Can a car be titled in someone's name who doesn't finance it?

[Unfair]

Do everyone in your family and yourselfr a favor, get a reasonable car at this time in your life.

[TheSpartanPope]

Originally Posted by irocnroll

Loans need to be paid back. And if you are on Financial Aid, you really cant afford it.

Just because he is receiving financial aid doesn't mean he can't afford it. Financial aid is primarily based on the income of your parents - not your own income. I am not from a wealthy family, so my entire college education (BA & MS) was funded through scholarships, grants, and federal loans (stafford/perkins).

While I personally drove a used car during college, I could have purchased a new one if I had wanted to work more hours than I did.

I turn 23 tomorrow. I just graduated in May, have a 763 credit score, have a Camaro on order and am in the process of buying a house (should have both by the end of August). Stop hating on us kids

[TheSpartanPope]

Originally Posted by theholycow

Paying it off every month is why you have a lack of credit history. Let them make some interest on you, show that you can borrow now and pay back later; then they'll believe that you can borrow bigger now and pay back later (and that they'll make money).

I've paid off my credit cards every month and have had no problem getting a new car loan and a mortgage loan. What's the sense in paying a ton of interest on a credit card when you can afford to pay the entire bill every month?

[theholycow]

Originally Posted by TheSpartanPope

I've paid off my credit cards every month and have had no problem getting a new car loan and a mortgage loan. What's the sense in paying a ton of interest on a credit card when you can afford to pay the entire bill every month?

The sense is that he needs to try something different...he's been doing it the way you did and it hasn't worked for him.

[coolman]

Originally Posted by Ant

I had that car last year, and it was in my Mom's name. What makes you think I could have gotten a loan at 17/18 and not 19?

I don't care who thinks it's a good idea, and who thinks it's a bad idea. I posted a simple question asking about the title for the car. Not financial advice, Suze Orman.

Well, that proves my point in the eyes of the bank you didn't have a loan if you were paying your mom for the car. I doesn't matter if you paid her every month on time to them. Thats why you need to get a lessor car to to get a loan the bank will give you and build some credit.To answer your question, my wife works for a bank and she said they would require the title holder of the car to be on the loan. If your really hell bent on this and grandma's willing to pay why don't you have her co-sign your own loan. Some banks will even let her co-sign for only part you don't qualify for. I believe you said you wanted her to take the loan in her name to get a lower rate. Well, your going to be paying her for a car and still not earning a credit history because the loan is not in your name. What happens the next time you want a loan? Your right back to the samething because eventhough you paid her to the bank you still have no credit history. If you must have it get her to co-sign, pay alittle higher rate, earn some credit history, and the next time you'll be able to do it on your own.

By the way, if you can't aford the car due to the higher rate loan that you could get then you really can't aford the car.

[tnkrenfro]

Finance all my vehicles thru navy fcu. I'm on the loan, they do not care who the vehicle it title under. As long as they are the leinholder and they are on the title, that is all they are worried about.

On time presented my pre-approval draft to a dealer. My wife and I were on the loan. They kept telling me my wife had to be on the title. Had to get a loan officer on the line w/ Navy FCU to tell them they did not care who was on the title.

[Vash]

Originally Posted by Ant

I had that car last year, and it was in my Mom's name. What makes you think I could have gotten a loan at 17/18 and not 19?

I don't care who thinks it's a good idea, and who thinks it's a bad idea. I posted a simple question asking about the title for the car. Not financial advice, Suze Orman.

Actually you have posted lots of threads asking for financial advice and then telling us your order was in and you where in the que. Then out.. then in.. then out.. then in.

So it's not like you just joined and asked about a loan.

[Xmicro_SS]

Originally Posted by Ant

This question is a little different. I'm asking if the they can still add my mother's name to the title, if she doesn't do the financing.

I don't know why so many people are against me getting this car. I've saved up my money, and this is what I want. I'm not asking a single penny out of pocket from either my Mother or my Grandmother, or anyone else. And even if they did LEND me money, I would have them paid back ASAP.

I know what my income is, and I've figured out my payments and I can afford it. I don't know how someone else can tell me that I can't afford something.

As far as insurance goes, I can be listed as a part-time driver going to schol under my Mom's insurance plan, which would come out to around $160 per month.

Not that I need to explain myself...

