I am planning on buying a car but due to limited credit history, I need a cosignor. My brother is willing to cosign only if his name would not be included in the car registration. Is this possible?
2007-03-17 15:45:29 · 5 answers · asked by Ryan 1 in Cars & Transportation ➔ Insurance & Registration
Of course, the co-signer only guarantees the loan payment to the bank, he has nothing to do with the ownership of the car (his name is ONLY on the bottom of the paperwork, only your name is on top). IF however, he is listed on TOP of the loan papers as a co-maker of the loan, then he has to be listed on the title & registration. When I bought my first car, I had no credit history, my father co-signed the loan & was NOT on the title & NOT on the registration.
2007-03-18 01:19:45 · answer #1 · answered by Sue 6 · 0⤊ 1⤋
I cosigned on my fiances car and we both had to sign the title but I do not believe that both of you have to register the car. Basically it is whoever has the insurance on the car, in my state you need last years property tax statement, the registration papers and an insurance card. The guy at the DMV even let me sign my fiances name since he forgot to sign and was not with me.
2007-03-17 15:54:47 · answer #2 · answered by shelly63795 3 · 0⤊ 2⤋
depends on the state, but here in wisconsin, if either one is the cosigner on the loan they must be included on the registration.
2007-03-19 12:43:35 · answer #3 · answered by MiaDiva28 6 · 0⤊ 0⤋
That would solely be up to the lienholder, as your brother would be signing the loan documents and is just as liable for the loan as you. I don't think they will do that, he would be listed as the second registered owner, with the bank as the legal/lienholder.
2007-03-17 17:18:59 · answer #4 · answered by fisherwoman 6 · 0⤊ 0⤋
I believe so...
Technically the bank owns your car.
You will be the primary person who drives the car.
Call your local DMV and ask... Or even ask the bank...
2007-03-17 15:54:25 · answer #5 · answered by Anonymous · 1⤊ 0⤋