Why would friend want his car in my name?

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jjhunter83

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My friend brought up about putting one of his cars in my name. What are the reasons..pros and cons for this?
Is it saving him money? Legally is it an issue? (Basicly my car but he drive it sometimes) He has a few (3) cars. These are nothing special, just some old beaters. Does he pay more with having more cars. Is that the reason to save him money?
Can anything come back on me. What if he gets in trouble/ticket?
He does have full coverage where he can drive any car.
Its not a car he owes or anything. His cars are older. He is fixing one of them most days, lol. The car is paid off no doubt about that.
Thanxs James. He is good with his debts, Im sure if anything would arise he would take care of it if he did it. Ive known him since we were kids. He is one of those guys, his word is good. Always has been.
 
if the car was in an accident - it would be YOUR car. Also, for if for example he got a parking ticket, and didn't pay it - they would send it to you- since you own the car, and its the car that got ticketed, not the driver. You would also have to make sure the insurance was paid up, since you would be liable.
 
Well for one, if the car isn't in your name then no one can take it from you. If you owe child support, have a business, etc.. If you are ever sued, wages garnished, on social security, or just generally doing something you are not supposed to, then the car can never be taken from you or have a lien or judgment put against it because of something you did since it's technically not even yours. For instance, I was going through a dilemma with starting a small business. I put my two vehicles in my girlfriends name in case I did something wrong and got sued so my vehicles wouldn't get taken away with everything else. I didn't know what I was doing so I was worried about it. Also, if you are going through divorce, your husband or wife can't get it! It's not illegal and it's not such a bad deal. Never know when you are going to need something and hopefully your buddy will be good to you just as you are to him!
 
Well for one, if the car isn't in your name then no one can take it from you. If you owe child support, have a business, etc.. If you are ever sued, wages garnished, on social security, or just generally doing something you are not supposed to, then the car can never be taken from you or have a lien or judgment put against it because of something you did since it's technically not even yours. For instance, I was going through a dilemma with starting a small business. I put my two vehicles in my girlfriends name in case I did something wrong and got sued so my vehicles wouldn't get taken away with everything else. I didn't know what I was doing so I was worried about it. Also, if you are going through divorce, your husband or wife can't get it! It's not illegal and it's not such a bad deal. Never know when you are going to need something and hopefully your buddy will be good to you just as you are to him!
 
if the car was in an accident - it would be YOUR car. Also, for if for example he got a parking ticket, and didn't pay it - they would send it to you- since you own the car, and its the car that got ticketed, not the driver. You would also have to make sure the insurance was paid up, since you would be liable.
 
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