Can who make you sell it? If he filed bankruptcy and his name is on the title, you will need to go to court and show documentation that you are the only one that made the payments. Also, you will want to get his name off the title ASAP. * It is not relevant as to who makes the payments on the loan. The wording of the title determines ownership of a vehicle. If the title is jointly owned with the names separated by the word "or" the vehicle is considered owned separately by each named party and can be subject to a judgment creditor or bankruptcy action. If the names are separated by the word "and" the vehicle is jointly owned and in most instances cannot be partitioned. If it is a matter of bankruptcy, the vehicle exemption may or may not protect it from being seized by the trustee. If it concerns a repossession or attachment by another creditor and the person named on the title is the judgment debtor, the exemption also applies with the exception of the lender themselves.
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.
You have to posses the title on the vehicle and the documentation that there is a default in payments.
Yes..... I did
If the insurance writes off the vehicle - they get YOUR title document - and THEY then forward it to the DMV informing them that the vehicle is scrapped.
most insurance companies will insure a vehicle with a salvage title. As long as it is state certified.
Totaled vehicles which have been rebuilt generally have a "salvaged vehicle" title, or whatever it's called in your state. Vehicles with a salvaged vehicle title are by definition, not as valuable as the same vehicle with a clean title. If the vehicle is subsequently in another collision, the insurance company will not pay as much since the loss was not as great. Insurance companies only need to pay you for the actual value of the vehicle.
As far as I know, at least where I live, it makes no difference who's name is on the title. If you are authorized to drive the vehicle, it can be insured on anyone's policy. The only thing that is required is that the vehicle has insurance, period. I know that in my personal life, I am driving a truck that is in my brother's name, and I am making payments to my mother for it because she accquired the truck from my brother via an even trade for a different truck. I carry insurance on the truck in my name and on my own policy. I don't plan on changing the title over until I have it paid off.
In most places the money goes to the BANK! Their name is on the title of the vehicle until you make all your payments and they sign a "release of lein".
You bet. If the other owner of the vehicle doesn't carry insurance on the vehicle -- or lets it lapse -- and has an at-fault accident, the injured party can certainly come after you as a part owner of the vehicle. If the other owner carries insurance, however, you're pretty safe. The insurance carrier handling the vehicle and any accidents will protect the owners' interests to the limits of the policy. If you know the vehicle has insurance, and you're still worried, take a moment to review the policy coverages and limits on the vehicle. Just so you know, the insurance you carry on the vehicle you do drive would not extend to a co-owned vehicle like this, unless you've told your carrier about it.
By Ohio Law, you are required to carry car insurance on a vehicle that is title in your name. In addition, to operate a vehicle in Ohio, you must be able to show proof of financial responsibility. However, when you receive your license, they do not require you to furnish proof of insurance or other financial responsibility at that time.
Only if the cosigner is also named on the vehicle title.
Depeding on how the vehicle is titled you may have legal rights to the vehicle even if you aren't making the payments. However, in order to just get it titled in your name then you will need their consent if it's currently titled in both of your names. Very simple answer to all these questions. If your name is on the title, you can have the car. If your name is on the loan, you can make the payments. WHAT if BOTH names on tittle, reg and insurance, one is making payments but other is the strong credit that got bike and wants it back
A bank won't release the title to a vehicle until it has been paid in full. This is done to prevent the vehicle from being sold while payments still remain.
Cosigner just means someone who guaranteed the note. What's on the title? If the cosigner is on the title, he/she is entitled to half of the proceeds of a sale or insurance liquidation because it's the TITLE that determines the ownership, not who paid for it.
I think it may mean that the seller of the vehicle will "hold the loan" or will let the buyer make payments to them and once paid in full, seller will then sign title over to buyer.
Check with the Secretary of State in your area to confirm you can be the lien holder for the vehicle. Assuming you can, simply sell the vehicle to the buyer, and list yourself as the lien holder on the title. It would be a good idea to utilize a contract to outline payments and if you require the buyer to maintain insurance on the bike until the lien is satisfied. Hope this helps. DealerOffices.com
can be done by insurance company at time it is totaled out by them
Check who owns insurance on the vehicle.
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.
No, you can only replace a lost title. If the vehicle had a lien from the bank, a replacement title will still show the lien.
On the back of the title there is a place for you to put the leinholder information. Just put your information there when you pay the money to the seller. If there is a leinholder, the insurance company will require the owner to carry full coverage insurance, therefore, if the car is wrecked, the insurance will pay you, the leinholder, and not the owner listed on the title. That way you will be able to recoup any money that is owed to you. You can only keep the amount that is owed to you and pay any remaining to the registered owner of the vehicle.
generally,a personal vehicle is regitered (tagged) in the name of the owner shown on the vehicle's title. if her name is on the title,you can supply the funds to register but it will be in HER name. (same goes for insurance,policy will be in named owner shown on title.) a possible solution might be to re-title the vehicle in BOTH your names,your DMV or an auto insurance agent can tell you what the laws allow in your state.
yes you can have insurance on a vehicle that does not belong to you,you can even get tags for it.youjust cant transfer the title.
it just means that said vehicle has been damaged and an insurance company has considered it to be damaged beyond its value. if it is a "rebuilt" salvage title then it can be used as any other vehicle on the road, it just may effect the cost of insurance.