Our 19 year old son has a car that is still registered in my name.
When he doesn't pay his parking fine, or toll fee I'm assuming that this could end up being a mark against my name and could jeopardise any finance I might try for in the future?
If he forgets to pay his registration and/or insurance, and has an accident, his insurance will not pay up. This is putting my good name at risk, isn't it?
I'm also assuming that if he is in an accident and somebody decides to sue him, they would sue me being the "owner" of the vehicle?
Our IPs are in hubby's name, but our PPOR is in both names? Could this be at risk?
I've asked him to please organise the paperwork to change the vehicle into his name, but he isn't in any rush to do it.
Are my concerns warranted?
When he doesn't pay his parking fine, or toll fee I'm assuming that this could end up being a mark against my name and could jeopardise any finance I might try for in the future?
If he forgets to pay his registration and/or insurance, and has an accident, his insurance will not pay up. This is putting my good name at risk, isn't it?
I'm also assuming that if he is in an accident and somebody decides to sue him, they would sue me being the "owner" of the vehicle?
Our IPs are in hubby's name, but our PPOR is in both names? Could this be at risk?
I've asked him to please organise the paperwork to change the vehicle into his name, but he isn't in any rush to do it.
Are my concerns warranted?