Buying a new car, my mom is trying to talk me into putting the title in her name b/c she wants even more assets in her name (she already owns a few million in properties, i dont know why she even needs more). I don't really care, but could it affect me in a bad way if my car is in her title? (She said she'd pay for my insurance if I let her do it, which is a good deal)
06-29-2008, 10:24 AM #1
Putting your car in someone else's name?
06-29-2008, 10:27 AM #2
06-29-2008, 10:31 AM #3
06-29-2008, 10:32 AM #4
06-29-2008, 10:32 AM #5
06-29-2008, 10:33 AM #6
06-29-2008, 10:36 AM #7
06-29-2008, 10:36 AM #8I rape back...
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06-29-2008, 10:48 AM #11
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06-29-2008, 10:50 AM #12
If you put it in her name, she'll legally own it. That means she can take it away from you, sell it, give it to charity, etc, etc. Also, as someone else stated, if she has her assets seized for any reason (and there are many), you'll be out of luck, and probably won't see any money you've paid towards it.
But hey, if you trust her, she's ok financially, not prone to psychosis, and not likely to be sued, you'll probably be fine."The patriot's blood is the seed of Freedom's tree."
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06-29-2008, 10:59 AM #13
the biggest disadvantage you have is that legally speaking, you have no say in what is done with that vehicle. if she wants to sell it, she can. she's the sole person responsible for registration and what not, so if she wants to, she can fcuk you over. also, she doesn't have to file for bankruptcy in order to lose the car. although highly unlikely, she can get sued, and the vehicle can be seized as an asset/for its value. the disadvantage for her is that if you get into an accident and harm somebody or get sued, she can be held responsible if her name is on the title, even if she is on the other side of the country.
your best bet is to put both of your names on the title. she can't do anything without your signature, but still allows her to claim it as an asset.