Giving My Child A Car, What to do on the Title?
So you want to purchase your kid a car and you’re wondering whose name you should title the car in. You and the wife have been working your tails off to save some money and build that nest egg for your much anticipated retirement and you don’t want that touched by some Plaintiff’s lawyer because your son or daughter, in their brand new car, rear-ended somebody in the mall parking lot. A word to the wise. First, buy the car outright. Don’t finance the vehicle. If you choose to finance the car, the dealership or finance company will insist that your name be on the title along with your kid’s name. Remember this concept, your kid has no financial worth, unless he or she is a bona fide genius, but you and your spouse do. The finance company and the Plaintiff’s lawyer are looking for the deep pocket and you and your spouse are it. If you can’t afford to pay for the car outright then get a less expensive car so that you can. You can then purchase the vehicle and have it registered in your child’s name only. That way, no matter what negligence is involved in the operation of the vehicle, you are not responsible. Why? Because Florida law provides that the driver and the owner of the vehicle, if the owner gives the driver permission to drive the car, are the only ones who can be held responsible for injuries caused by the negligent operation of the car. Make sense? You bet it does. So save yourself a lot of sleepless nights and register the car in your kids name and get yourself a good night’s sleep. You deserve it. For more information on Personal Injury Law contact The Attorneys of West Palm Beach: 561.659.5522