I am paying my father for the car that he paid for for me. H

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PostPosted: Sun Oct 05, 2008 3:59 pm   Post subject: I am paying my father for the car that he paid for for me. H  

I need to show that I am paying my father for the car instead of me outright owning the car. And we dont know how to show this on paper. Do I have to change the car title? Does he have to have something notorized? Just want to make it as legal as possible.

cth82
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PostPosted: Sun Oct 05, 2008 7:28 pm   Post subject:   

If he owns the car, then his name is on the title. Why not draw up a contract between the two of you. Outline the total owed, interest if any, number of payments, amount of payment, etc. Probably wouldn't hurt to have it notarized also...just to make it look good.



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LifeIsGood
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PostPosted: Sun Oct 05, 2008 7:40 pm   Post subject:   

Why don't you just have your name on the title as either a co-owner or transfer on death, and you should've had your name on the note too so that you can establish some credit..



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Lori
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PostPosted: Sun Oct 05, 2008 8:52 pm   Post subject:   

most auto insurance carries will only insure the person responsible for payment. Have your Dad create a bill of sale for the auto as if he was the bank. My carrier will accept that as owner ship.

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PostPosted: Mon Oct 06, 2008 4:25 pm   Post subject:   

Wow all three ideas seem like really good ones. If it were me I would still get listed as the co-owner and still do the contract (having it notorized.) You would have alot of bases covered then.

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