Title/insurance/registration

[zraffz]

I recently bought a 1999 cherokee sport for my girlfriend. Her parents are willing to insure the vehicle for her and it will be way cheaper than being on my insurance (I won't be driving it anyway so I don't care if I'm not on the policy). Is their any way that I can retain the title and let them insure and/or register it? What other ways can I go about doing this? Can multiple names be on a title and have a contract written up? I trust my girlfriend but I'm not 100% set on trusting her parents. Even if I can put it in my girlfriends name and have her parents insure it, I'd be fine with that.

[LTb1ow]

You can have multiple names on the title, but you will be on the hook for insurance then.

[sweetbmxrider]

I don't see why you couldn't leave the title in your name and go register and insure it in another? Maybe I'm forgetting something crucial to the process

[BonzoHansen]

on leases the title & registration are in one name and the insurance in another. call your insurance broker and ask.

[LTb1ow]

Originally Posted by sweetbmxrider

I don't see why you couldn't leave the title in your name and go register and insure it in another? Maybe I'm forgetting something crucial to the process

His insurance will still reflect the car if he is on title, may not be reflected in rates but it allows for a legal stepping stone after the gf's insurance is sucked dry to come after you.

Just saying

[V]

You should be able to record a lien on the title under your name and then you'd become the lienholder.

The title would then be in her name or parents name, or whatever.

If they ever wanted to transfer the title or sell it, then would you to sign off on the lien release(you would also probably hold the title). You should need just a few documents(bill of sale, signed agreement, payment agreement or other) and go to the DMV with them.

I suggest you go to a dmv, or better yet, call Trenton and ask them about putting a lien on a title.

You may need to establish some type of actual "payment schedule" to establish a real lien though. But be careful that they can't burn you in the long run like if you just make up cheap payments, and they pay that amount off and try to claim the title.

[sweetbmxrider]

Originally Posted by LTb1ow

His insurance will still reflect the car if he is on title, may not be reflected in rates but it allows for a legal stepping stone after the gf's insurance is sucked dry to come after you.

Just saying

Nice to know but I think the issue at hand is the parents claiming legal ownership of the car via documents in their name without purchasing the car from the OP.

[zraffz]

Exactly bmxrider. I picked it up pretty cheap but on my insurance my girlfriend would pay more then she would for full coverage under her parents policy. If I can legally let her have the title and still put it under her parents policy I'm okay with that. I just don't want to deal with any BS and god forbid she or me get into an argument with her parents I don't want them to have any legal grounds to take the vehicle. I looked into a lien already but in nj i'd have to provide them with a payment plan and it will affect her credit score (or possibly help build it up?) I suppose I could see if I could set it up for payments of like $50 a month just to keep my name on the title for a few years.

[LTb1ow]

Originally Posted by sweetbmxrider

Nice to know but I think the issue at hand is the parents claiming legal ownership of the car via documents in their name without purchasing the car from the OP.

I know, just wanted to put it out there, god forbid something happened it is something you gotta think about. Everyone is sue happy these days

[zraffz]

Originally Posted by LTb1ow

I know, just wanted to put it out there, god forbid something happened it is something you gotta think about. Everyone is sue happy these days

As a lien holder can I be held liable? Technically the title wouldn't be in my name but I'd retain ownership?

[Tru2Chevy]

My sister just bought a Grand Cherokee, signed the title into her name, and is on my parent's insurance policy with no issues.

- Justin

[jam01]

here is something to consider too, any tickets issued or tolls not paid will be on you. i helped my stepdaughter by putting her car in my name, i still owe the city of philly $236.00 and since i have easy pass, they put the tolls she did not pay on to my account well over $50.00. i am not saying this will happen to you but cautious.

[zraffz]

Originally Posted by jam01

here is something to consider too, any tickets issued or tolls not paid will be on you. i helped my stepdaughter by putting her car in my name, i still owe the city of philly $236.00 and since i have easy pass, they put the tolls she did not pay on to my account well over $50.00. i am not saying this will happen to you but cautious.

What liability do I assume if I act as the lienholder? Can I clear my own ass from any tickets/accidents?

[98CamaroSS]

Originally Posted by zraffz

What liability do I assume if I act as the lienholder? Can I clear my own ass from any tickets/accidents?

Lienholders have no liability as they only own what is owed on the vehicle. The vehicle is security(collateral) for the money owed.

[jam01]

Originally Posted by 98CamaroSS

Lienholders have no liability as they only own what is owed on the vehicle. The vehicle is security(collateral) for the money owed.

that may be true for banks and such, but if the vehicle is in his name i think he would still be responsible.
i would contact the dmv to see what options you have.

[V]

or just don't be so nice and make her pay her own insurance or sell the jeep to her. girlfriends are not always forever.

[BonzoHansen]

Originally Posted by V

or just don't be so nice and make her pay her own insurance or sell the jeep to her. girlfriends are not always forever.

^^^this