If a car is financed by the son, can the father be added to the title as a co-owner?

Jan 2, 2019

  1. sam816

    sam816 Super Genius

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    I have a situation where the insurer is requiring all vehicles be titled to the named insured, and one of the vehicles is financed by the son, whose father is going to be the named insured. I am not sure how involved is to add the dad's name as a co-owner to the title, which in theory is still controlled by the lender.

    Does anyone have experience with this type of situation? just how complicated is the process?

    sam816, Jan 2, 2019
  2. fed up

    fed up Guru

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    Generally the vehicle must be registered to the named insured, not titled as all financed vehicles are not titled unless paid off. The named insured can register the vehicle to himself and show thee financing on the vehicle on the policy with the lienholder. Does the son own the vehicle or is he on the hook to a finance company as well? the named insured should also be able to register the vehicle in both names. The policy wants to know who to pay in the event of a loss and who has an insurable interest in the vehicle. The vehicle owned by the son and registered to the son cannot be on Dad's policy until it is registered to Dad
    fed up, Jan 3, 2019
  3. InsCommentary

    InsCommentary Guru

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    It depends on the insurer. When my son lived at home for a couple of years after graduating from college, he bought his own car but we insured it on our family auto policy using an endorsement provided by the carrier that provided his physical damage coverage. Since he was still not a "you" under our policy, just a "family member," he would have no automatic coverage for acquired autos but we knew that. By covering him under our package, he got a discounted auto rate plus coverage under our homeowners and umbrella. So he got superior coverage far cheaper than he could have gotten on his own. But each carrier does this differently or not at all.