I am 17 years old, and I can't get a loan for a car put in my name.
I had a truck that I paid 100% for, and I traded it in for a new truck. My dad signed a loan for me to buy this new truck, and contributed no money whatsoever to it. I will be making all monthly payments.
What is a good way, in case I go somewhere and my dad wants the truck and reports it stolen, that I can prove that I pay for the truck and it is actually mine so if he does report it stolen while I have it or trys to take it from me I can prove that it's mine?
I will be paying each payment by check from a checking account that has only my name on it. Is that good enough?
2007-12-17 10:48:51 · 10 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
and if a signed document is a good way to go, what should it say? What can stop him from saying that I forged his signature?
2007-12-17 10:50:12 · update #1
The name on the title is the owner of the vehicle. Checks to your father are not going to show ownership of the vehicle unless it went to court and a judge sided with you, however this would probably cost more money than the price of the car. If you are his son, I don't see why he would report the car stolen.
This is double edged because if you think your dad is going to claim the vehicle for himself, then if you stop paying him, you won't be the one held liable for the payment. If your relationship with your father isn't that well, then I would suggest discussing the truck and your concerns with him.
To answer your original question, you can't prove it's yours unless your name is the registered owner of the vehicle
2007-12-19 11:31:22 · answer #1 · answered by The Auto Evaluator™ 7 · 2⤊ 0⤋
Hmm this is a toughie. Because your dad took out the loan, the loan company would normally require that it is in his name, so it is security for the loan. That is, if he doesn't make the loan payments, then the truck is an asset of his that they can recover.
For the same reason, he is probably not able to transfer the title into your name, even if he wanted to.
Are you on bad terms? If you went off with the truck, would he really report it stolen?
I don't really know what you can do about this now. If you could get a notarized statement from him that you have completely free use of the truck, then you could show it to any cop that tried to arrest you. They would likely then arrest your Dad for being a dick and wasting their time. Not that it would come to that - if you had such a document, he wouldn't actually report it stolen.
Next time, take out a loan in your name, so the title is also in your name, and he can just be the guarantor. Perhaps you can even re-do the loan now, on that basis. You get a loan to buy it from him, and he guarantees the loan payments.
Right now, you have all the bills but none of the power. So that kinda sucks.
2007-12-17 11:06:37 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Technically the car / truck is NOT yours. It is who ever the title is under. It really doesn't matter who made the payment.
My mother used to make payments for my sister's car when they were having financial problems. The title was in my sister / brother-in-law's name. Again it doesn't matter who makes the payment. Technically the car is OWNED by the person on the title.
Why would your father report it stolen while you have it? You are worried about nothing. If you can show a driver's license with the same last name as the registration, that usually gives you the benefit of the doubt with the law (police).
Good Luck.
P.S. If your relationship is really bad with your father then why take his "HELP". Save your money and buy a car cash. Get a cheapy junker for now.
2007-12-17 10:54:22 · answer #3 · answered by Lover not a Fighter 7 · 1⤊ 0⤋
Easy!
Pay your dad (or even better, pay directly to the finance company) with a check from your own checking account and save all the cancelled checks.
I'm curious though, why would your dad report the truck stolen, or try to take it from you???????
I frankly would decline help from a dad like that....
Anyway, the other people are right though, legally, the truck is not yours if the title is not in your name. Once the truck is paid off you need to have the title transferred to your name.
2007-12-17 10:55:55 · answer #4 · answered by terje_treff 6 · 0⤊ 0⤋
If you have a statement drawn up stating you own the truck even though the title is in your fathers name and then sign it in front of a Notary your father can't say you forged it. The Notary is a public official and signs a statement that says they checked your fathers Identification and that he was, in fact, the person who signed the statement.
2007-12-17 10:59:04 · answer #5 · answered by mustanger 7 · 0⤊ 0⤋
It is the name on the title that counts.
2007-12-17 11:30:23 · answer #6 · answered by William F. D 4 · 0⤊ 0⤋
your dad can sign the title over to you. just on the back. Other then that the cops really wont care what you have, notarized letter or whatever receipts. now in court in an other story. you can fight it more there. but just get him to sign it over.
2007-12-17 11:00:16 · answer #7 · answered by Anonymous · 0⤊ 0⤋
The police look at the name on the title. Sorry, your gonna have to wait till he transfers it to your name.
2007-12-17 10:53:15 · answer #8 · answered by chevy9757 2 · 1⤊ 0⤋
Title is the only thing that counts..That is why it is called a "Certificate of Ownership"..Nothing else would make it any different..
2007-12-17 17:45:06 · answer #9 · answered by Harley-HST 4 · 0⤊ 0⤋
why don't you and your dad write up a letter stating the fact, and have it notorized,
2007-12-17 10:53:08 · answer #10 · answered by phaselman01@snet.net 2 · 0⤊ 0⤋