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Owner Premium
If I put my include my dad on my car registration, does it make him part owner?
My parents offered to put my car on their insurance so that I could save money on the premium. My step mother called they insurance company (I was in the room) and they told her that I'll need to add my dad's name to the registration.
I was wondering if this makes him part owner. Would this allow him to sell it or could it be taken if they have credit issues later?
I am still paying on the loan. I live in California. Just curious.
There are 2 types of owners. There is the registered owner, and the legal owner. Your dad can be the registered owner (I assume you live at home), without being the legal owner.
Actually, if you have a lien on the car, the bank is likely holding the title anyway, so your dad could not sell it, neither can you without paying off the loan.
Think of a lease car, you are never the legal owner, you are only the registered owner.
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