The car will be payed off, but i was wondering how it will affect my credit, insurance on my own car, ect. And if he gets a ticket will i be affected? What if drugs or something is found in the car?
2006-09-13 06:13:07 · 18 answers · asked by pradafitsmenice 2 in Cars & Transportation ➔ Insurance & Registration
The law in nearly every state holds the registered owner of the car responsible for its use or misuse.
As the title owner you are responsible for parking tickets associated with your vehicle as well as accidents, including the liability associated with damages to life or property. Even criminal activity associated with the car gets tied to you.
This is often the case with co-signers. The vehicle is usually in the name of the person with sufficient credit. The other person's name may be on the note, but the co-signer is actually the one making a debt.
If the vehicle is in your name but someone else is paying for it, that might be fine as long as their are no problems. But over the course of the several years that you will be paying for the vehicle something is guaranteed to go wrong. You will be responsible not the other person.
It is not advised that you should make such a move unless you have other compelling reasons.
2006-09-13 06:27:37 · answer #1 · answered by Bruce Frazier 2 · 0⤊ 0⤋
Anything against the vehicle, from a parking ticket to a tow to an accident to being used in a felony robbery will become YOUR responsibility. If you want to take that responsibility, go right ahead. Let's assume the person has a bad wreck, ruins some property and runs off. Who will they arrest and charge? The owner of record. The "I wasn't driving it" won't matter, you are responsible for whatever it does no matter who is driving, and you will also be responsible if the someone else is driving without insurance. Or did you plan to put insurance in your name also?
2006-09-13 07:30:19 · answer #2 · answered by oklatom 7 · 0⤊ 0⤋
If he kills someone while driving the car then you could be held liable and sued, insurance could get cheaper if you get a multi car policy, if it's paid off then there is no affect on credit, If he gets a ticket directly from a police officer it goes to him, if its a camera ticket it will come to you, but you can fight it.
2006-09-13 06:18:57 · answer #3 · answered by matt323i 1 · 0⤊ 0⤋
What would you do if someone rammed your sister's car and she was killed after the brakes went out? Would you not sue the car owner for that? That is the same position you are putting yourself in. The liability that you would be accepting is huge. Consider that the person asking you to do that is already a risk or they would not be having to ask you to protect them. Don't do it.
2006-09-13 07:18:23 · answer #4 · answered by united9198 7 · 0⤊ 0⤋
If the car is in your name, the insurance for the car has to be in your name with the driver listed as additional driver, for which you may pay extra on the policy.
Any liability claims will go to your policy. Any tickets he gets will go on his personal driving record.
2006-09-13 06:21:44 · answer #5 · answered by Anonymous · 0⤊ 1⤋
anything that happens you would be financially responsible. if drugs are found they could seize the car. if a parking ticket is issued and you are never told this could effect you renewing your drivers license. had this done to me by my brother 20 years ago.
2006-09-13 06:22:33 · answer #6 · answered by scififed 5 · 0⤊ 1⤋
confident you're in threat and that they are at no fault in the event that they kill or injure somebody.you are the only which would be in difficulty with the coverage firms and regulation. i individually does not enable somebody else stress a motor vehicle decrease than my call. if its approximately coverage you should look into your relative getting braod style coverage. might have the flexibility to stress any motor vehicle without coverage.
2016-11-07 06:08:46 · answer #7 · answered by porterii 4 · 0⤊ 0⤋
Don't do it. Any accidents will reflect on your insurance. Plus if you are asking about drugs then it sounds like you think it is possible. And they could come after you. Don't risk it.
2006-09-13 06:24:07 · answer #8 · answered by theoriginalquestmaker 5 · 0⤊ 0⤋
put it in a persons name you trust with your life and then put a lien on it .. not a real one ,just get your mom to sign as lien holder on the title. the insurance can be in anyones name.you put this car in limbo and it cant be taken from you or anyone or by the law. let me rephrase that , the law can take it but they cant keep it.
2006-09-13 15:40:27 · answer #9 · answered by Lindsey D 1 · 0⤊ 0⤋
Whatever you do, don't do it! If this person can't afford to pay for the car, you will be the one having to pay for it. Listen to the people above, just don't do it.
2006-09-13 06:29:28 · answer #10 · answered by ce1121 1 · 0⤊ 0⤋