Financing, principal owner and insurance question

[koleso]

If someone is financing a vehicle does that person have to be on ownership title and on insurance?

[Jeff-TheBiz]

yes..

and the void cheque must match one of the buyers as well.

As a rule:

Whoever is financing lets say Mr and Mrs Smith..

Either, or both may be on the ownership (both sides must match)

And the void cheque must have either or both on it as well.

[koleso]

yes..

and the void cheque must match one of the buyers as well.

As a rule:

Whoever is financing lets say Mr and Mrs Smith..

Either, or both may be on the ownership (both sides must match)

And the void cheque must have either or both on it as well.

Thank you!
It is necessary for the owner to be on insurance? Or having a primary driver insured regardless of his relationship to the owner is sufficient?

[Jeff-TheBiz]

Thank you!
It is necessary for the owner to be on insurance? Or having a primary driver insured regardless of his relationship to the owner is sufficient?

As long as Mr or Mrs smith appear on the insurance you should be fine.

I have had instances where Mr Smith doesn't have a drivers license.. and still it was financed with both.

[koleso]

As long as Mr or Mrs smith appear on the insurance you should be fine.

I have had instances where Mr Smith doesn't have a drivers license.. and still it was financed with both.

To put this into perspective of what i'm trying to find out:

My credit rating is down the drain and I need to finance a vehicle. Best and least costly way to do this would probably to ask my dad to finance it on his name but my concern is insurance. My current vehicle is on my dad's name so I need to be on insurances for both cars my dad owns. We dont live under the same roof and I certainly wouldnt want to pay insurance for my vehicle(dad's portion and my portion) and dad's vehicle(my portion).

[Jeff-TheBiz]

If your credit is bad, I doubt you will even qualify to be on the contract at all..

Which means, everything will have to be in your Dads name..

[koleso]

If your credit is bad, I doubt you will even qualify to be on the contract at all..

Which means, everything will have to be in your Dads name..

What if we do ownership transfer after the car is purchased?

[mikeymike1]

What if we do ownership transfer after the car is purchased?

While still under contractual financial obligations, your suggestion would be fraudulent

[koleso]

While still under financial obligations, your suggestion would be fraudulent

So according to your statement, every person that sells financed vehicle to repay the creditor is committing fraud? Doesn’t make any sense.

[COSMIC5]

insurance policies always read the same as the vehicle ownership; however a different driver can be listed on the policy, which I see would be you. so in other words, the policy will be in dads name, you as the principle driver.


If someone is financing a vehicle does that person have to be on ownership title and on insurance?

[mikeymike1]

So according to your statement, every person that sells financed vehicle to repay the creditor is committing fraud? Doesn’t make any sense.

No, people sell their financed vehicles then pay the liens off.

What you're looking to do is have the car financed by your dad then transfer the ownership to you while the load is still open, active and ongoing.

By doing so you're committing fraud as the finance contract is between your dad and the financial institution. The property that is to be financed should and is to be titled and in the possession of the individual named on the finance contract not you!


You're a whole bag of trouble just waiting to get caught. Your scheming and attempts of trying to circumvent the system is one of the reasons why insurance is as high as it is.

[COSMIC5]

if the vehicle is purchased and no longer has a lein on it, then putting it in your name would be our choice, insurance would be the same as you'd still be the rated operator.

What if we do ownership transfer after the car is purchased?

[koleso]

insurance policies always read the same as the vehicle ownership; however a different driver can be listed on the policy, which I see would be you. so in other words, the policy will be in dads name, you as the principle driver.

And insurance quote is going to be based on my driving experience? Who's rating is on the line in case of an accident?

[COSMIC5]

rating based on you - accident will reflect you - as you're the only op on the policy.

And insurance quote is going to be based on my driving experience? Who's rating is on the line in case of an accident?

[koleso]

if the vehicle is purchased and no longer has a lein on it, then putting it in your name would be our choice, insurance would be the same as you'd still be the rated operator.

So if I get it correctly, my dad would have the financing on him, i'd be the one footing the bills, he would be the policy holder but I would be the one on the policy paying up a primary operator of the vehicle? If this is the case, I think its the best option for me.


No, people sell their financed vehicles then pay the liens off.

You're a whole bag of trouble just waiting to get caught. Your scheming and attempts of trying to circumvent the system is one of the reasons why insurance is as high as it is.

Exploring the available options to be the reson why insurance is so high in Ontario? Your comment has no relevancy to this topic.

[CONTROL ONE]

So let me understand this correctly:

1. You've already been irresponsible in the past to accrue such a bad credit rating in the first place.
2. You already own a vehicle.
3. Somehow, you have in your head that you deserve a brand new vehicle which is widely known as one of the worst financial investments you can make.
4. Because of your irresponsibility, you are now wanting to drag your father into this mess that you've created as well just because you want something shiney and new.

Glad I don't have kids.

[koleso]

So let me understand this correctly:

1. You've already been irresponsible in the past to accrue such a bad credit rating in the first place.
2. You already own a vehicle.
3. Somehow, you have in your head that you deserve a brand new vehicle which is widely known as one of the worst financial investments you can make.
4. Because of your irresponsibility, you are now wanting to drag your father into this mess that you've created as well just because you want something shiney and new.

