well im going to buy a new car but my credit isnt high enough to get a good deal...my dad says he can use his credit but the problem is that he wants to know that if he uses his credit though im paying for the car is that will his name be on the car too? hes had his license suspended due to DUIs...so if i was to buy this car with his credit in what i think then they will have to put the little blower tester thing to start ur car...so question made simple...if i use my dads credit, will my dads name appear fully on the car even though hes not paying? hope some1 knows what im talking about...thanx...
2006-08-19 10:08:40 · 5 answers · asked by Just Curious 1 in Cars & Transportation ➔ Insurance & Registration
If he co-signs, then yes his name will appear. If both of your names appear on the load then you will improve your credit score as you make good on this loan. Of course, any late payments will reflect negatively on both your credit score and your dad's.
On the other hand...
If you have no credit and cannot be approved financially, then the car can be sold to your dad and the loan will be entirely in his name, and the car will be entirely in his name. Another term for this is called a "straw-purchase." You can make all the payments on time for 5 years and the purchase will never appear on your credit rating. Every payment, on time or late, will be reflected on your dad's credit. Legally, the car will be your dad's, though after the loan is paid for he can transfer it to your name for a nominal fee through your county clerk.
As for whether an "alcohol-breathalyzer ignition-lock" is mandated for a car that is titled to your dad, that will vary from state to state and the judgement of the court who ruled on his last DUI.
2006-08-19 10:23:11 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If you dad's license has a restriction for a breathalizer then don't put him on your car. The requirement of that machine is a term of his probation. Court requires that any vehicle with his name on it be equiped with it. If the court found out there was no machine on the car then he would be violating the terms of his release (it's not worth it).
Breathalizer, that means minimum 2 DUI's, Please don't follow in his steps!!!
2006-08-19 13:32:28 · answer #2 · answered by brandiwine72 3 · 0⤊ 0⤋
Call your motor vehicle bureau or a dealership and ask if your state requires that the person purchasing the vehicle be solely named on the registration or not. It would seem that if he purchases the vehicle, his name would be on the registration. If he co-signs then both of you could be on the registration. The lienholder of course will consider him the person responsible for the payments regardless of how it's registered.
2006-08-19 12:47:11 · answer #3 · answered by Chris 5 · 0⤊ 0⤋
His the one buying the car, he puts whoever's name on it. The thing is, if you don't pay, he's gonna have to pay for you or his credit will be screwed.
2006-08-19 10:16:18 · answer #4 · answered by Anonymous · 0⤊ 0⤋
if he co-signs its in his name too.
2006-08-19 10:14:22 · answer #5 · answered by rhino_man420 6 · 0⤊ 0⤋