Question about cars as assets
Posted: Thu Jan 19, 2012 3:14 am
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If you don't have title and can't sell it, it isn't yours.Tofer wrote:Wondering if anyone can help me with the following:
The need access form asks about vehicles for both the user and spouse (I am married). We both currently drive cars that are not under our name (we don't pay for them). In my case, my parents are paying for the car and they bought it "for me". However, realistically, I don't think I will be using the car while in law school and so, even though I am the current main driver of the vehicle, my parents will use it for the next three years while I am in law school.
Do I have to report these cars as ours (mine and my spouse's)? or should they technically be reported under their actual owners (on paper) which are our respective parents?
I appreciate any insight!