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We are $2600 to our daughter so she can purchase a car. How…

Customer Question
We are $2600 to...

We are $2600 to our daughter so she can purchase a car. How can we attach the car as colateral, but not be responsible for insurance or tags?

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

Ohio

Lawyer's Assistant: What steps have you taken so far?

None

Submitted: 24 days ago.Category: Legal
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Answered in 8 minutes by:
5/26/2018
Lawyer: Attorney Wendy, Lawyer replied 24 days ago
Attorney Wendy
Category: Legal
Satisfied Customers: 951
Experience: Member at Keefer & Keefer LLC
Verified

Hello. My name is ***** ***** I am an attorney. Loans to family members are always tricky. The key to securing your funds is that you have a written loan agreement with your daughter including the amount loaned, any interest being charged, and repayment terms. That agreement should also identify the car being purchased as collateral and, if it has not yet been purchased, a provision that upon such purchase the make, model, year and VIN will be added to the agreement to identify it. You then may want to consider filing a financing statement - UCC-1 - with the Ohio Secretary of State and with your county recorder's office. This is a lien on the car. You would have no ownership/title and, thus, no insurance responsibility but could repossess the car if she fails to repay. This article does a pretty good job explaining what steps should be taken to protect you in this situation: https://www.nolo.com/legal-encyclopedia/how-attach-perfect-security-interest-under-the-ucc.html

Here is a link to the Ohio Secretary of State with more information and the ability to file the UCC-1 online: https://bsportal.sos.state.oh.us/(S(seeksw5nicfsibqwmszh324v))/uccfilings.aspx

I hope this information is helpful. If you need additional assistance, feel free to reply to this email. If I answered your question and provided excellent service, I would greatly appreciate your 5 star rating at this time.

Please note: This information is for educational purpose only and is not legal advice. No course of action is being proposed and no attorney-client relationship or privilege has been formed as a result of this conversation.

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Lawyer: Attorney Wendy, Lawyer replied 23 days ago

Just wanted to check in to see if you need any further assistance.

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