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What rights does the borrower have to a vehicle if it is registered in their name if they borrowed money from a friend to purchase the vehicle?
Wiki User
∙ 17y ago
If the car is in your name, you have all of the rights. If things were to fall through between the two of you, unless you and he have a signed agreement that you'll pay him back, you dont' have to pay him anything. Of course, that would be horrible to do, and he could take you to small claims court to get his money back. * Verbal agreements are legally binding. Only the person who holds title to a vehicle owns the vehicle. It is irrelevant who the vehicle is registered to. If the person has the title he or she can legally repossess the vehicle at any time and sue the borrower for any applicable costs connected to the repossession.
Wiki User
∙ 17y ago
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Can you be charged with Grand Theft Auto if you are the legally registered owner?
No, if you have the paper work to prove that the vehicle is registered to you, then you cannot be charged for Grand Theft Auto in any degree.Another View: The above answer is incorrect. If you purchase a vehicle with borrowed money, even though YOU are the registered owner according to the DMV registration files you are NOT the holder of the title to the vehicle, the lender is. It is the owners name as shown on the TITLE that is important and NOT whose name appears in the registration files.
How do you get liblity insurance on a borrowed car that no insurance?
You have to own a vehicle to insure it then you have to register it as the registered owner. So if you are borrowing a vehicle either the owner has to insure it or you have to buy it from them
What happens if your vehicle is repossessed for Florida residents?
The vehicle will be taken to a storage lot, or sent directly to auction. The borrower will be notified by mail of the lenders intent to sell the vehicle either by an Order of Repossession or a Notive of intent. The vehicle will either be sold at auction or redeemed by the borrower. If sold at auction, the purchase amount will be applied to the loan debt. If the purchase price exceeds the debt plus all repo fees, the remaining amount will be refunded to the borrower. If the purchase amount is less than the loan debt (the more common scenario), the borrower will be required to pay the remaining amount of the debt.
Lien holder on your vehicle?
The lien holder is the person or firm, you borrowed the money from to purchase the car.
Can you purchase auto insurance in any state must you purchase it in the state you reside?
You must purchase it in the state where the vehicle is registered.
Can you be sued for the negative equity on a vehicle that is not in your name?
Perhaps if the individual is the person who entered into the lending contract he or she is responsible for any monies still owed after the vehicle is sold. (Whether or not a vehicle is registered in the borrower's name is not relevant.)
How long after buying a car in California do you need insurance on it?
you have ten days from the original date of purchase to have insurance and have the car / vehicle registered in your name you have ten days from the original date of purchase to have insurance and have the car / vehicle registered in your name
What are your rights if you are a primary borrower of a vehicle and the seconday borrower is not paying the loan?
If the secondary borrower is not paying the loan, you must take the vehicle back from the secondary borrower before the bank takes back the vehicle and ruins your credit. You will learn from that not to cosign a loan.
If you live in NJ and your vehicle is registered in NJ can you purchase a vehicle in PA?
Yes you should be able to. I purchased a car in Illinois and drove to Virginia with temp tags and registered it in Virginia once I got there
What are the pros and cons of collateral loans?
Collateral loans are secured loans. They depend on the ownership of a house or vehicle. Collateral loans can be very quick to obtain. If a borrower defaults on a collateral loan, the lender can take the property or vehicle that had been borrowed against.
is this vehicle currently registered?
is this vehicle currently registered?
Is it against the law to purchase a vehicle for someone else?
No, just as long as it is legally registered in the name of the owner.
