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      08-18-2010, 08:32 PM   #1
750lxi
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Help Needed Asap

hi everyone. i am new and have a question.

i will order a 7 series tomorrow, but do not want it to be considered an asset of mine should creditors ever come calling. therefore, the car will be purchased in my son's name and i will co-sign the financing.

the problem i have is that the proposed order contract lists me as a co-buyer. i have expressed my concern to the salesperson, but he is adamant that if i co-sign for financing, bmw requires me to also be a co-buyer, but that the car will still be registered and titled in my son’s name only.

does anyone know anything about this? why do i have to be listed as a co-buyer, if i am only guaranteeing the financing?

thanks!
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      08-23-2010, 10:53 PM   #2
freshwhite335
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if you're having issues with creditors maybe you shouldn't be buying a BMW... just saying
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      08-26-2010, 02:55 PM   #3
vexx786
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Originally Posted by freshwhite335 View Post
if you're having issues with creditors maybe you shouldn't be buying a BMW... just saying
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      09-09-2010, 12:36 AM   #4
dagobertsmurf
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Lightbulb Here is a brigh idea...

This isn't a legal advice forum.

How about you contact your accountant, attorney, and maybe even your financial advisor.

Here is my bit of free advice:
If you don't have an accountant or attorney and can not afford one, try to find someone who does a bit of pro bono work. I'm sure that they will be glad to help a poor soul like yourself figure out how to purchase a BMW 7 series and send your son along with a bunch of his buddies on a vacation to Europe all the while structuring the transaction in such a way that you can still screw your creditors.

Good luck!


Quote:
Originally Posted by 750lxi View Post
hi everyone. i am new and have a question.

i will order a 7 series tomorrow, but do not want it to be considered an asset of mine should creditors ever come calling. therefore, the car will be purchased in my son's name and i will co-sign the financing.

the problem i have is that the proposed order contract lists me as a co-buyer. i have expressed my concern to the salesperson, but he is adamant that if i co-sign for financing, bmw requires me to also be a co-buyer, but that the car will still be registered and titled in my son’s name only.

does anyone know anything about this? why do i have to be listed as a co-buyer, if i am only guaranteeing the financing?

thanks!
Appreciate 0
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