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Infolawyer, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 6806
Experience:  Licensed attorney helping individuals and businesses.
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When signing a contract to purchase a vehicle, when am I

Customer Question

When signing a contract to purchase a vehicle, when am I legally considered the owner? Assuming I sign the contract on January 1, and the vehicle does not have a cooling off period offered or accepted, am I the owner on January 1, or am I not considered
the legal owner until the lender funds the transaction? The lender did not fund the transaction for a week due to delay of the dealership sending the contract to the lender. My opinion is that I am the legal owner on the date that I have committed to purchase
the vehicle (Jan 1) regardless of any administrative delays (proof of insurance) that held up the bank taking title from the dealer. My reasoning is that if I can't back out, then I'm the owner. I hope I'm right from a legal perspective. The reason I ask is
the vehicle (an RV) is producing income, and if I am the legal owner, then I will ask for my contractual share of the income from the date it is legally mine. Also, assume I signed the contract in the evening on January 1, am I entitled to income produced
that day, or not entitled until the next day (January 2). Just want to know what my legal footing is in case they come back to me and say that I wasn't the legal owner until the bank funded it.
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  Infolawyer replied 1 year ago.
You are the owner when you get a copy of title in your name..
Expert:  Infolawyer replied 1 year ago.
You do not wait on funding unless lender holds title until it is paid in full.
Expert:  Infolawyer replied 1 year ago.
for the ownership to be conditional on financing the contract would say so. most contracts do.if financing does not come in, you need to pay for it otherwise or return it.
Customer: replied 1 year ago.
Ok, I'm confused by the 3 answers as the first one seems to contradict the second one.I understand that, similar to my homes, I am not the legal owner and the bank is until I finish paying the loan off - but if someone falls on my property I don't think I'm going to be able to get out of a lawsuit by stating that I'm not the legal owner the bank is.I guess I would have thought that from the date I sign a binding contract - i.e., I can't back out - and I have the legal right to take possession and have all the rights and privileges of "ownership" that I would be entitled to the revenue being produced by the RV. If the RV was on the lot the day that I signed the agreement, I would have been able to drive it off the lot and take it to another dealer and put it in a rental pool and start earning income. The only difference in the fact pattern is that I'm using the same dealer to rent out the RV and produce income.
Expert:  Infolawyer replied 1 year ago.
You are owner when contract says you are which typically is on payment completion.
If accident one would look to the insurer. I wish you the best. I trust the answer has been helpful. kindly let me know.