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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?
Wiki User
∙ 13y ago
If your name is on the title you will be responsible for all debts and damages.
Wiki User
∙ 13y ago
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Can you personally finance a vehicle to a buyer and retain the title until receiving full payment of sale?
Yes you can. You can be listed as a lien holder on the title. But ... be certain that the buyer re-registers the car in his/her name ... otherwise you may be held liable, as the registered owner, for accidents and traffic violations. Make sure that the new title issued has the buyers name only, as the registered owner. My son did this with a car he sold to a friend - until the car is paid off in full, the lien stays on the title.
Who is liable when title is in one name and driven by another?
Title holder is always liable.
You bought a used car but you have a joint vehicle title in mine and my friend name can i get that person off that vehicle title title?
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.
If your 21 year old daughter caused an accident minor damage title of vehicle in her own name but parents are listed as policy holders on this vehicle - are the parents liable in case of a lawsuit?
If there is a lawsuit, they will name the owner of the vehicle, your insurance company would more than likely represent you/your daughter. I do not think you can be held liable personally.
If you file Chapter 7 bankruptcy and do not continue to make payments on a vehicle older than 5 years old can you continue to get tags on it after the credit company has filed a lien on the title?
AS long as the title remains in your name, you are liable for tags appearing on the vehicle..You should notify your local motor vehicle dept. of the ownership change.
Are you liable to another PARTY if your daughter gets into a car wreck if you co signed on her car loan and she in uninsured?
If you are truly a Co-Signor then you would not be liable for the accident although you would still be liable to the finance company for unpaid balance of the financed vehicle. If you are in fact a Co-Buyer, then yes, as one of the vehicle owners your are jointly and severally liable financially for any accident incurred in the vehicle. Unfortunately their are many unscrupulous car dealers these days that do not explain the difference to the customer between a Co-Signor and a Co-Buyer. If your name appears on the title or the vehicle registration to the vehicle then you are not a Co-Signor, you are a Co-Buyer aka a Co-Owner.
If you put the title of a car in your name for your friend and they are in a car accident am you liable since the car is in your name?
They can sue you both. One your friend is the driving and responsiable for the accident and two you own the car. Better get your check book out.
If you bought a car and the title and loan are in your name but you allowed a friend to take over and now the friend has stopped making payments can you take the vehicle back?
As long as the title and loan are in your name the car is yours. Any payments missed will effect your credit. Take the vehicle back, now.
Can you scrap your car if it has a loan on it with out going to jail?
You can do anything you wish with the car if you have clear title. But in most cases the title has the loan holder's name on it. They have to be paid off before you can dispose of the vehicle. You may not go to jail, but you are still liable for the remainder of the loan.
Are you legally obligated if you turn a used car over to the buyer before the title is in his banks name?
Yes !! Until the new buyer re-registers the vehicle into his/her name, YOU are legally liable for any damages to people or property as long as your name is on the title. Best to hand carry the title with both seller and buyer to the motor vehicle office and get this done before handing over the keys.
Can parents be sued for liability for a child on their auto insurance policy while a daughter drives her own car and is not living with parent and a title of her car is on her parent's name?
Yes, The owner of a vehicle is just as liable for an accident as the driver. Both the driver and the Vehicle owner are both jointly and severally liable for the cost of an at fault accident.Since you say the title is in the parents name, Then the Parents are in fact the legal owner of the vehicle as far as the state is concerned.The at fault driver is liable because they caused the accident, The Registered Owner is liable because the owner has a responsibility to ensure that all permissive use drivers have the appropriate insurance coverage before allowing them to operate the vehicle.Yes, If your daughter is still a minor, the legal guardian (usually the parents) can be sued under parental liability statutes even if the vehicle is not owned by the parents.
Who is liable if 16 year old has title and insurance in her own name and does not live with parents?
person's name on the title, and insurance is liable for any claims or violations. asian623 http://www.myspace.com/scionturboracing
