hello can someone shed some light on AND/OR situations regarding auto loans or ownership of vehicles when there are two owners? Im in a AND situation and a co-owner of a vehicle.
2006-09-27 03:46:53 · 4 answers · asked by MiaDiva28 6 in Cars & Transportation ➔ Insurance & Registration
"And" means you both own the vehicle. You are jointly responsible for payments, and you are both jointly responsible for everything about it. To sell it, you both must sign.
"Or" means that. Either of you can sell the vehicle without the other's signature or permission. As regards payments, if one party stops, the other becomes fully responsible.
Sometimes you will see "And/or" but it just means "or".
2006-09-27 04:13:06 · answer #1 · answered by oklatom 7 · 0⤊ 0⤋
In terms of an auto loan, there is no OR. If you cosigned on a loan, then both of you are equally responsible for repaying the loan. It doesn't matter who is actually making the payments. If either of you stops repaying the loan and the car is repossessed, it will affect both person's credit scores.
As far as the title of a car, if you still have a loan on the car, the title is actually in the Bank's name, as lienholder. They will put both person's name on the title
I'm not sure how it works when the loan is paid off. I think both people would have equal claim to the car, but you can re-title the car in one person's name, I think.
2006-09-27 11:03:09 · answer #2 · answered by PoliPino 5 · 0⤊ 0⤋
It means you are jointly and severably owners of the vehicle... If one of you defaults on the loan they can come after the other one for the full balance...
2006-09-27 10:57:07 · answer #3 · answered by Andy FF1,2,CrTr,4,5,6,7,8,9,10 5 · 0⤊ 0⤋
On the title AND means both parties must sign to sell and both parties are equally responsible. The OR means one can sign the title and sell it without the others permission.
2006-09-27 11:39:24 · answer #4 · answered by Gramms 4 · 0⤊ 0⤋