If I cosign a loan with someone, then who's name would the vehicle be under? Would we get to pick?

 

There can be more than one name on the Title.
If I am on the Hook, I am on the Title.

(Downside, parking tickets get mailed to your house when you haven't even seen the vehicle in six months)

 

If the person doesn't have any credit then they will want to put you as the primary. You will decide where your name goes (primary or secondary). When I bought my 02 F150 my wife had to be the primary because she had credit through an auto loan, even though I make more money than she does and my credit is good.

John

 

Interesting topic. What are the legal ramifications as far as liability goes in having your name first or second on the registration? If I cosigned, I wouldn't want to be held liable if the vehicle was in an accident.

I'm kind of naive about these things. Never had a loan co-signed, nor have I co-signed a loan. Why would you want your name on the registration if you co-signed a loan?

 

Years ago my parents cosigned a loan for me, my name was on the registration, the banks name was on the title. My parents had no liability as far as traffic violations and accidents, but they got a letter in the mail if i was more than 5 minutes late on a payment

-Jon

 

Proof of ownership.

 

Okay, but when I write out a lease for a rental, I want the names of all the repsonsible adults to be named on the lease. I hold all of them responsible for whatever happens. If one walks, the other is still liable to pay the full rent. If one damages something and can't pay, I go after the other.

As far as the bank is concerned, the co-signer (signor? signator?) is responsible if the other person defaults. That's the responsibility I would take if I co-signed a loan. However, having my name on the registration of a vehicle would give me some pause in regards to possible liability problems. I would have the deep pockets and we all know who they go after in a suit.

I dunno. Seems like a lot of liability exposure to me. I'd rather be on the hook for a $30k truck than have the possibility of being on the hook for hundreds of thousands, if not millions of dollars.

 

That's why you should only co-sign for responsible people. I co-signed for a sister years ago. Needless to say all went well. Including a higher beacon score.

 

that the person whom you co-signed for has full coverage on the insurance...i co-signed for my daughter and if she really screws up,the insurance will be able to cover it with in the limits of the law...i hope

 

I just called my local ford dealership and asked one of the salesmen. He said on a co-sign the vehicle will be put under the name of the person with the best credit.

 

That salesman is wrong. Either person can be the primary. Usually though it is the person that is the co-signer. Since it is an equal partnership, per say, it really doesn't matter as long as both people are on the loan.