Glad I don't have kids.

1. Agreed but you have no idea how what and why. Key word here is "the past"
2. Yes
3. Brand new? Did I ever mention brand new?
4. Absolutely not relevant. How can you even make such statements without knowing my personal situation? I have financed vehicle I have through my dad without a single problem.

Get your facts first before making ignorant assumptions.

[CONTROL ONE]

1. Agreed but you have no idea how what and why.
2. Yes
3. Brand new? Did I ever mention brand new?
4. Absolutely not relevant. How can you even make such statements without knowing my personal situation? I have owned my current vehicle and financed it off through my dad without a single problem.

Get your facts first before making ignorant assumptions.

You're the one putting your life on the net to judge, I'm just doing exactly what you asked.

How old are you? I would never drag a family member in to bail me out of a situation.

Use what you have until you can afford to get what you want on your OWN.

[koleso]

You're the one putting your life on the net to judge, I'm just doing exactly what you asked.

How old are you? I would never drag a family member in to bail me out of a situation.

Use what you have until you can afford to get what you want on your OWN.

Putting life on the net to judge? Please re-read my original post. You definitely have a hard time evaluating the situation correctly, maybe thats the reason you dont have kids. I dont want to use something that has reached its end of life cycle and it sucking more money out of my pocket than a newer vehicle would. My age is irrelevant and no, i'm not 30 and I dont live with my parents and I dont rely on their support.

How do you now I am not able to afford what I need? How do you come up with these idiotic assumptions? Why do I even bother commenting.

This thread was about financing, ownership and insurance in direct form of how it relates to each other. My father is more than willing to help me where my credit rating creates a burden and I will do the same for my kids as long as they can prove credibility. I am not asking anyone to pay for my needs - if you missed that point.

[COSMIC5]

yep; I don't see what the problem would be
So if I get it correctly, my dad would have the financing on him, i'd be the one footing the bills, he would be the policy holder but I would be the one on the policy paying up a primary operator of the vehicle? If this is the case, I think its the best option for me.



Exploring the available options to be the reson why insurance is so high in Ontario? Your comment has no relevancy to this topic.

[mikeymike1]

Exploring the available options to be the reson why insurance is so high in Ontario? Your comment has no relevancy to this topic.

Exploring options??? is that what you call looking for ways to commit fraudulent activity?

Gimme a break dude. Your whole thread here stinks and anyone with a right mind can see you're doing nothing more than trying to figure out ways to circumvent the system to try better yourself by ignoring the rules and regulations of insurance and banking policies.

You want to or as you said you 'need to' finance a car but your credit is toast so you want someone else to finance it and have it garaged at your residence as well as have it re-registered in your name all the while trying to figure out how you can pay little to no insurance.

Exploring options?? hell thats not exploring options. You're seeking out ways to execute and enact on your fraudulent schemes. Your post #7 proves it.

[koleso]

Exploring options??? is that what you call looking for ways to commit fraudulent activity?

Gimme a break dude. Your whole thread here stinks and anyone with a right mind can see you're doing nothing more than trying to figure out ways to circumvent the system to try better yourself by ignoring the rules and regulations of insurance and banking policies.

You want to or as you said you 'need to' finance a car but your credit is toast so you want someone else to finance it and have it garaged at your residence as well as have it re-registered in your name all the while trying to figure out how you can pay little to no insurance.

Exploring options?? hell thats not exploring options. You're seeking out ways to execute and enact on your fraudulent schemes. Your post #7 proves it.

Are you an idiot? Where does it say that I intend to pay little or no insurance? On my current vehicle i am not the owner and assigned as second driver while being the primary driver on the other vehicle of the same owner. I use 1 vehicle but pay for two. Why? because insurance told me its the only option. If you think this is normal you are simply a moron. Post #7 was intended to find out where I can be the only one insured on the vehicle and not have the owner as it creates unnecessary liability.

I already have an answer to my questions so dont bother to reply as your posts simply have no value.

[mikeymike1]

Are you an idiot? Where does it say that I intend to pay little or no insurance? On my current vehicle i am not the owner and assigned as second driver while being the primary driver on the other vehicle of the same owner. I use 1 vehicle but pay for two. Why? because insurance told me its the only option. If you think this is normal you are simply a moron. Post #7 was intended to find out where I can be the only one insured on the vehicle and not have the owner as it creates unnecessary liability.

I already have an answer to my questions so dont bother to reply as your posts simply have no value.

idiot? moron?.... have a look in the mirror dude

You're the one with the ruined credit that can't get approved for your next auto loan. Its probably so bad you wouldn't even get approved for newspaper delivery.
You're the one than has to resort to scheming up things to try get what you want.
'Oh daddy daddy just put the finance under your name and I'll make the payments'... You think I've never kids pull this crap before? Credit challenged kids trying to take advantage of their parents good credit rating only to end up ruining theirs too in the end.
You're parents will learn the hard way when they start getting notices from the bank of their payment tardiness. Then and only then will they realize their cracker spawn is a financial delinquent.
Post #5 with your "Best and least costly way to do this.." is a good indicator that you will cheat policies and systems at any and every corner you get. You trying to cheap out with insurance isn't far behind everything else that's why I said what i did.
Your posts are so transparent, another poster has already seen right through you.