who owns car

[Danlalune]

undefinedWhat is the name of your state? Oklahoma

My son is almost 21 (next month) . He has a car, but it is in dad's name. My son is the co-signer. His dad wants him to take his name off title. Wants my son to get car refianced. Credit union will not do this unless my son gets a co-signer. (son has a good job, been there 1 yr) Dad does not want to cosign for car. What can my son do.. He is now asking me to cosign for car? What about his dad? Since car is in his name, isn't he legally responsible for car. I am just worried for my son since he has made all the car payments.

 

[JETX]

[Your post is confusing as hell.

You seem to cross reference titles and notes. They are NOT the same thing. The title designates ownership. The note details repayment obligations and party's.

It is also not clear as to who is the CURRENT co-signers (all party's)... and why there is a need for ANY new co-signer!!

 

[Danlalune]

who is responsible for car

Oklahoma

My ex-husband, boys father, has his name on car title. But son and father both are cosigners on loan. Before my ex-husband , boys father, will take name off title, and allow my son to put his name on car title ,insists that someone, besides himself, cosign for the car loan. What happens if my son cannot get a cosigner on car. ? Son has always made payments on time, is responsible . Yes , I probably could cosign but do not understand why son needs cosigner? Is it because he is not 21 yrs old? .

 

[Happy Trails]

Oklahoma

My ex-husband, boys father, has his name on car title. But son and father both are cosigners on loan. Before my ex-husband , boys father, will take name off title, and allow my son to put his name on car title ,insists that someone, besides himself, cosign for the car loan. What happens if my son cannot get a cosigner on car. ? Son has always made payments on time, is responsible . Yes , I probably could cosign but do not understand why son needs cosigner? Is it because he is not 21 yrs old? .

A co-signer is necessary if the lender says it is. Your son hasn't established a long enough credit repayment history. If the lender felt comfortable loaning just to him, then he wouldn't need one. If the son defaults on his payments, then the lender has another person they can go after for payment.

It appears Dad doesn't want the responsibility of being on the car loan anymore.

 

[JETX]

My ex-husband, boys father, has his name on car title.

Okay, since his is the ONLY name on the title (apparently) then HE is the ONLY legal owner of the vehicle.

But son and father both are cosigners on loan. Before my ex-husband , boys father, will take name off title, and allow my son to put his name on car title ,insists that someone, besides himself, cosign for the car loan.

Okay, so simply.... he won't transfer ownership of the car from his name to your sons while he still remains responsible for payments.... due to his 'co-signer' status. Seems very reasonable to me.

What happens if my son cannot get a cosigner on car. ?

Nothing. The car remains in your ex's name.... and both son and father remain obligated for payment of the loan.

Son has always made payments on time, is responsible .

Not relevant.

Yes , I probably could cosign but do not understand why son needs cosigner? Is it because he is not 21 yrs old?

Pretty simple.... because the lender requires it.

However, the entire issue is moot.... as the lender has no reason to release either party from their co-signer obligations. The only way they can be released is for someone to pay off the loan.... possibly with another loan with other signers if needed (by the lender).