My boyfriend needs a cheap used car but doesn't have enough money. He would need about $1,000 - $2,000. I'm willing to help, but know I need to protect myself in a worst case scenario like bankruptcy or a breakup.
I don't want to cosign on a loan in his name (could ruin my credit if not paid) or just loan him cash (too hard to pursue in court if he defaults, and can written off in a bankruptcy), so I think the best solution is for me to be listed as a lienholder on the title until he pays me back. I'd just put my name on the title as the owner of the car, but in that case -- I'm assuming -- he couldn't register and insure it in his own name.
We'd be buying the car from an individual, not a dealership. If being lienholder is the best answer, how do I do this? Is there a place for me to sign as lienholder on the title when we go to pick up the car and the owner signs it over, or do I need to fill out additional paperwork with the DMV?
2007-08-13
07:40:11
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4 answers
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asked by
indiana
1