Does car belong to the one with the title or the one who pays for it?
If you are on the title in any way, either as a lienholder or co-owner, you have a right to at least some of what the car is worth. However, the fact that someone else is on the title means that even though you paid for the car, you can’t legally sell it without the consent of the other person on the title.
How do I transfer my car payment to someone else?
Tips
- First seek out the approval of your bank to transfer the loan before you venture into the loan transfer process.
- Find a suitable buyer or check with car dealerships.
- Check with the RTO and insurance provider only after you have got consent from your lender that the transfer is possible.
What do you do if someone has a car in your name?
What you should do is contact the DMV to inform them that you believe someone registered a car in your name and that you would like to remove that registration from being associated with you. They should be able to take care of that for you.
What does it mean to put a car in your name?
So if you bought a car as your adult kids college graduation gift, and put the car in their name, they are the owner and could later sell or transfer the car’s title (ownership) to someone else.
What happens if you put a car in someone else’s name?
When you do this, you must be careful about whose name remains on the title. If you put the car entirely in someone else’s name, you may forfeit ownership rights. If you pay for a car for someone, decide right away if your name will be on the title. Having a car in someone else’s name means that they are listed on the title.
What are the pros and cons of putting a car in Your Name?
No matter how well behaved the other person is, you will not experience any benefit. Anything they do wrong becomes your problem. If the other person has a crash, your insurance premiums go up. Any criminal activity the other person engages in the vehicle are traced back to the legal owner – you.
How can I get my car back from someone else?
The person on the title does not have to agree to this, but short of suing, this is the only way to get the vehicle back. Typically, to transfer the title, the person on the title must complete a transfer of title application and sign the title to show he’s authorized the transfer. Bottom Line.
What can I do if my name is not on the car title?
You cannot simply seize the car. If your name is not on the title for the vehicle, you may be able to convince the owner to transfer the title to you, depending on the circumstances. The person on the title does not have to agree to this, but short of suing, this is the only way to get the vehicle back.