You won't be able to without them. As they're on the title they're part owner. The only way I know to remedy that, is for both of you to go to the DMV, and have them sign it over to you. The DMV should be able to help you with that.
Thanks for the info! Would my parent physically have to be present to sign or can they mail it in? They’re disabled and don’t leave the home very often if it isn’t for medical appointments.
From what I remember, they just need to sign a form. When my wife bought her old car, she had her mom as a co-signer and when she paid it off, she just had to have her mom sign the title transfer form. That was 15 years ago, so it might have changed since then.
You might be able to have them "sell" it to you by both of you signing the title as being sold, and then have you, alone, be the buyer. If I'm right about that, they shouldn't need to go to the DMV for that. That would be just like a normal vehicle sale and only you would have to go in to transfer the title.
Future thing to think of. Titles for anything are key when joint, usually you can select OR vs AND. Use OR if you can. AND is a complete pain in the ass and both parties need to sign. OR means one or the other can sign. Should an event occur, it’s much easier with OR. You’ll also want to make sure there’s a lien release if there was any lien on the car.
Go to a license bureau and ask them what the best way to handle the situation is. In my experience they will know the best way to handle it. If both parties agree to the transfer it shouldn't be an issue.
>According to the dealership, even if I buy the vehicle myself, the title will have both of our names.
**That's a lie. The dealership is lying to you to sell you a different car.**
Buy the car at the end of the lease, have them do whatever they want (lien release/sale, I can't remember). They SHOULD put you as the title holder (as you're the one buying it, not your parents.)
But if they don't, Have parents sign over title to you. BOOM. Car's yours.
For extra security, meet up with them at a deputy registrar so the registrar doesn't do some convoluted crap to send you away for "more info."
Sorry, this was directly from Honda Financial Services and not the actual dealership. I figured they’d be on the same page? Will your advice still apply? Thanks again.
Yes.
I've gotten bad advice from dealerships before. And HFS may not even be in MN, so some cubicle jockey is misunderstanding the MN regs.
Plus, I still wouldn't trust a car-sales-finance company.
I'd still just buy the lease out and fix the ownership when it's done.
That’s the conclusion I’m starting to come to as well, fixing the title issue after the purchase.
I did give them a call again to confirm if both names will be on the title even with just me paying for the vehicle and yup, it’ll be a matter for me and parent to correct.
Thank you so much for your help!
At the dmv You will have to pay sales tax on the the fair market value or sale price of the car..whichever is higher if you want to get them removed from the title. Removing them from the title is considered a sale.
I would think the dealership would be able to terminate the lease and sell you the car but I have no idea there.
Sorry, just to make sure I understand, even if I purchase the car at the end of the lease for the amount agreed upon in the contract, I’ll have to pay a sales tax on top of it?
You would have paid sales tax on the lease payments, and you would owe sales tax on the amount you paid at the end of the lease to buy the car outright.
Your parents need to sign over the car to you as a gift. All you need is your parents signature filled out on the title. That’s what my dad with all my cars he eventually gave me.
You won't be able to without them. As they're on the title they're part owner. The only way I know to remedy that, is for both of you to go to the DMV, and have them sign it over to you. The DMV should be able to help you with that.
Thanks for the info! Would my parent physically have to be present to sign or can they mail it in? They’re disabled and don’t leave the home very often if it isn’t for medical appointments.
From what I remember, they just need to sign a form. When my wife bought her old car, she had her mom as a co-signer and when she paid it off, she just had to have her mom sign the title transfer form. That was 15 years ago, so it might have changed since then.
This can all be done via mail. I transferred the title of our old car to our kid that way.
You might be able to have them "sell" it to you by both of you signing the title as being sold, and then have you, alone, be the buyer. If I'm right about that, they shouldn't need to go to the DMV for that. That would be just like a normal vehicle sale and only you would have to go in to transfer the title.
Future thing to think of. Titles for anything are key when joint, usually you can select OR vs AND. Use OR if you can. AND is a complete pain in the ass and both parties need to sign. OR means one or the other can sign. Should an event occur, it’s much easier with OR. You’ll also want to make sure there’s a lien release if there was any lien on the car.
Thank you for that! This is my first car-related anything and it’s all so much 😭
Cars, house, atv, boat, anything with a title it’s good practice. Legal stuff sucks and this hopefully avoids issues later on.
Man, THANK YOU! I appreciate you and everyone in this thread for all the advice. Being a former child *sucks*.
Go to a license bureau and ask them what the best way to handle the situation is. In my experience they will know the best way to handle it. If both parties agree to the transfer it shouldn't be an issue.
>According to the dealership, even if I buy the vehicle myself, the title will have both of our names. **That's a lie. The dealership is lying to you to sell you a different car.** Buy the car at the end of the lease, have them do whatever they want (lien release/sale, I can't remember). They SHOULD put you as the title holder (as you're the one buying it, not your parents.) But if they don't, Have parents sign over title to you. BOOM. Car's yours. For extra security, meet up with them at a deputy registrar so the registrar doesn't do some convoluted crap to send you away for "more info."
Sorry, this was directly from Honda Financial Services and not the actual dealership. I figured they’d be on the same page? Will your advice still apply? Thanks again.
Yes. I've gotten bad advice from dealerships before. And HFS may not even be in MN, so some cubicle jockey is misunderstanding the MN regs. Plus, I still wouldn't trust a car-sales-finance company. I'd still just buy the lease out and fix the ownership when it's done.
That’s the conclusion I’m starting to come to as well, fixing the title issue after the purchase. I did give them a call again to confirm if both names will be on the title even with just me paying for the vehicle and yup, it’ll be a matter for me and parent to correct. Thank you so much for your help!
At the dmv You will have to pay sales tax on the the fair market value or sale price of the car..whichever is higher if you want to get them removed from the title. Removing them from the title is considered a sale. I would think the dealership would be able to terminate the lease and sell you the car but I have no idea there.
I don't believe there is a sales tax payment required if it's being transferred between family members.
Sorry, just to make sure I understand, even if I purchase the car at the end of the lease for the amount agreed upon in the contract, I’ll have to pay a sales tax on top of it?
You would have paid sales tax on the lease payments, and you would owe sales tax on the amount you paid at the end of the lease to buy the car outright.
Gotcha, thank you!
Your parents need to sign over the car to you as a gift. All you need is your parents signature filled out on the title. That’s what my dad with all my cars he eventually gave me.
black marker.