Car purchasing and insurance question..

[Alienxx45]

i'll be purchasing a car soon, the price and everything is all negotiated and terms are figured out.

now the question is, the financing for the car will be under my name but since i will get a significant discount in insurance if its under my mom's name as primary is it possible to have the finance in my name but the ownership of the car be under my mom AND I?
the guy at the dealership suggested that the finance of course be in my name but only the license for the car be in my moms name so they can still use her as primary for insurance....does that work?? i wanted to clarify with the guy but he just kept saying he does this everyday and tells me not to worry about it..i told him i will consider and get back to him..
in that case...the ownership would be in my name and the license plate/insurance is under my moms name...wouldnt that be an issue if by chance i get pulled over by a cop and he sees the discrepancies between car owner and plate/insurance name..?

a friend of mine suggested for my mom to co-sign the car with me which should make things simpler...is that method more common? would that include my mom in the financing of the car also??

any information would be appreciated. thanks!

[VivienM]

At the end of the day, is your mom going to be the primary driver of the car? i.e. will she be the person who drives it most?

If she's not, then it's insurance fraud if you claim she's the primary driver and she's not. Yes, "everybody does it", but if you're not mature enough to know that "everybody does it" is not a reason to do a stupid/illegal thing, then you're not mature enough to be on the road, IMO.

What I find amusing is that people think the danger with this is the police. The problem is you getting into an accident, seriously injuring somebody, and let's say the bill comes to $500K. Your insurer finds out you lied about being an 'occasional' driver, decides they won't pay. Then what? Can you cook up $500K in cash? Or is it hello bankruptcy for you and probably your mom in the process?

(And yes, don't get me wrong, I'm well aware of how outrageous the insurance rates are in the GTA, especially for <25 males subject to the penis tax. Tell your MPP.)

[l69norm]

... is, the financing for the car will be under my name but since i will get a significant discount in insurance if its under my mom's name as primary is it possible to have the finance in my name but the ownership of the car be under my mom AND I? ...!

Unless you are using a line of credit; the financing, ownership and insurance all have to be in the same name.

Assuming that your mom isn't already the primary driver on another car, you can put everything in her name (morality issues aside). You would co-sign/guarantee the financing with your mom.

Possible problems - Your mom will be on the hook if you default on the car loan.

[COSMIC5]

If the vehicle registration shows your name on it, the auto insurance policy has to read the same. when you apply for new insurance, the new company will pull an autoplus report. This will show all past and current insurance companies for all listed drivers on the application. If mom already has a vehicle and insurance, they will see this and rate you as the princ op. Best thing would be to be honest as they'll find out in the end anyhow.

i'll be purchasing a car soon, the price and everything is all negotiated and terms are figured out.now the question is, the financing for the car will be under my name but since i will get a significant discount in insurance if its under my mom's name as primary is it possible to have the finance in my name but the ownership of the car be under my mom AND I?
the guy at the dealership suggested that the finance of course be in my name but only the license for the car be in my moms name so they can still use her as primary for insurance....does that work?? i wanted to clarify with the guy but he just kept saying he does this everyday and tells me not to worry about it..i told him i will consider and get back to him..
in that case...the ownership would be in my name and the license plate/insurance is under my moms name...wouldnt that be an issue if by chance i get pulled over by a cop and he sees the discrepancies between car owner and plate/insurance name..?

a friend of mine suggested for my mom to co-sign the car with me which should make things simpler...is that method more common? would that include my mom in the financing of the car also??

any information would be appreciated. thanks!