My dad borrowed me money to buy my first semi truck, he wants to put the title under his name just to make sure he gets paid back, legally speaking is that ok? I asked my insurance provider and he said it should be under my LLC. My LLC is in the name of me and partner and we are both on the insurance and my dad is not . Would he need to take any role in the company or insurance? And what other responsibilities he will need to take on? Thanks a lot in advance
What name to put the title under
Discussion in 'Ask An Owner Operator' started by user4310632288183, Mar 20, 2021.
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Put the truck in the llc name. Put your dads name on the title as a lien holder.
Wasted Thyme, noworrez, Opendeckin and 9 others Thank this. -
^^^^ thats the correct answer right there
user4310632288183 Thanks this. -
And get out of that situation as quickly as possible and don't do it again! I would never ever ever borrow from family. Never ends well.
My Mom cosigned for me to buy a motorcycle I didn't need once. Years later when I got a little older I told her she should've never done that no matter how nicely I asked.Wasted Thyme, noworrez and user4310632288183 Thank this. -
Title always lists owner name.
And lien holder. Is their own name.
Put dad as the owner..vehicle is basically his to sell if he wants. Not that he'd do it.
Also saves the hassle from cops and inspectors.Last edited: Mar 20, 2021
user4310632288183 Thanks this. -
If your dad is listed as owner, then his name must be on the leasing paperwork as well. Oklahoma got me as I leased to a carrier in my small company's name and my registration was listed as owner in my name. They said it was no connection between my company name and my private name and my company could not lease a truck they didn't own.
user4310632288183 Thanks this. -
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