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by surfrgirl on July 16th, 2005

surfrgirl

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My parents bought a new car and want to give me the car. I make payments to them and they make payments to the bank. I can't qualify for a car. How can we do this with no liability on my parents should I be in an accident. I live in Va. They in NC

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Answers. 5 helpful answers below.

  • by crazykentuckyguy on October 11th, 2009

    crazykentuckyguy

    This is retarded. Are your parents idiots without an income? You need to give it back since you will never own it. Buy yourself a used car and make your own payments. You can not get your own insurance on a car unless you own the car.

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  • by john pennington on August 25th, 2009

    john pennington

    If you are at-fault in an auto accident, your parents will ultimately be involved in the lawsuit.

    If their name is on the title, you can rest assured they will be involved in the litigation, along with their auto insuance company.

    Having the insurance in your name is no guarantee your parents will not also be sued.

    I understand your situation with the money. the bank has been defrauded in this situation by your parents and yourself. once the bank learns of this, they will recall the loan and the car.

    Best bet is to level with the bank and let them advise you.

    If you are at-fault in an accident, the bank will also sue you and your parents to protect their interest of liability.

    This is not a good situation to be in for either of you.

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  • by Rinky Dinky Do on August 25th, 2009

    Rinky Dinky Do

    You can take out insurance on the vehicle in your name

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  • by brian646 on August 25th, 2009

    brian646

    um....you did not list your age.....but, i am assuming that you are a minor, and the insurance is in their names????? and, i am guessing that the car is in their names as well.........if all of this is true, you need to really be a careful driver....otherwise, this will all fall down on your parent's.....Drive safe, ok???? peace....Brian........

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  • by Jack Scotty on July 17th, 2005

    Jack Scotty

    The only sensible way to do this is to increase your monthly payments which will help pay off the loan that much sooner, thus making it possible for your parents to sign the title over to you once its fully paid off.
    Another way that this could probably work is if your parents personally financed the vehicle through a personal loan or a 2nd mortgage- neither of which are really a good idea. Unfortunately for as long as your parents are acting on your behalf they will have to assume some degree of liability.

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