Thursday, August 19, 2010

What are the consequences of putting a car in your name?

So my boyfriend doesnt have a good driving record so he wants to buy a new car, put it in my name, but he would pay for it and drive it. If he drives the car, and gets pulled over, am i going to get in trouble or is he? Will i have a bad record or will he? Is this okay to do?

What are the consequences of putting a car in your name?
Worst idea in the world!!! Like someone said you will carry all the liability for whatever happens. Lets say there is an injury accident, the limits of the award exceed your liability insurance, you will be on the hook for the remainder. You say that you have no assets?, no problems, your wages can be garnished for a very long time. If there is a DUI accident, lots of insurance policies will not cover anything in that case. You already know that your boyfriend is very high risk as far as his driving goes, remember past actions are the best way to predict what the future will bring.
Reply:If you're honest on the insurance application and show your boyfriend as the principal driver, he'll get in trouble with any tickets. If you don't show him as principal driver and the company finds out that he is (i.e., he has an accident), it could void the policy for misrepresentation. It would surely get you canceled, and that's almost as bad.
Reply:If your name is on the title and your boyfriend crashes or kills someone you can be sued for damages. Not a good idea to put in your name if he has a bad driving record .Let him walk or pay the high insurance and put it in his name. Also if you and he brake up and he runs away with the car you are stuck with the payments and the consequences..............ujn
Reply:Don't do it. Plain and simple. Don't let him screw up your good credit and insurance rates.

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