Is it ok to put my name plus mother's name on title of car? (car insurance, vehicle)
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I was just curious to see if it's ok to do so. I live in California. Me and my mom are buying a used car, and it will be primarily her driving it, I will just be helping out in the payments. In the "Title" do I put my name plus mom's name as "NAME 1 OR NAME 2" or "NAME 1 AND NAME 2".
"What is the difference between “and” and “or” between co-owner names on a title?
When the names are joined by the word “or,” one owner can sell the vehicle without the other’s signature or consent. “And” or a slash (/) requires the signature of each owner to sell the vehicle."
Putting your name on the title for any form of joint ownership also makes you legally responsible for the vehicle operation, insurance, etc.
If your primary intent is to assist your Mom to have a car of her own to drive and you're not concerned about the value of the asset, I wouldn't have my name on the title at all. Make your arrangements with your Mom to help with the payments if she can get the loan without your name on the paperwork. You could make your payment portion directly to the lender to be applied to the note each month, so your Mom wouldn't even have to handle the money that you're contributing.
If she can't get the loan without you co-signing, then the lender will probably require that you are named on the title. The only benefit to having the vehicle ownership in the "and" category is that both of you would be required to sign off on any change of ownership; ie, this is a matter of control of the asset. If you trust that your Mom wouldn't be selling the car to your loss of the asset, then "or" is acceptable and streamlines any transaction of the car as she can do it all on her own signature release.
CA has gone to a paperless virtual title system. A hard copy paper title isn't issued, but an electronic title is on file with the state. Neither the car owner or the lender/lien holder receives a hard copy of the title. Typically, a hard copy is only printed out when signatures are required for a transfer of ownership or release of a lien.
I would not want my name on any vehicle that I do not completely own or control. Too risky to have an ambulance chaser sue you for something you didn't do and were not responsible for.
The financial risk of having to pay for the car when the other party stops paying for it is less than getting hit with a $1,000,000 lawsuit because someone ran a stopsign.
I was just curious to see if it's ok to do so. I live in California. Me and my mom are buying a used car, and it will be primarily her driving it, I will just be helping out in the payments. In the "Title" do I put my name plus mom's name as "NAME 1 OR NAME 2" or "NAME 1 AND NAME 2".
It's fine to do so, BUT, keep in mind if something goes south you are on the hook. If you're on there as a cosigner due to bad credit, its because they don't expect your mom to pay. If you're on there because of income, it's because they don't think your mom CAN pay.
The "Or" option means either one of you can sell it. The "AND" option means both of you have to sign off on the sale.
I don't think I would be concerned about the liability, provided there is adequate insurance, unless your mom is known to be especially reckless.
I was just curious to see if it's ok to do so. I live in California. Me and my mom are buying a used car, and it will be primarily her driving it, I will just be helping out in the payments. In the "Title" do I put my name plus mom's name as "NAME 1 OR NAME 2" or "NAME 1 AND NAME 2".
Did you both sign up for the loan? If so, then both of your names will be on the title when you get it. You can change that later, when it's paid off.
If she is on the loan and you are just helping with payments, then your name cannot be legally put on there until the loan is paid off and she has the title in hand.
In most states, if the titled owner of a car is driving it, plates on the car and drivers license must be the same state. So, if your name is on the title, and you move to another state and get a DL there, you cannot legally drive the car. So it best to keep the number of owners to a minimum,, as each owner is potentially restricted. There are also some states in which the full sales tax on the assessed value of the car has to be paid, if you want to change the name on the title to that of another person, even a family member. When the legislators and the courts figure out that they can squeeze money out of people, no scheme is too hare-brained and bizarre to achieve that unchallenged objective.
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