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Old 04-24-2008, 01:58 PM   #1
skimmilk68
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Default Can you get a loan for a car and register it in someone else's name?

I want to open up a loan for a used car but have it registered in a family members name...

can i do that?
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Old 04-24-2008, 02:01 PM   #2
ekw
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I'd swear there was a thread on this once, but I can't find it.
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Old 05-07-2008, 05:14 PM   #3
skimmilk68
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eh???
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Old 05-07-2008, 05:17 PM   #4
rogue
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Probably not.

The car is collateral for the loan, and the loan is in your name. You can cosign a loan for a family member, sure.

But a straight out buy under one name, register under another? Unlikely. Maybe. Depends on the state. I notice you don't tell us which state this is in.
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Old 05-07-2008, 05:18 PM   #5
itimebomb
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that is called a straw purchase, and no it's not legal.
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Old 05-07-2008, 05:21 PM   #6
rogue
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Quote:
Originally Posted by itimebomb View Post
that is called a straw purchase, and no it's not legal.
Yeeess... mostly yes. But within a family it may be do-able. Kind of gray.

Like if the parents buy a car and give it to their kid for college and register it in his name. They still are the owners of record, though, and the lien is on their name.

Ya dig?
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Old 05-07-2008, 05:27 PM   #7
scoobymeg
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I work at a dealership and (at least here in Vermont) the person borrowing money from a bank has to have their name on the registration, too. Even if the person is family (read: same last name), the name that's associated with the loan MUST be on the registration.
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Old 05-07-2008, 05:30 PM   #8
skimmilk68
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Quote:
Originally Posted by rogue View Post
Yeeess... mostly yes. But within a family it may be do-able. Kind of gray.

Like if the parents buy a car and give it to their kid for college and register it in his name. They still are the owners of record, though, and the lien is on their name.

Ya dig?
that's what i was assuming.. eh i guess it's not possible

i'm in CO but my parents are residents of CA
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