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Can you have a car loan in one name and title the vehicle in another name?
Wiki User
∙ 11y ago
The loan originator might frown on that. The entity issuing the loan must be assured that the assignee is reliable. They issued a loan to that person. Placing another name on the title might make a case for fraud. That isn't generally the kind of trouble folks invite, even if there is a logical reason for desiring a different name on the title. If a vehicle is titled under another name, it strips the loan company of some or much of its assurance as to who they can go to in the event repossession is necessary. (They have to think in terms of "what if" to stay in business.) The particulars may be covered in the fine print on a loan contract. It's highly improbable that a loan company would even consider the request. The dealer from whom the title is transferred must abide by the loan agency's wishes since they'll be handling the paperwork and must represent the loan company (as well as the buyer) fairly. That dealer won't probably want to dance around a possible fraud issue. If a loan is granted for a private party sale, the loaning agency will take care of the paperwork and title will go to the assignee of the loan. (The latter might be the case when a credit union appraises a vehicle for sale from a private party and grants a loan to a member to purchase that unit.) As always, good luck.
I have found that you can add a name to the registration of the vehicle to allow another person to drive the vehicle. There is a difference between the title and the registration. You can own a car and register it someone else that includes vehicles with loans. As long as you are still the main registered owner the banks will normally not cause a fuss.
Update:
Answer: Yes as stated on above user, you can add someone to the registration so that person can drive the car but they are not allowed to be on the title of the car until the loan is paid off and the new owner who gave you the car to drive signs over the title over to the person who is driving it. I suggest you write up a legal document to make sure this person is making payments for you if he is driving the car for extended amount of time (If they are taking over payments that is).
Wiki User
∙ 11y ago
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If an auto loan is in one person's name and the title in another person's name can the vehicle be repossessed?
Yes.
Can you register a vehicle if the loan is in someone elses name?
If your name is on the title
If the loan for a vehicle is in one person's name and the tite in another's what are the rights of the person on the title if the vehicle is repossessed?
None, unless the person who is named on the title chooses to make an agreement with the lender to refinance the car in their name. A title which has a lien against it does not confer ownership to the title holder. The vehicle belongs to the lender/lien holder until the loan agreement is paid.
If two people are on vehicle loan and only one person on title can the other person register the vehicle?
It makes no difference whose name appears on the loan, the vehicle can only be registered in the name of the person named on the title.
Your son gave you a truck as a gift you are on the title vehicle is insured and registered in your name He is in default on his loan Can the bank repossess your vehicle?
If there is a loan against the car then the bank is on the title and they own the car, your name would be on the registration but not on the title, so yes they can repo it. If you have the actual title in hand then their is no loan on it and you own the car.
What is a title loan?
A title loan is also known as car title loan. It is a type of secured loan where you can use your vehicle title as collateral to get the funds you need. When you borrow with your car title, you allow the lender to place a lien on the title of your car, SUV, RV, truck, or motorcycle in exchange for a loan amount. This loan don't rely on your credit score.
When someone assumes your finance payments are you no longer responsible for the vehicle?
IF you transfer the title and loan out of your name you are not responsible. IF NOT, and they don't make the payments, or have insurance on it, YOU are responsible for all aspects of the vehicle as you still OWN it. the name on the title & loan is the responsible party.
If the loan paperwork is in your name how could your ex register the vehicle in hers?
The DMV doesn't care who's name the loan is in, only the name that appears on the title and registration. Either way, the lenders name would have to appear on the title since the DMV has to know who actually 'owns' the vehicle.
How can you hold the title on a vehicle loan to a friend and not be liable for any accidents that he may get into?
If your name is on the title you will be responsible for all debts and damages.
When a cosigner is needed to obtain an auto loan do he need to be on the title?
I am able to take a loan out against my vehicle and have a co-signer and was told by the bank that this does not mean that my co-signer can have my vehicle nor their name on the title but just that they get to repay the loan if I do not. I hope this leads you in some direction.
If you get a loan in your name can the car be titled in another name?
No. I recently took a car loan for my son because his credit is bad. The loan is in my name, the title is in his name only. He is listed on the loan as the 'holder of colateral'.
What rights does a cosigner have to gain possession of the vehicle if he paid off the loan without your knowledge and the title is in your name only?
If a cosigner's name is not on the title they have no legal claim to the vehicle. They can file a lawsuit against the primary borrower to recover money that they contributed towards the paying of the loan.
