Thanks Bennie, Does this still hold true if the leinholder is the parent of the legal registered owner?
Answer Hi Jason, Like you, as a parent I have had to purchase vehicles for some of my children and to prevent them from selling or trading the vehicle, named myself as the lienholder. As long as you are simply the lienholder and not one of the registered owners, no liability exists against you. If your son has an accident, you WILL receive a demand for payment from the adverse company demanding payment. Just remind them that you are only the lienholder, not the registered owner and the problem will go away. Been there…….done that. I hope this helps to ease your mind, because I know it’s a stressful situation.
