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

[Silverghost]

Simple answer...... No.


I gotta hand it to you though, that one was pretty creative.

Originally Posted by Ant

Do you think I'm an idiot?

It seems that you think the people that are giving you advise are due to the fact that you keep asking the same basic question "how can I get financing if the banks will not loan me the money"

[coolman]

Originally Posted by Ant

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?

I'm not trying to be a smart ass but expain to me why you can't get the loan with a co-signer. This allows you to earn a credit history and the loan is still backed by grandma. If grandma has good credit the bank should be okay with that. If not go to a differant bank or a credit union. To try to answer your question. If the bank will give gandma and mom a loan without using the car as colladeral it doesn't matter who's name the cars in. Some guys on here claim they got cars with mon or dad signing but they didn't say if they were on the loans or not. All I'm only telling you is, I live in Pa and my wife works for a bank and she said they wouldn't write a car loan for someone when there name isn't on it. Thats why I told you, you need to check with your bank to see.

[mrcowboy]

Just keep the title of the car in your grandmothers name knucklehead. Pay her until you can establish credit and buy the car "used" from her. Maybe in a year, just pay her off the buy out.

P.S.you have a nice grandma...

For the record, my first new car was a mustang given to me when I was 15, I actually drove it to drivers education classes and got my DL early. Of course, I paid for my next vehicle ^^

[Mr_Draco]

Originally Posted by Ant

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?

No. A bank or credit union will not allow this to happen, take 2 separate loans out from two separate people to pay off the same car. Mostly because there is way too many legal liabilities if one of the parties doesn't pay. This is why co-signer was created.

As someone already said, two people CAN NOT be on the same title for a car UNTIL the car is COMPLETELY paid off. Once the car is paid off, your grandmother will have control and ownership of the title. At this point she can "gift" or sell the car to you.

[Ant]

Then why are so many banks not even accepting me as a co-signer? I wouldn't have to bother anyone, it's not my fault I'm 19 and the banks don't trust me.

[Lauryn200]

Originally Posted by Ant

If I have a Grandparent finance for the car, can it be titled in my Mom's name, if my Grandma gives permission (which she already has).

I'm paying for everything, just want to get a good financing rate.

With a large downpayment,you should be able finance it in your name....

Get a pre-approved loan from you bank...when you get the total for car..your bank sends you a check and you go pick up your car.

Don't understand why your trying to get "grandparents","mom" and anyone else who is in your bloodline on this car/finance/title???

Do you really want to go to the dealership with all of this...and think they are gonna take you seriously???

[Ant]

Good news everyone! I spoke to the people at PenFed and they said if my Grandma just applies for the loan in her name, she can add my Mom's name on the loan. She said there is a section on the promissory note or whatever they send, saying something about "Owner, other than borrower" or something like that...and in that section I can put mine or my Mom's name.

[Ant]

Originally Posted by Lauryn200

With a large downpayment,you should be able finance it in your name....

Get a pre-approved loan from you bank...when you get the total for car..your bank sends you a check and you go pick up your car.

Don't understand why your trying to get "grandparents","mom" and anyone else who is in your bloodline on this car/finance/title???

Do you really want to go to the dealership with all of this...and think they are gonna take you seriously???

Already spoke to the dealer and they took me seriously.

[TheSpartanPope]

Originally Posted by Ant

Then why are so many banks not even accepting me as a co-signer? I wouldn't have to bother anyone, it's not my fault I'm 19 and the banks don't trust me.

I've worked at two credit unions, and here's my advice on that: if the bank won't allow you to get a loan with your grandmother as a co-signer (and you indeed have no credit and she has good/excellent credit), find another bank or credit union. There are financial institutions out there willing to lend money - even in this economy. It would be a lot better for your credit history in the future if you could get your name on the loan now. You're not automatically disqualified because of your age.

[FNKNSTN]

Originally Posted by jrmurphy33

I would think at this age regardless of driving history that his insurance would be more then his car payment :(

For sure.

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...

You should keep saving and buy it in full.

There's a REASON why this whole thing is so difficult for you.

Originally Posted by theholycow

At 19, I had no credit history and bought an almost-new car for $12,000 (co-signed by my dad). The economy was better back then, though...

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).

haha ok? I'm not the one under the microscope here. I have my car, and I didn't need my grandma or mom to co-sign for me.

Isn't that a kinda crooked way of increasing your credit score? By paying them off?

I made several large purchases on credit that I had to pay off over several months... some of which being a new engine and transmission for my 77 Silverado, along with paint and body work, rims and tires.

Originally Posted by Ant

Already spoke to the dealer and they took me seriously.

That's because they'd like to have your order in the system, and you being denied for a loan once the car arrives... so they can sell the car that you ordered for a big mark-up.

[FNKNSTN]

Originally Posted by TheSpartanPope

I've worked at two credit unions, and here's my advice on that: if the bank won't allow you to get a loan with your grandmother as a co-signer (and you indeed have no credit and she has good/excellent credit), find another bank or credit union. There are financial institutions out there willing to lend money - even in this economy. It would be a lot better for your credit history in the future if you could get your name on the loan now. You're not automatically disqualified because of your age.

Mr Pope,

Wouldn't you agree that this whole "19 year old buying an expensive new car" is getting too complicated?

If this kid loses his job, then his family is on the hook for the car.

Now honestly... if this were your son, what would you recommend??

FNKNSTN

P.S. - Ant, where's your dad at?

[Cheshirelaugh]

My recommendation is that you call the B/DMV and ask them.

[mrcowboy]

Hey doesn't GM have some forgivness clause??? Kid could lose his job and be off the hook for a few months???

[Ant]

Originally Posted by FNKNSTN

P.S. - Ant, where's your dad at?

My parents are divorced and my Dad filed for bankruptcy recently.