A partner and I are starting a business and are going to use his vehicle. We thought that maybe my name should be added to the title since we are considering using a joint insurance policy for it as well as other assorted items in our venture. Can my name be added to the title and he/we be able to retain the current loan satisfaction for said vehicle. ie...loan in his name and vehicle is the collateral.
2007-03-15 15:48:02 · 2 answers · asked by dances_withbirds 2 in Cars & Transportation ➔ Insurance & Registration
Just a ballpark guess, but I think it may be wiser to register and insure the car in the name of the business enterprise. That would protect you from any "surprises" .
2007-03-16 01:28:53 · answer #1 · answered by Peedlepup 7 · 0⤊ 0⤋
The lienholder will have to agree to put you on the title, you would also become liable for the loan if your partner bails out. Your partner would basically be refinancing the car, to add your name.
2007-03-16 08:23:33 · answer #2 · answered by fisherwoman 6 · 0⤊ 0⤋