Auto Loans

[MsTucker09]

I have a question...when someone co signs on an auto loan, will their name be on the title? or is it for mostly credit purpose?

[Lexusct]

Just on the credit

[MsTucker09]

okay great, thank you

[rena347]

The name can be on both. My husband co-signed an auto loan for a family member. His name is on the loan and the title.

[webhopper]

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MsTucker09 wrote:

I have a question...when someone co signs on an auto loan, will their name be on the title? or is it for mostly credit purpose?

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Their name is usually on the title if it is bought as a joint asset. If you are the co-signer, you want your name on the title

[swsop12]

Yeah, I've only ever had a cosigner once, when my dad cosigned on my first auto loan, and his name was definitely on the title. 

Something to note, if the title has both names separated by "OR," each party has full control. If they are separated by "AND," neither party can do anything without the other.

[GrowingCredit]

My wife's uncle co-signed when she bought her car 5 years back and we have both of their names on title as well as loan. Is there a way to take his name out of the car title once we recieve the car title. We only have last installment left in the loan just to avoid any hassles when we go out to sell the car in future. We are in NJ and her uncle in is GA if that matters. We had a hell lot of problem with MVC for getting the car trasfer from GA to NJ when she moved here to NJ after our marraige.

[MsTucker09]

thanks a bunch everyone

[webhopper]

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GrowingCredit wrote:

My wife's uncle co-signed when she bought her car 5 years back and we have both of their names on title as well as loan. Is there a way to take his name out of the car title once we recieve the car title. We only have last installment left in the loan just to avoid any hassles when we go out to sell the car in future. We are in NJ and her uncle in is GA if that matters. We had a hell lot of problem with MVC for getting the car trasfer from GA to NJ when she moved here to NJ after our marraige.

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To transfer the title, the uncle needs to sign the back of the title. And you will have to fill out a new certificate of ownership for the vehicle, listing just your name. If he "gifts" it, you will be exempt from sales tax.

Gifting a Vehicle

As a bonus, all gift vehicles are exempt from sales tax. Make sure, however, before taking the title in for transfer, that the word "GIFT" is written where the sales tax would normally go.

To make the transfer official, here's what to do:

1. Sign the back of the title and include your driver license number.
2. Visit your local MVC Agency with the signed title and proof of insurance.
3. Complete an Application for a Certificate of Ownership.
4. Pay $60 fee ($85 for a financed vehicle).

[Creditaddict]

If you have someone sign for loan, like above they can or you don't have to have them listed on title.

Be sure if they are going to be listed on title that it is "AND" not "OR" because if that co-signer wants to get rid of that car, they could with out you!

and last but not least I would MAKE SURE you list that co-signer on your car insurance as "name insured" forget exact wording... they are not added as "driver" which could increase your rate, they are just listed so that if you in really bad accident and that accident maxes out your insurance benefits they could technically go after the co-signer insurance and assets too... if they are listed on your insurance, no one would be able to go after them seperate... I hope I am saying this right.