2007-07-15 04:59:41 · 6 answers · asked by thebodab 2 in Politics & Government ➔ Law & Ethics
I do not want to let them just borrow it due to possible legal issues it they are in an accident.
2007-07-15 05:06:51 · update #1
I do not want to let them to just borrow it due to possible legal issues it they are in an accident.
2007-07-15 05:07:19 · update #2
This is a fantastic idea!
A relative of mine drew up an agreement between herself and a teenager with certain conditions a few years ago, so that this teen could have a car. (It really motivated her to stay in school and it served her well for 2 years until she was in an accident).
While I'm not sure how legal the document is, it gave guidelines that were agreed upon and signed by both parties. The teen understood that the car was for her use as long as she followed the guidelines, but also realized that if she didn't live up to her end of the bargain, she would lose the car.
I'd recommend writing up the guidelines, including not only expectations for behavior, but also guidelines to the treatment of the car itself.
Who will make the vehicle payments
Who is responsible for maintenance on the vehicle
Who legally owns the car
Who is to pay for the insurance
Maintenance schedule
Who is responsible in case of an accident (make sure what the laws are in your state, and also if they take this car on a road trip, who is responsible in other jurisdictions)
Who pays for the gas and oil changes
Who pays for the car insurance
One problem my relative had, is that the mom of this teen decided she liked her daughter's car better than her own and decided that she should be the one to drive the car. My relative had to put her foot down in this case and state that her daughter would lose the car if anyone else drove it.
It seems that if it is signed and notarized by a Notary Public that the contract would be legal. But make sure that you have someone who understands the laws in your region verify it to ensure that you are protected as well.
2007-07-15 05:13:29 · answer #1 · answered by Searcher 7 · 2⤊ 0⤋
What I would suggest is you form a trust, and donate the car to the trust. Empower the trust to allow the Beneficiary to use the car while they are enrolled in school. You can have the trust terminate and the car becomes their sole property once they finish school.
If you put their name on the title, transferring it to them, conditions become very difficult if not impossible to enforce. Using a trust rather than holding it personally limits your personal liability should they be involved in an accident.
2007-07-15 05:05:43 · answer #2 · answered by open4one 7 · 1⤊ 0⤋
Yes you can just transfer the ownership of the car to the new keeper. Jut send the registration documents of the vehicle to your local DVLA office.
2007-07-15 05:04:27 · answer #3 · answered by ? 7 · 0⤊ 0⤋
Don't donate it to them, keep it in your name but let them use it. That way if the don't go to school then you can take your car back.
2007-07-15 05:03:19 · answer #4 · answered by Summer B 5 · 0⤊ 0⤋
You have to go to the Dept. of way to many conditions for a used car. They can usually help.
2007-07-15 05:05:25 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You can retain ownership of it and let them "borrow" it, that way you can take it back anytime you want.
2007-07-15 05:02:50 · answer #6 · answered by tsoto_soto 5 · 0⤊ 0⤋