How do I give a car to my parents and keep the payments under me?
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How do I give a car to my parents and keep the payments under me?
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Hi. I live in CA and my parents live in NY. I would like to buy them a car to help them out, but I would need to maintain the payments (they are retired). Assuming I plan to pay it off in 3 years, how would I title and insure this car? Can I simply just insure it, keep the payments, keep the title in my name, and leave the California plates on it even though it will be used/garaged in NY?
What is the best way to do this?
Thanks!
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fire4511
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Choice one:
Finance the car in your parents name, with you as a cosigner. Title the car in NY. You make the payments. Your name is not on the title and you are not liable in case of an accident.
Choice two
Finance and title the car in your name, in NY at your parents address.
You are liable if there is an accident. You and they will have to be listed on the insurance.
Choice three,
Check with your bank to see if they will allow the car to be put in your parents name, with them agreeing that it is collateral for the loan, with the loan only in your name. You would not be liable for accidents.
If the car is kept in NY, NY will want it titled there, even if the owner lives in CA. They want the money! |
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supermobe25
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I would just give them the title and put you as a secured party. So that way the title is in there name and Can be plated for their home state, and they will not be able to due anything with the car without you signing of as a secured party.. |
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