay late fees, interest, collection costs and legal fees.
• Cosigning a loan can link your credit to the borrower’s actions. This means that their actions can negatively affect your credit score.

It may seem like an easy way to help out a friend or family member (or get helped out yourself), but there are significant risks. If you can’t afford to pay for the loan, don’t cosign for it. Also, if someone cosigns for you, that loan should be your first priority.
 

Editor's Note:

When answering your questions, brass consults with experienced professionals from a wide spectrum of industries. We utilize their expertise to give you the answers you need, but it’s always wise to seek additional opinions from other professionals.

Sources:

dmv.ca.gov, finance.yahoo.com, fool.com, calbar.ca.gov, carinsurance.com