Issues with buying a car for parents (financing involved)
Hello all,
I am looking at the possibility of surprising my parents with a new car for Christmas. They have a need for a new ride and aren't in a financial position to purchase something right now. My potential plan was to finance the full amount, pay the majority off with a bonus I will receive in January/February and continue to pay the rest off during the next year. However, after doing some additional research, it doesn't appear to be legal for me to finance the car, but have the car in my parents name(s). What are my options? Is it possible to add them to the title at the time of purchase as a "co-owner", but not have the vehicle purchase go against their credit? If so, would they be able to register and insure the vehicle in their name(s) only? Although not preferred, I don't necessarily mind having my name on the title or registration. However, I would like the vehicle to be on their insurance only. The reason for this is I am a 20 something single male and my premiums would be higher than a married couple in their 50's. Thoughts, anyone?
I am looking at the possibility of surprising my parents with a new car for Christmas. They have a need for a new ride and aren't in a financial position to purchase something right now. My potential plan was to finance the full amount, pay the majority off with a bonus I will receive in January/February and continue to pay the rest off during the next year. However, after doing some additional research, it doesn't appear to be legal for me to finance the car, but have the car in my parents name(s). What are my options? Is it possible to add them to the title at the time of purchase as a "co-owner", but not have the vehicle purchase go against their credit? If so, would they be able to register and insure the vehicle in their name(s) only? Although not preferred, I don't necessarily mind having my name on the title or registration. However, I would like the vehicle to be on their insurance only. The reason for this is I am a 20 something single male and my premiums would be higher than a married couple in their 50's. Thoughts, anyone?
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