If i help a friend get a loan for a car and he is the one driving it. Can the title just be in his name? Do i have to get insurance for the car?
2007-08-03 02:09:56 · 5 answers · asked by Timothy L 1 in Cars & Transportation ➔ Buying & Selling
what r u crazy...help a "friend" get a loan and put it in their name??? when they take the car and wreck ur credit u will be soooo sorry
2007-08-03 02:14:10 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I'm a salesman for a Chryser dealership in Texas.
Its called a straw purchase when you finance a car thats not for you and is illegal unless its for you'r child.
And no it can't be just in his name. And yes you would have to get insurance. If he don't pay for it it will go on you'r credit, and if you go to buy a car before its paid off you will most likely need a cosigner because the lenders are gona see it as you buying a second car when the first isn't paid off yet.
2007-08-03 09:19:36 · answer #2 · answered by C dub 2 · 1⤊ 0⤋
Since you are the co-signor, you're name would be on the Title and you will also be partially responsible for the insurance.
Talk to your insurance agent before doing anything. It's usually not a good idea to do what you are intending so get advice from several sources.
2007-08-03 09:15:30 · answer #3 · answered by hedgefsu 1 · 0⤊ 0⤋
Don't do it - for a number of reasons. Friend doesn't make payments, you get stuck with them. Friend takes off with car and you can't locate him, you end up making payments. This is just not a good idea. You could end up in big financial trouble for doing this. It's a nice gesture, but not a smart thing to do.
2007-08-03 10:42:14 · answer #4 · answered by Scott H 7 · 0⤊ 0⤋
2 words... NO WAY!
2007-08-03 09:20:59 · answer #5 · answered by ♥Charmed One♥ 7 · 0⤊ 0⤋