Good for you ANT. I bought my first BRAND NEW car at 20. It was a 1990 Nissan 240SX SE. It was the last car I had an accident in, and only 3 months after I bought it. Not my fault, the guy behind me went to pass me as I was changing lanes and bam, he sideswiped my whole pass side. Since then (Almost 20 years) I have had almost 20 new cars. Nothing like it. $160 a month is not bad on LI for insurance, just be careful and you should be fine, an accident will make the car hard to insure again and very expensive. Good Luck with your purchase. Do not sweat the title, just get a letter from your Grandma explaining that in case of anything ownership is automatically switched to you and have it notarized. Also, if she has a will, she should update it and include that car, and leave it to you. NY can tie up assets in case of a sudden passing with No will and it could take a long time in probate.

[coolman]

Originally Posted by tnkrenfro

Finance all my vehicles thru navy fcu. I'm on the loan, they do not care who the vehicle it title under. As long as they are the leinholder and they are on the title, that is all they are worried about.

On time presented my pre-approval draft to a dealer. My wife and I were on the loan. They kept telling me my wife had to be on the title. Had to get a loan officer on the line w/ Navy FCU to tell them they did not care who was on the title.

I believe you and it's up to the bank to do what they want. All I was trying to tell him was how my bank treats it. The big thing is they just want to be able to get to that car if the loan goes into default.I also just look at my credit union and they require the car to be titled to the person getting the loan.

[Evil_SS]

Ya know i stared out almost like you.My first new vehicle was financed by my aunt but
i payed for every thing todo with it insu.... ext everything.Four years later i bought a new
vehicle and traded the old one in on it clearing my aunt.I have never missed a payment or anything.So i say yup you could do it,i've done it.As for your question i have no idea sorry

[01pewterz28]

Give the kid a break it's none of our business if he can or cannot afford the car.
Your best bet is to have your mother as the co-signer so it's in her and your grandmothers name remember the title is in the banks hands until it's paid off then it will be in both names. The banks can care less who the payment comes from as long as it's paid each month. Back in the day I had a brand new 1994 Z/28 convertible that my parents signed for and I made the payments myself.

Good luck cannot wait to see pics of the Camaro
Sean

[Ant]

Originally Posted by Vash

Actually you have posted lots of threads asking for financial advice and then telling us your order was in and you where in the que. Then out.. then in.. then out.. then in.

So it's not like you just joined and asked about a loan.

What the hell difference does it make? I've been getting screwed left and right by these dealers, when I have saved my hard-earned money and have paid all of my dues and everything. That's why my situation changes so often.

And I have to keep asking over and over again, because people like you feel a need to continuously spam up my thread with useless nonsense that "I can't afford this car". When in reality, it has nothing to do with the question I asked.

Do you think I'm an idiot? If I knew I couldn't afford something, I wouldn't be going through this. In this economy, no bank is going to even let a 19-year-old co-sign on a loan, so that's my only problem.

I just need some USEFUL advice on how to get around this, since I thankfully have wonderful family members who are willing to help me out. Are you jealous or something?

[coolman]

You know what, I think what you really need to due is check with all the parties involved with you( the bank,the dealer,the state you live in )to find the answer your looking for. Most of the time when someone posts something like this it's because they really want to see what people will say about what they are doing because they want to justify it in there head. So don't get upset when poeple say things you don't want to hear. I was your age once and I know what it's like to want a new hot rod. And your right, only you know if you can afford. I didn't intend to make you mad I just wanted you to think alittle and look at it from a differant angle. You made our business by posting on here.

[Ant]

Originally Posted by coolman

You know what, I think what you really need to due is check with all the parties involved with you( the bank,the dealer,the state you live in )to find the answer your looking for. Most of the time when someone posts something like this it's because they really want to see what people will say about what they are doing because they want to justify it in there head. So don't get upset when poeple say things you don't want to hear. I was your age once and I know what it's like to want a new hot rod. And your right, only you know if you can afford. I didn't intend to make you mad I just wanted you to think alittle and look at it from a differant angle. You made our business by posting on here.

Still though, this question wasn't about whether you guys think it's a good idea for me to get the car or not.

Anyway, say the loan I need is for 20K. Do you think if my Grandma took out a loan for let's say, 17K and my Mom did one for 3K, they could combine the loans and put both names on the title? Then in a year or so, when I have better credit, maybe I can take out a loan to put my own name on the car?