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Contributor
ezef3ar
Posts: 105
Registered: ‎09-15-2012

Co applicant or consigner

Well I wanted to ask you guys a question so my dad it's gonna help me get a car but he's gonna be the consigner.....but he doesn't wanna be in the registration or title and honestly I rather have it in my own name now by been a consigner does he has to be on the registration and title.... Or not ?? I'm gonna be the person on the paperwork he just wanna cosing :smileyhappy:. Please answer lol answer need it a soon as possible :smileyhappy:
Established Member
riverbluffer
Posts: 14
Registered: ‎07-22-2012

Re: Co applicant or consigner

Hello, I work in the car business and I can tell you that yes your dad will be on all of the paperwork, title included.  Anytime a second party signs up to be responsible for an installment contract secured by property, that second party will also be added to the title as co-owner.  The only way the avoid this is to either get a car loan yourself, or get this co-signed loan and then refinance later down the road in just your name.

Valued Member
spudbro
Posts: 43
Registered: ‎05-21-2012

Re: Co applicant or consigner


riverbluffer wrote:

Hello, I work in the car business and I can tell you that yes your dad will be on all of the paperwork, title included.  Anytime a second party signs up to be responsible for an installment contract secured by property, that second party will also be added to the title as co-owner.  The only way the avoid this is to either get a car loan yourself, or get this co-signed loan and then refinance later down the road in just your name.


This is not true. I just got an auto loan from a credit union in July where my friend had an account and great history. He co signed on the loan for me. He was not on the bill of sale, title, registration or insurance.

 

He had to sign some paperwork with the credit union stating he did not want to be listed but it was fairly simple.

 

Contributor
ezef3ar
Posts: 105
Registered: ‎09-15-2012

Re: Co applicant or consigner

So it is possible then ??? Spudbro. I have mix answer outside the forum as well. But I will have to talk it out with the dealer that's for sure N see what they said....thanks for the responses :smileyhappy:
Mega Contributor
Creditaddict
Posts: 16,858
Registered: ‎10-23-2007

Re: Co applicant or consigner


spudbro wrote:

riverbluffer wrote:

Hello, I work in the car business and I can tell you that yes your dad will be on all of the paperwork, title included.  Anytime a second party signs up to be responsible for an installment contract secured by property, that second party will also be added to the title as co-owner.  The only way the avoid this is to either get a car loan yourself, or get this co-signed loan and then refinance later down the road in just your name.


This is not true. I just got an auto loan from a credit union in July where my friend had an account and great history. He co signed on the loan for me. He was not on the bill of sale, title, registration or insurance.

 

He had to sign some paperwork with the credit union stating he did not want to be listed but it was fairly simple.

 


hmmm

If doing Co-Signer make sure the loan shows "OR" Many times with joint and who knows you may want but not thinking so if you don't even want him on title, but if so ytou would put the names of owners and the "OR" inbetween them instead of "AND" then if you are able to refi later or trade in and buy new without co signer you can without the other person signing off on it.

 

However with this CU and what not above not sure... it doesn't ring right to me, The whole point of a co-signer is that the person either can't get the loan otherwise or they can't get an APR to the co-signer rate... but if you are signing on property you would WANT to be listed on this persons auto policy as a "Interest Party" not as a driver where you would get rated and pay possibly more, but to cover your sweet behind if this person gets in huge accident and "g" forbid people die... if it was something bad this friend or family mnember did and you are not listed on policy but you own the property, good chance any legal action is going to drag you into it very quickly just because you are looking like you probably got more money to sue for....

 

i may be off a bit on insurance but the other thing is you do own the car if you are a co signer but if you don't put yourself on the title basically you are not able to touch the car? What if this person decides to stop paying... the bank will take it eventually but if you are not on any paperwork except loan you can't take it and sell it or something so not to mess up your credit?

 

maybe im off but i wouldn't risk!

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