rh06ss

ok so i have my 06 ss/sc completely under my name and had my mother as a guarantor (or something like that) on my loan. i wanted to put my car under her name because the insurance for me right now is a very high monthly payment and with her i would be saving big money. i was just wondering if anyone knew how i would go about doing this. also if the car was registered under her name can the loan still stay in my name so i can build credit? any help is appreciated. thanks guys.

*bump*

SSdan

Yea, i think you just have to re-register your car.

CUBiker

You might run into problems if you ever get into an accident. I have my dad as the name on my insurance for my street bike and they say if something ever happens I might be screwed.

However $200 a year is way too much of a saving for me to switch

DarkSergeant

You MIGHT want to try to spend some time shopping at different insurance companies, if you haven't. Sometimes the rates are drastic - I use a military only insurer and it's almost a grand cheaper over 6 months than some of the other companies. Also make sure you are getting credit for everything on your car - I ended up saving an extra $80 per 6 months just for having daytime running lights, and they weren't on there automatically. You might want also look at doing a drivers improvement course, that can give you a good discount.. or a good-student discount if you're still in school.

With that said, you should be able to have her be the primary and you as a secondary on the insurance.. especially if you guys still live in the same household. She just needs to make sure she lists you as being able to drive the car, this will probably make ALL of her rates go up a bit if you've got a subpar driving record.. but it should be cheaper than doing it yourself.

If she's signed as a guarantor, then she's likley listed as a cosignor on the registration/title anyhow so you may not even have to swap anything with the DMV. Honestly most DMVs don't care if you have insurance anyhow, so long as you have it at the time you register or renew plates.

Also - you probably wouldn't be able to do that whole other thing, putting the car under her name through the finance company - without it injuring your credit at least a bit.

She'd basically have to take out a refinance loan and "buy" the car off of you, with you as the cosignor on the new loan. If this car is your first major purchase - you don't want to do that as it will at the very least look *odd* on your credit report.

domin8_gt

iTrader: (1)

For insurance it shouldn't matter. My wife bought me my car (still financing) and it is completely in her name. The insurance is in mine. Have your parent be the primary driver and you may have to be listed as a secondary since some states require that anybody living under the same roof must be listed on the insurance. That should save you some money.

rh06ss

so are you guys saying i dont have to switch the registration at all just make a new policy with my mom the primary and me being the secondary. i think we were gonna do that when we first got the car but because the car was registered in my name we couldn't. but i know a friend that has done it so maybe i'll just try his insurance company.

DarkSergeant

I had my last car with my father as the guarantor. It had his name in paranthesis on the registration/memorandum title. I'm not sure if all lien corps or like that, or even all states.
I'd encourage you to call your lienholder and ask them what the best route would be. If you used GMAC they're pretty friendly.

Forseti

to have insurance work, the person with the policy must have "interest" in the car. Possibly you could hold title, and it could be registered in her name....

But, you MUST check with your insurance company to make sure this is legit. Not worth it if they say no.

If you are a safe driver, and could take the hit, you don't NEED collision.