My boyfriend and I just bought a pick up. We both signed a loan from the bank but he was the only one who signed the paperwork from car dealership. Does it mean that my name is not in the car title once we are done paying the loan? By the way, I am paying for this pick up. I deposit $400 a month to our joint account for the car payment loan.
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8Probably need to ask the bank/dealership, but you certainly could have obligation to pay and no ownership.– Hart COCommented Jan 3, 2019 at 22:11
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2 Answers
Does it mean that my name is not in the car title once we are done paying the loan?
Probably he owns the car and you have to keep paying for it even if you split up.
The fact you are repaying a loan secured by the car (or any other asset) gives you no rights to ownership of the car.
This often trips up people who co-sign a loan for a car owned by one of them. See
- Co-signed a loan and I need to have my name removed
- Getting my name off car loan/title
- Cosigning - cosigner won't pay and won't give any information or transfer asset
- My cosigner mistakingly signed as the buyer
- I cosigned for a friend who is not paying the payment
- Borrower vs coborrower
- I cosigned for my son. He took off in the car before it was fully financed. I want my name completely off the car
It is even worse if you are the only signatory to a loan for an asset you have no ownership of.
answered Jan 4, 2019 at 11:37
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"The fact you are repaying a loan secured by the car (or any other asset) gives you no rights to ownership of the car." Yes and no. If it comes down to litigation (and hopefully it doesn't), the fact that OP is paying money towards the car would be rather strong evidence towards a claim that there was an understanding that the OP would have rights to the car. Commented Jan 4, 2019 at 18:22
As RedGrittyBrick notes, it is likely that he owns the car and you are on the hook for repayments.
In the best case, you talk with your boyfriend and with the bank, and have the vehicle transferred to your joint names. There might be a fee involved if the registering authority deems it to be a 'sale', but it should be peanuts compared to the loan.
In the worst case, your boyfriend takes the car and leaves you with the loan. I hope this doesn't happen. But if it does, you find out now rather than after doing something similar with, say, buying a house. You'd still be on the hook for the loan, but you might be able to get the bank to first sell the pickup (which should take out a big chunk of the loan), and then bill you both for the remainder. I'm not a lawyer, so seek legal advice.
Hopefully, it was just a mistake and Option 1 works out.
