I live in ca and I am getting ready to buy a car but my credit is not all that great. If i get financing in my own name I will have a high intrest rate. MY boyfriend offer to put the car in his name but i would like to know if there is away to put my name on the registration and the title as well ,so that if anything ever happend he wouldn be able to just take the car from me.expecially because i will be makeing the car payments. can some one please help
2007-11-25 13:06:01 · 4 answers · asked by dandj 1 in Business & Finance ➔ Personal Finance
It is possible, but it WILL create more problems than it solves. If you suspect he MIGHT take the car, you don't want his name on the title at all.
2007-11-25 14:28:06 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
You are BOTH taking chances that you shouldn't be taking. He is going to sign for a loan when you have bad credit ... what if you don't make the payments and he is stuck with this loan. What if something happens to the car ... the motor goes bad or the exterior is damaged ... and you just stick him with the remainder of the loan. And if you make the payments, you break up ... he takes the car. I assume that you either haven't been together a long time or you don't have any trust in the relationship ... you shouldn't be entering into this type of agreement.
Tax season isn't that far away. Can you wait, pay off some bills, and then finance a car? Or could you find a cheaper car and pay your tax refund towards it? Do you have any relatives who might be willing to co-sign for you?
To answer your question ... if HE finances the car, the car will be titled in HIS name until the loan is paid in full, and then it will be at HIS descretion as to whether he wants to transfer the title to YOU.
2007-11-26 19:26:32 · answer #2 · answered by Patti 3 · 0⤊ 0⤋
You have bad credit and think it is a good idea to finance a car? Why not save up and pay cash for a good used car?
Also, your boyfirend is a fool if he gets on this loan with you.
2007-11-25 21:10:29 · answer #3 · answered by Anonymous · 3⤊ 0⤋
I would strongly suggest that you don't let him co sign for you, especially if you guys aren't married. I have heard and seen too many horror stories like this. I would go ahead and just put the car in your name and then refinance later.
2007-11-25 21:10:38 · answer #4 · answered by mom2three 2 · 4⤊ 0⤋