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Asked in GA May 19, 2022 ,  0 answers
can you legally be listed on the loan for a vehicle but not on the title?
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3 Answers

Anonymous
Reply

Posted on / Sep. 19, 2013 19:40:00

Yes, of course. Responsibility for the loan debt has nothing to do with ownership of the vehicle. I don't know if you intended to be a co-borrower or were just a co-signer of the loan. As noted, co-signing is always a bad deal because it says to the lender that "if the primary borrower does not pay I will so make the loan." A co-signer is usually not on the title to the vehicle and has no ownership interest in the vehicle. Co-signing is a bad deal because it means that the primary borrower has no credit or more likely, bad credit. If the latter, this should be a red flag because it means that there is a string of bad debts before this and that in all probability the primary borrower will default on you leaving you to pick up the slack. And since the co-signers are not on the title, they have no ownership rights in the car. All they can do is pay.

Anonymous
Reply

Posted on / Sep. 19, 2013 19:40:00

Yes, of course. Responsibility for the loan debt has nothing to do with ownership of the vehicle. I don't know if you intended to be a co-borrower or were just a co-signer of the loan. As noted, co-signing is always a bad deal because it says to the lender that "if the primary borrower does not pay I will so make the loan." A co-signer is usually not on the title to the vehicle and has no ownership interest in the vehicle. Co-signing is a bad deal because it means that the primary borrower has no credit or more likely, bad credit. If the latter, this should be a red flag because it means that there is a string of bad debts before this and that in all probability the primary borrower will default on you leaving you to pick up the slack. And since the co-signers are not on the title, they have no ownership rights in the car. All they can do is pay.

Anonymous
Reply

Posted on / Sep. 19, 2013 19:40:00

Yes, of course. Responsibility for the loan debt has nothing to do with ownership of the vehicle. I don't know if you intended to be a co-borrower or were just a co-signer of the loan. As noted, co-signing is always a bad deal because it says to the lender that "if the primary borrower does not pay I will so make the loan." A co-signer is usually not on the title to the vehicle and has no ownership interest in the vehicle. Co-signing is a bad deal because it means that the primary borrower has no credit or more likely, bad credit. If the latter, this should be a red flag because it means that there is a string of bad debts before this and that in all probability the primary borrower will default on you leaving you to pick up the slack. And since the co-signers are not on the title, they have no ownership rights in the car. All they can do is pay.

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