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Discussion Starter #1 (Edited)
?'s about co-buying/title/ownership

Wasn't sure where to put this so if I'm in the wrong category mods please move it for me.

So when I went and got my Ridgeline I had my mom cosign with me so I could get a lower rate. I will have my truck paid off next month and I had some questions. I looked on the papers we signed and on all of them I am listed as co-buyer or our names are listed on 2 lines both as buyer.

On the Honda Financial website it has her as the primary owner in that information spot. When I get something in the mail for the truck, it always has both our names on it. So when I pay it off next month, will the title be in both our names or just in hers?

If it does have both of our names on it, where do I need to go to get the title just in my name? Also, how much will it cost to do this?

When I do get the title just in my name, when I go to the BMV to get the registration updated will I have to pay for all new registration or can they just remove her name off of it and update it? I just renewed it here at the beginning of January, hate to have to repay for it again.

Also I bought the extended Honda warranty (the 8 year/100,000 mile), we're both listed as buyer on that. If I get her name taken off, I'll still be fine using that right? It won't mess up anything since I'm listed as a buyer as well? I know the book I have in my truck just has her name on it for the roadside assistance, but I assume its that way since she is listed as the primary?
 

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I suspect each state has their own way of handling this but these are my thoughts.

First is, BOTH of you purchased it and that's how it'll be titled and registered. If you trust her (your mother) then do nothing and drive it until you're ready to sell/trade it, at which time you both will need to sign the title and bill of sale. Keep in mind, she trusted you to make the payments when she put her good name on it.

If you still want it solely in your name ask her to sell her share to you, lets say for $1. Take whatever paperwork your state requires and get (and pay for) another title. In my state you will pay a sales tax on that $1.
 

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Discussion Starter #3
Re: ?'s about co-buying/title/ownership

That was the plan after I payed it off we would just put my name on it. I found some info on the DMV. But if I get it to just my name I have to get new plates and registration. So I'll probably just wait till upcoming December and do it then. That way it will be when I have to renew anyhow.


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I will suggest this once again ... why go to the expense? Doing so, to me, suggests you don't trust your own mother. Think real hard now, is it really that important?

Is it that important?
 

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Your mom will not have to "sell" her half to you. She can simply sign the title, and complete and sign the DMV paperwork requesting to remove her name from the title/registration. There is probably a small, $10-20 fee to do this. Your DMV will then send you a replacement title with your name only.

Pretty awesome, very generous of your mom to do this for you. Now that it's paid off, to protect her, removing her name is actually a really good idea. Reason is, if you have an at-fault accident, and your mom is still listed as a registered owner of that vehicle. To some extent, the victim can not only come after your finances for restitution, but your mom's as well. It's worth doing. Same goes for insurance if you can afford to be on your own policy.
 

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Discussion Starter #6
Your mom will not have to "sell" her half to you. She can simply sign the title, and complete and sign the DMV paperwork requesting to remove her name from the title/registration. There is probably a small, $10-20 fee to do this. Your DMV will then send you a replacement title with your name only.



Pretty awesome, very generous of your mom to do this for you. Now that it's paid off, to protect her, removing her name is actually a really good idea. Reason is, if you have an at-fault accident, and your mom is still listed as a registered owner of that vehicle. To some extent, the victim can not only come after your finances for restitution, but your mom's as well. It's worth doing. Same goes for insurance if you can afford to be on your own policy.

That's partially why I want everything in my name. I am on my own insurance policy. It's not that I don't trust my mom. But I'd rather have everything in mine, you never know what is going to happen.



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All states ARE different. Around here, AAA offices can do this kind of DMV actions for us (Calif). I mention this because if you have that service available to you in Ohio, AAA is MUCH easier to work with than is DMV, and you can get in there to ask questions much easier as well. They are much more helpful, ususally.
 

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Not that this matters too much, but if you do this, will this not reflect as another owner? Point being, when you go to sell this, it will show as a 2 owner vehicle instead of 1? Like if someone were to pull the carfax? Clearly you can explain this to whomever, but I know for me buying used cars I am more opt to buy a 1 owner, but then again, maybe no one cares about that. Regardless, I thought I would bring that up. I also could be wrong....
 

