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03-14-2009, 09:58 PM
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Member
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Join Date: Mar 2009
Location: Lincoln, NE
15 posts, read 7,954 times
Reputation: 10
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Car titles are under business names?
I have worked at my father's business since 2003. My father purchased a car for me years ago, but the car title is under his business' name and not under my name. At work, I do some errands for him, so I guess I can understand my car with the business name title even though I also drive the car outside of work. Not only that, but the other cars used by my siblings are also under corporate entities and not under anyone's name. Even when I was in college long before the company I worked at ever existed, the truck my father purchased was also under a corporate name! Why would he even go through the trouble of putting the company name under the car title, especially since most of the other cars are mostly used outside of business? Any response would be greatly appreciated.
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03-14-2009, 11:14 PM
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Senior Member
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Join Date: Dec 2008
2,147 posts, read 956,139 times
Reputation: 841
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He buys it with pre-tax dollars.
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03-15-2009, 12:54 AM
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Senior Member
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Join Date: Dec 2006
Location: West Columbia Gorge PNW
2,846 posts, read 2,600,589 times
Reputation: 1060
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liability shield, tho a pierce-able one with vehicle used for personal use. I hope the insurance reflects the ownership.
Cars and kids are the fear of every estate plan. I made my kids title and insure their vehicles OUTSIDE the homeowner policy, but... my insurance guy said I would be responsible for their liabilities till they were 25 or married, even with them living away from home and paying for their own college. (That wasn't too popular either). Just be sure dad has a LARGE umbrella, and the vehicle policies have the required minimums to bridge to umbrella.
Ugly society we live in.
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03-17-2009, 09:12 PM
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Senior Member
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Join Date: Apr 2007
Location: Apple Valley Calif
3,528 posts, read 2,118,965 times
Reputation: 1239
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I would think the best way to find out, is to try...
"Hey dad, how come you have all of our cars titled to the company rather than the individual drivers...?
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03-18-2009, 09:24 AM
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De-racinated member trying to stay balanced
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Join Date: Aug 2007
9,290 posts, read 1,875,935 times
Reputation: 1934
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He probably takes depreciation off his taxes. And gets a break on insurance costs because the company's insuring multiple vehicles. And the vehicles are company assets; the more assets the more value the company has, the easier it is to obtain credit.
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03-21-2009, 06:11 AM
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Senior Member
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Join Date: Jun 2007
1,966 posts, read 1,418,425 times
Reputation: 750
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This sounds like a scam OP.
Anyone who could post this level of detail and understanding could clearly ask and see the advantages and purposes without pretending to ask about the family business.
What is your real game, here, "secret?"
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