Can I Register the Car in my Name?

[berderder]

Hello,

I recently purchased a 2007 Chevy Aveo, with my father as the co-signer, since I recently filed for Chapter 7 bankruptcy.

The thing is, I have an out of state license, since I recently moved to this location, and so the car needed to be registered in my father's name, since he has the resident state license.

Because he is the registered owner, I believe that is why I needed to list his address on the insurance forms and loan forms.

Can I register the car back to me (since I am the primary driver), or would this negatively affect my insurance and loan. Like, "Hey, you can't do that. I thought this was your dad's car, blah blah blah."

Thanks for any help you can give in advance!

 

[goillini52]

Hello,

I recently purchased a 2007 Chevy Aveo, with my father as the co-signer, since I recently filed for Chapter 7 bankruptcy.

The thing is, I have an out of state license, since I recently moved to this location, and so the car needed to be registered in my father's name, since he has the resident state license.

Because he is the registered owner, I believe that is why I needed to list his address on the insurance forms and loan forms.

Can I register the car back to me (since I am the primary driver), or would this negatively affect my insurance and loan. Like, "Hey, you can't do that. I thought this was your dad's car, blah blah blah."

Thanks for any help you can give in advance!

If he's the co-signer, then aren't you the one making the payments? That would make you the owner. I'd think you could've registered the car in your name when you moved as you're usually given so many days to get licensed in your new state. You probably just have to pay the fee to register it in your name.

I could be completely wrong, but I don't think I am...but I'm not sure.

 

[indienoise]

The answer is...it depends.
If the car is financed, and you've got a bankruptcy, you may have only gotten the loan BECAUSE you had a co-signer. If he's no longer on the hook for it, I can't say if you'd be able to keep your loan or not. You probably want to check with your financial institution.

Technically, you should also be able to get insurance, though it depends on your carrier. If your dad is a registered owner of the vehicle, the assumption is he's listed on your insurance, and may or may not have had a credit score run on him...which may or may not have affected your premium and even your eligibility. So again, the answer would be to ask...either your agent or the company, depending on who you deal with.

Sorry I don't have a clear answer.

 

[senior-advisor-indiana]

Hello,

I recently purchased a 2007 Chevy Aveo, with my father as the co-signer, since I recently filed for Chapter 7 bankruptcy.

The thing is, I have an out of state license, since I recently moved to this location, and so the car needed to be registered in my father's name, since he has the resident state license.

Because he is the registered owner, I believe that is why I needed to list his address on the insurance forms and loan forms.

Can I register the car back to me (since I am the primary driver), or would this negatively affect my insurance and loan. Like, "Hey, you can't do that. I thought this was your dad's car, blah blah blah."

Thanks for any help you can give in advance!

Most likely yes, but probably not. I would ask your agent...

 

[INSUREGEEK]

In my state, if your name is on the title (the cosigner is typically just on the loan, more on that later), you should be the one to title, register, and insure the vehicle in the state where you live. Some carriers can and will cross states.....others will not.

If I am your dad, I will insist on being an Additional Insured & Loss Payee on your insurance due to my obligation for the loan. The bank will want that too. It guarantees that the cosigner and bank will know if the policy cancels for any reason, and make sure that any claims payouts take their financial interests into consideration.

 

[berderder]

Thank you for your replies, everyone. It looks like I might need to talk to the lender to see what they say.

Really, I want to be able to be the registered owner so that I can take him off of my insurance, but, if my lender requires that my dad is also insured on the vehicle, then I suppose there is nothing I can do.

Hypothetically though, you'd think I would be able to be the only registered and insured driver of the car, and my dad remain liable on the loan? I guess I don't see why that couldn't happen. They could still "get him" if for whatever reason the loan was defaulted on. And I am making the payments and paying for the insurance and everything.