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In my state you will pay a sales tax on that $1.
In MY lovely state, you'd pay 3% of what the DMV TELLS you the vehicle is worth. No negotiation. You can try to claim a value reduction for high mileage but it never works. North Carolina! YAY!

Also, I completely agree with an earlier post about taking your mom's name off the title in order to protect her from liability exposure should the OP be involved in an at-fault accident. It may sound paranoid, but if the bodily injury is bad enough, EVERYBODY will get sued that has ANY connection to the vehicle. Not worth that risk IMO.
 

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That mentioned sales tax is in addition to the annual registration fee - which is based on assessed value. For that they use some secret formula, typically getting lower as the years pass but occasionally it has risen.
 

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That's partially why I want everything in my name. I am on my own insurance policy. It's not that I don't trust my mom. But I'd rather have everything in mine, you never know what is going to happen.



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If you have other questions about Ohio title stuff, PM me, I work for the county, and they handle the title stuff, shouldn't matter the county, all are handed by county (usually clerk of courts)...the BMV is part of the state...my mom gave me an SUV several years back and gave it as a gift, so I put $0 on the title, paid the $15 and that was that, not sure what you will have to do at the BMV because I had to get plates, you may just have to change registration...congrats on getting it paid off soon!
 

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Discussion Starter #12
If you have other questions about Ohio title stuff, PM me, I work for the county, and they handle the title stuff, shouldn't matter the county, all are handed by county (usually clerk of courts)...the BMV is part of the state...my mom gave me an SUV several years back and gave it as a gift, so I put $0 on the title, paid the $15 and that was that, not sure what you will have to do at the BMV because I had to get plates, you may just have to change registration...congrats on getting it paid off soon!

Thanks! I did a 3 year loan, when I put my last payment in next month I'll have it paid off a year early. :)

I was hoping I could just pay the $15 to change the title, and then just take my moms name off the registration, with no charge. Thats what I was hoping would happen. I figured after I get the title in the mail I'll run to the clerk of courts and see what they say and check with the DMV as well.
 

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In MY lovely state, you'd pay 3% of what the DMV TELLS you the vehicle is worth. No negotiation. You can try to claim a value reduction for high mileage but it never works. North Carolina! YAY!

Also, I completely agree with an earlier post about taking your mom's name off the title in order to protect her from liability exposure should the OP be involved in an at-fault accident. It may sound paranoid, but if the bodily injury is bad enough, EVERYBODY will get sued that has ANY connection to the vehicle. Not worth that risk IMO.
This is no joke if she is listed on the title she can be sued, been there done that. Lawsuit never made it to court and plaintiff got a small settlement from insurance. My dad got dragged into(he cosigned on my car) even though I did not live with my parents nor had my dad ever even driven my car and the car was paid off but because he was listed on the registration and by fl law must also be listed on my own insurance policy as a secondary driver he got dragged into it. While it was all covered my insurance it was still a total pain in the ass especially for my parents who had much much more to loose than I did, which is essentially why my dad got pulled into it because they knew I had nothing.
 

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That mentioned sales tax is in addition to the annual registration fee - which is based on assessed value. For that they use some secret formula, typically getting lower as the years pass but occasionally it has risen.
They call it a highway use fee, but yeah, it's a tax.

They contract with a 3rd party firm to provide vehicle valuations.

Supposedly, the numbers are traceable to auction values of the cars. But there's a conflict-of-interest built into the system -- in order for the firm to get the contract with the state, there's the temptation to tell them "Our firm will value your state's vehicles higher than our competition, meaning more revenue for you!"

Also, if you own a rare car that doesn't change hands all that often, the valuation by the firm will be incorrect. Not just Ferraris, but also cars like limited-edition Shelbys, DeLoreans, etc. You might have a better chance with an appeal in that circumstance.

Chip H.
 

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Discussion Starter #15
Well my last payment just cleared and was posted!
Now I officially own my Ridgeline and got it paid off a year early! :act035:
 

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Congrats! Now to wait for the title to show up in the mail!

Chip H.
 
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