I bought a car in name even though I do not drive and do not have a license. It is my daughter who has a license that time (last year). She was just 17 so the car was placed in my name and I have credit. So basically, do I own the car because in the contract my name is the only that's there. I have been arguing with my daughter about this because she says that this is her car also. She will 19 in Nov. I want to transfer it in her name she does not have enought credit and my credit score is low now. I cannot be approved.
2007-08-04 09:05:19 · 4 answers · asked by Anonymous in Politics & Government ➔ Law & Ethics
I understand that the credit company has a lien on the car. So what I am asking is can she call this her car?
2007-08-04 09:13:07 · update #1
If you still owe $ on the loan to the bank, and you can't sell the car to your daughter for enough to satisfy that loan then the car belongs to the bank and will remain your financial responsibility to pay regardless of what agreement you make with your daughter. Since you are not the owner you cannot make an agreement regarding the ownership of the auto. Be aware that you are also responsible for that auto and what it does while you are the legal and registered owner. In the case there is damage done to property and sometimes bodily damages also both the driver and the owner can be held responsible. If you owned the car and wanted to do this it would be a matter of changing the reg/leg owner names, but since you aren't you can't.
No, she has no claim on the car if the documents (both reg and loan) are in your name alone.
2007-08-04 09:18:16 · answer #1 · answered by Morgan M 5 · 1⤊ 0⤋
No she has no legal claim on the car, even if she drives it all the time as long as the documents and the credit is in your name the car is yours. As a matter of fact you can sell it and she can't do anything about it.
But at 19 is almost sure the bank will not let you transfer the accouint to her but it's worth the try if she has a steady job.
2007-08-04 10:09:21 · answer #2 · answered by ? 7 · 1⤊ 0⤋
The BANK owns the car. I suggest that she get a job and start helping you make payments. Draw up a contract between you that upon the payoff of the car, that the car is HERS. Then go to the courthouse and change the title.
Many people make the mistake of thinking that they actually own something when they have a loan for it. They don't. The bank does until it is paid off.
2007-08-04 09:10:47 · answer #3 · answered by cyanne2ak 7 · 0⤊ 1⤋
If your name is on the title, or the loan, you own the car. Your daughter has no claim to it.
2007-08-04 09:11:03 · answer #4 · answered by Anonymous · 1⤊ 0⤋