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One of my customers owns a vehicle that has been titled and registered jointly with his wife, but insured under their company name. Can they trade it in under the CARS program for a new vehicle?

April 26, 2017COMPANY customers insured jointly owns registered titled Trade vehicle wife

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One of my customers owns a vehicle that has been titled and registered jointly with his wife, but insured under their company name. Can they trade it in under the CARS program for a new vehicle?

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Yes, provided the vehicle has been continuously insured for one year prior to the date of trade in. The final rule stipulates that the insurance requirement is satisfied as long as the trade-in vehicle was insured, regardless of the identity of the individual holding the insurance policy.