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Can you finance a car in your name only for a friend but not have your name on the title?


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2015-07-15 21:51:16
2015-07-15 21:51:16

NO PROBLEM. IF the lender will let you sign the loan papers, you ARE responsible till death do you part. DONT DO IT. GIVE them a cheap PAID FOR CAR and let them SAVE to buy their own. Good Luck

You may be able to keep your name off of the title, but the bank will probably insist that your friend also sign the note.

Actually, financing a car for another person is called a straw purchase, and most, if not all finance companies will not allow it if they know it's a straw. In a few states, straw purchases are actually illegal. Before anyone mentions this: Co-signing is not the same as a straw purchase.

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You need to take the release form and the title to the DMV. They will issue you a new title without the finance company on it. They will NOT do this until / unless you have the signed title and a release from the finance company / legal owner. The process costs only a few dollars.

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It depends on the particular finance company, and possibly state law. Some finance companies will only allow people that are on the finance contract to be put on the title, but some will allow other names on the title.

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Contact the finance company and get a lien release from them. With that lien release you can have them removed from the title. You cannot get the lien release unless you have paid the loan off in full.

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Names on title appear as either (and) (or) if the title is and then both signatures are required. if it is or then only one signature is required to modify ownership of title.

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You signed away those "rights" when the title was assigned into the name of the former friend. The only way to revert things back on the title, is for the former friend to "sign off" as owner and for you to "sign on" as buyer - then take the ownership document to your local Motor Vehicle office and have the title legally changed to your name.


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