After Car Repossession

[blueeyes21]

What is the name of your state? Tennessee

I had a car repossessed about 2 years ago. I have tried very hard to work on my credit (this huge ding keeps pulling me down) but my credit is still not stellar. My parents (living in a different state) have been more than kind to sign on for a car loan under their name for me to use here in Tennessee. My question is, if somehow I am able to register it here under MY name, will the company that repossessed my car be able to come after me and take this new car away from me (even though the loan is under my parent's name)? If not, my next question is, how can I legally register it here? Loan is under their name/car insurance has all 3 names (both parents and mine)...Any help would be appreciated!

[Ladynred]

if somehow I am able to register it here under MY name, will the company that repossessed my car be able to come after me and take this new car away from me (even though the loan is under my parent's name)?

Once you are the registered as the OWNER of the vehicle, it doesn't matter one bit who's name is on the loan - YOU"RE the one with the asset.

The question then becomes, how much is the car worth and how much is owed on it. The TN exemption for personal property, including a vehicle, is $4,000. That would apply to the EQUITY in the car. Most likely they would not bother going after the car, they depreciate too quickly and if there's little to no equity, it's definitely not worth it.