Both Names on a Car Title

[disney junky]

My wife and I have always put both names on the title of our vehicles. I'm not sure why. We just do. The only disadvantage is that neither of us can buy a car without the other.

What are the advantages and disadvantages to this?

 

[JessicaR]

I didnt even know you could have two names on a title. I guess that would be a good idea for those that worry about the other selling the vehicle w/o their approval.

Our cars are pretty split between my husband and I on the titles. I guess two names is a good idea but creates the possibility of more paperwork if a divorce or death occurs. Maybe a possible credit issue too?

Joint purchase and both are happy to have their names on the title I would do it!

 

[golfgal]

The only one I can think of, and it is pretty remote, would be if the "owner" of the car died and that asset, the car, put the surviving spouse over the limits for estate tax exemptions/transfers--again, very remote. I suppose upon death if there isn't a provision set up to TOD or something in the will/trust, the vehicle would have to be a part of the probate process depending on where you live too. I know that when my uncle died there were issues with his car (he was divorced) and technically it was going to he DD but she wasn't supposed to drive it until everything was all said and done. The lawyer said to go ahead and drive it since she was only child and his will did stipulate she would get the car.

 

[golfgal]

My wife and I have always put both names on the title of our vehicles. I'm not sure why. We just do. The only disadvantage is that neither of us can buy a car without the other.

What are the advantages and disadvantages to this?

Now that I think about that again, I don't think that is true. You can add someone to the title but not take them off without their permission. If you pay cash for the car, you just fill out the paperwork for the title and put whomever you want listed on there. If you are taking out a LOAN or lease though, yes, they would have to be there to sign that paperwork.

 

[scrapquitler]

My wife and I have always put both names on the title of our vehicles. I'm not sure why. We just do. The only disadvantage is that neither of us can buy a car without the other.

What are the advantages and disadvantages to this?

One complication is that when one of the people dies. Mom and Dad's car (and the loan) said "AND". When he died, she had some kind of complication with it because of that (and I can't remember what it was but I think it was related to the auto insurance), so she had to have the title AND the loan changed to just her name. It took about 2 months to get the title changed.

 

[tlbwriter]

We always title our cars in both names, but we use OR instead of AND. At least in my state, that means either of us has complete ownership and can sell the car without the other one present.

 

[disney junky]

Now that I think about that again, I don't think that is true. You can add someone to the title but not take them off without their permission. If you pay cash for the car, you just fill out the paperwork for the title and put whomever you want listed on there. If you are taking out a LOAN or lease though, yes, they would have to be there to sign that paperwork.

Tomorrow when we go in for the trade, she and I will both have to sign the title. If she didn't work until 7, we could pick it up tonight. It's not a real big deal. Just want to get the new car as soon as possible. New as in used.

I have heard people who suggest that there are legal ramifications if one person is in an accident and gets sued, but that's another issue.

 

[The Mystery Machine]

My wife and I have always put both names on the title of our vehicles. I'm not sure why. We just do. *The only disadvantage is that neither of us can buy a car without the other.

What are the advantages and disadvantages to this?

*(I am sure you meant SELL the car without the other right? You can buy a car anytime without your spouse.)

I can share a disadvantage since we just ran into one....

We are car shopping. We only buy used.

So we come across this car that this kid owns. He is living on his own, he says he bought the car with his own money (we believe him), he is 19.

He allowed his dad to go on the title for insurance reasons. He was living at home at the time of purchase.

Currently his parents have split up, he is living on his own, and he wanted to sell the car. He has a good stable job at a car dealership.

The dad refuses to sign the title to allow him to sell the car. Why? Divorce garbage naturally.

If the dad signs the title the kid can be free of the car insurance that he pays to his dad (kid forks over money to dad for the car insurance), obviously because the car will be sold and kid will have his own car with his own insurance. The dad is blocking him from doing this. He is claiming that the car is part of the "mother's assets" to the kid.

So, the other party can stop the sale of the car.

