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  • avatar greenghost Jul 30, 2009 17:23

    NHTSA, the government agency that developed the final regulations for the cash for clunkers program, included this statement in the final rules:

    "The requirement that the trade-in vehicle be registered to the same owner for a continuous period of one year prior to the transaction requires clarification. The agency interprets this provision as requiring the trade-in vehicle to be registered to and owned by the person purchasing or leasing the new vehicle under the program. In a transaction involving more than one person, the trade-in vehicle must have been registered to and owned by at least one of the persons purchasing or leasing the vehicle under the program."

    Read the story written by Edmunds user 'mikeishere' on
    this thread. Looks like he found away around the titling issue by assigning power of attorney to his son.

Answers

  • dnbb 07/29/09 7:24 pm PST

    Yes, he can just sign the title of the car off and not have to co-sign on the new loan. Tell them you wish to purchase the car in your name alone. If they refuse to do so, then simply tell them you'll go elsewhere (I'm sure they'll change their tune). It also will depend on your credit score as to if they actually can do so. Good luck with it though.

  • greenghost 07/30/09 5:23 pm PST

    NHTSA, the government agency that developed the final regulations for the cash for clunkers program, included this statement in the final rules:

    "The requirement that the trade-in vehicle be registered to the same owner for a continuous period of one year prior to the transaction requires clarification. The agency interprets this provision as requiring the trade-in vehicle to be registered to and owned by the person purchasing or leasing the new vehicle under the program. In a transaction involving more than one person, the trade-in vehicle must have been registered to and owned by at least one of the persons purchasing or leasing the vehicle under the program."

    Read the story written by Edmunds user 'mikeishere' on
    this thread. Looks like he found away around the titling issue by assigning power of attorney to his son.

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