Tesla Registration and Title, Loan

[whydontwe]

Let's say I am co-signing for a loan with Tesla, but I don't want my name on the registration/title. Is this allowable in California?

 

[goin2drt]

Yes. Completely separate. The loan company is technically on "title" and the person you are co-signer for will be the registered driver. The loan company is the "owner"

 

[jjrandorin]

When I googled this question the information says that you dont have to be on the title. No telling what Tesla specifically will do, however.

Does My Loan Co-signer Have to Be on the Title or My Car Registration?

A cosigner essentially "lends" his credit score to the borrower and promises that he will take over any payments if the borrower defaults. When it comes to the title and car registration, it is up to the discretion of the borrower as to whether the cosigner's name is added.

pocketsense.com

 

[whydontwe]

So, basically as follows??

John Smith and Mary Anne on Tesla Loan with US Bank.

John Smith on DMV registration.

 

[goin2drt]

So, basically as follows??

John Smith and Mary Anne on Tesla Loan with US Bank.

John Smith on DMV registration.

Basically correct.

The title or "pink slip" will be John Smith as the registered for the car and the title will be US Bank and US Bank will actually have the pink slip until the loan is paid off.

The CA DMV (registration that you carry in the glove box) will have John Smith as he registered "owner" with the "lender" (might say "lien holder" technically) being US Bank on the registration.

Your name will only be tied to the US Bank Loan. You will have nothing to do with the actual car i.e. if they forget to pay registration etc etc.

 

[jjrandorin]

You will have nothing to do with the actual car i.e. if they forget to pay registration etc etc.

I wouldnt personally categorize being potentially responsible for the entire loan if the first owner defaults as "nothing to do with the car".... but I see what you were going for.

 

[goin2drt]

I wouldnt personally categorize being potentially responsible for the entire loan if the first owner defaults as "nothing to do with the car".... but I see what you were going for.

You are correct. I meant from a "name on document" and "responsible for registration, fees, violations etc" standpoint. Yes if the borrower goes into default you will need to make the payments or repossession will start.

 

[whydontwe]

On a practical level, how do I do this? Do I select two person in the registration section? If so, does this add my name on the registration? I don't see an option to add co-signer in the credit app section?