 

[mrodgers]

I thought you put the house in both names and cars in one name so that no one can sue and take your house in the case of an accident because there is another name on the deed.

 

[vek239]

Each state is different. You should check with your local DMV or whatever agency handles this to clarify the benefits/drawbacks of having more than one name on the title.

 

[Alsobrook]

For starters, it's helpful to know whether you're in a Common Property or Community Property state. If you really want to know specifically what you should do, you talk with an attorney in your state. Both names on a title can certainly have legal ramifications if the permissive driver of a car has a accident. As co-owners of property, in many states, you share liabilities when both names are on titles. Some states may cap this exposure. In some states, it doesn't matter what you put on the title.... if you develop an interest in property while married, it's community property.

Some folks will tell you that you and spouse should each have your own name, and own name alone, on the title for a car that you operate the most. That way, when you loan the car to Drunk Uncle Eddy, you're not roping your wife into the fray when Eddie slides into a family of 6.

Inheritance issues can be relevant if you want to assume ownership of a car in the event of an untimely death of spouse - outside of probate.

 

[tvguy]

We always title our cars in both names, but we use OR instead of AND. At least in my state, that means either of us has complete ownership and can sell the car without the other one present.

That's the way it is here in California too. Everything of value is in both our names with OR in between. That's pretty basic estate planning if something happens to one of you.

 

[jdb in AZ]

That's the way it is here in California too. Everything of value is in both our names with OR in between. That's pretty basic estate planning if something happens to one of you.

Ours are listed OR -- meaning "joint tenants with rights of survivorship" instead of tenants in common.

 

[Lassie Lynne]

We always put the car that the spouse drives in their name....a while back, we had a car in both our names and having both of us there during the sale while not hard, was a little tricky. Also, if for some reason you split up, then every one has to play nice and sign titles over, loans, re-issue titles, etc......whereas one car in each name, no probs!

 

[ilovemk76]

My wife and I have always put both names on the title of our vehicles. I'm not sure why. We just do. The only disadvantage is that neither of us can buy a car without the other.

What are the advantages and disadvantages to this?

We do this all the time. I our state all you need is a death certificate and you can get the title in your name only. Our state also makes everything the surviving spouses unless a will states otherwise.

The only drawback is you need to signature when you buy the car and two signatures when you sell the property.

We are a family that holds everything jointly (except 401Ks, since that is not legal).

 

[Rence]

It was actually suggested to us by our insurance agent. We live in a state where my partner and I cannot be legally married. My agent suggested that if we titled both our cars in both are names, we could get the second car discount. This was a nice savings over having each of us own our own car and carry our own insurance.

It also helped when recently my partner was in a minor car accident. He was driving the car that would have been considered mine. If we had the cars titled separately - he would have been "borrowing" my car at the time of the accident. With both our names on the title, he was driving "our" car and covered by "our" insurance.

 

[Mama Who]

Our car is in my name only because I'm the only driver and bought the car without DH present. I think that if I got a wild hair and took off with the car he'd have less legal recourse than otherwise, but since I plan to stick around, I don't know that it matters. He's my heir, If I die, anything that might be "mine" instead of "ours" becomes "his" anyway.

 

[HsvTeacher]

Our titles are listed as OR. That way if anything happens to either of us, we're fine. It also makes it easier to pay our taxes/registration each year because only one of us needs to be present to sign the paperwork.

 

[allison443]

I thought you put the house in both names and cars in one name so that no one can sue and take your house in the case of an accident because there is another name on the deed.

That's the way it is in the two states I have lived in, and that's what we have always done.

What is the advantage/benefit to having it in both names...no paperwork if one owner dies? Or something else?

 

[allison443]

It also helped when recently my partner was in a minor car accident. He was driving the car that would have been considered mine. If we had the cars titled separately - he would have been "borrowing" my car at the time of the accident. With both our names on the title, he was driving "our" car and covered by "our" insurance.

I'm pretty sure anyone driving your car with permission is covered by your insurance. Whether a partner, friend, neighbor, etc.
I do understand your other reasons, though