Car Registration

[ctrkamma]

Hi Guys,

I'm new to this forum and my first post here.

I've ordered model-y and due to income eligibility I don't seem to qualify for California CVRP rebate.

Wondering whether it's ok to do registration on my friend's name who qualifies for CVRP rebate - $2500.

1. Will there be any consequences with having car registration done on my friend's name?
2. Can I apply for loan for a car registered on my friend's name?
3. If I decide to sell the car, will there be any consequences with car being registered on my friends name?
4. Will there be any issues with insurance since car is not registered to me?

 

[KenMast3rs]

I don’t think it’s worth the hassle. For $2,500. If you don’t qualify due to income eligibility, that means your income is high and you’re trying to find ways around $2,500? Not worth the hassle if something happens. They will go after your friend since it’s under his name (for liability) if you get into a big accident and insurance doesn’t cover. It can get really messy. Your friend’s credit report will show debt for this car if loan is taken with his name.

 

[ctrkamma]

How about joint ownership/registration?

 

[Donaldinc]

How about joint ownership/registration?

Probably not a great idea as the 4506-T forms will be verified through the IRS.

 

[LevelHeaded]

Hi Guys,

I'm new to this forum and my first post here.

I've ordered model-y and due to income eligibility I don't seem to qualify for California CVRP rebate.

Wondering whether it's ok to do registration on my friend's name who qualifies for CVRP rebate - $2500.

1. Will there be any consequences with having car registration done on my friend's name?
2. Can I apply for loan for a car registered on my friend's name?
3. If I decide to sell the car, will there be any consequences with car being registered on my friends name?
4. Will there be any issues with insurance since car is not registered to me?

If the car is registered in your friend’s name, their assets are up for grabs if you were to cause property damage/loss of life with the vehicle beyond insurance coverage.

There are myriad reasons why this is an incredibly terrible idea, not to mention illegal. What you’re describing has a name: fraud.

 

[iamnid]

If the car is registered in your friend’s name, their assets are up for grabs if you were to cause property damage/loss of life with the vehicle beyond insurance coverage.

There are myriad reasons why this is an incredibly terrible idea, not to mention illegal. What you’re describing has a name: fraud.

As just a registered owner, and not driver, the liability would probably be limited to $15,000/$30,000 by Vehicle Code Sec. 17150-17151. It's still a bad idea and/or fraudulent and should not be done. Certainly not to save $2500. And, while the liability may be limited by the section mentioned, your friend would likely be named in any lawsuits involving that car - so that's an extra headache for them.

 

[merpderp]

Hi Guys,

I'm new to this forum and my first post here.

I've ordered model-y and due to income eligibility I don't seem to qualify for California CVRP rebate.

Wondering whether it's ok to do registration on my friend's name who qualifies for CVRP rebate - $2500.

1. Will there be any consequences with having car registration done on my friend's name?
2. Can I apply for loan for a car registered on my friend's name?
3. If I decide to sell the car, will there be any consequences with car being registered on my friends name?
4. Will there be any issues with insurance since car is not registered to me?

For $2500 seems a bit excessive and a headache to do all this paperwork imo. If you do the above 4, technically your friend owns the car, not you. You can try and judge judy it, but at the end of the day, car is your friend's not yours.

You can try and co-sign the loan so you become part of the car and it covers your side. Doing this means all paperwork, insurance will have to have 2 names, but selling the car.. if the DMV paperwork has "Name 1 OR Name 2" then either can sell with 1 signature, if it has "AND" between names, you'll need both signatures.

CVRP asks for full household income, thus also putting you ineligible unless jointly puts you two less than the threshold.

TLDR- you're not getting a rebate unless you meet other criteria.

 

[Watts_Up]

Speaking about insurance and drivers,
you have to specify who is the primary driver and mention to your insurance if you have any other drivers,
who might be or not from your family, but living at the same address, and what percentage of the driving each driver do.
You can have occasional drivers, like relatives visiting you for few weeks, but you should check with your insurance.

Mentioning the drivers list to your insurance seems something annoying and people might not consider doing,
but my car get rear-ended recently, and
the other insurance didn't wanted to cover my car and the other car damage because the driver was not listed,
even if he was driving his wife car and both were in the car during the accident.

My insurance offered me to use the uninsured driver coverage and paid my deductible, but I didn't accepted
because I didn't find this situation very clear and I was wondering if the two car insurances were making a kind of deal,
so they would not have to cover the other driver damages and they would have offer me the minimum coverage, and
in particular I would have certainly lose the possibility to sue anyone if I had to, such as making a Diminished Value claim.
After few months of claim process the other insurance decided to cover my damages but I don't know the outcome for the other car.

Note: Speaking about new car, you should include the Diminished Value coverage in your insurance coverage,
just in case you car get damaged or totaled. I believe that the DM coverage is included in the case of a leased car,
but if you loan or buy a car and your car get totaled when new, you will loose a lot of money when buying a new car.

 

[frankvb]

As an aside, it's $2K now, no longer 2.5K.

And indeed there are many reasons not to do this for both parties.

 

[Impaler]

Hi Guys,

I'm new to this forum and my first post here.

I've ordered model-y and due to income eligibility I don't seem to qualify for California CVRP rebate.

Wondering whether it's ok to do registration on my friend's name who qualifies for CVRP rebate - $2500.

1. Will there be any consequences with having car registration done on my friend's name?
2. Can I apply for loan for a car registered on my friend's name?
3. If I decide to sell the car, will there be any consequences with car being registered on my friends name?
4. Will there be any issues with insurance since car is not registered to me?

It might not be the right time for you, based on your post. I'd recommend holding off until your income is in the range most beneficial to you.

 

[LevelHeaded]

It might not be the right time for you, based on your post. I'd recommend holding off until your income is in the range most beneficial to you.

I think OP is above the income limit for the rebate.

 

[Impaler]

I think OP is above the income limit for the rebate.

Ahhh!