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Joint Ownership Agreement for a vehicle in DC or VA?
JarvisB's Avatar
Posts: 1,255
Join Date: July 26, 2011
Location: NE DC
Joint Ownership Agreement for a vehicle in DC or VA? - January 30, 2017, 04:19 PM

Good evening DCSB,

Trying to see if anyone ever had an experience doing a joint ownership agreement on a vehicle in DC (or VA) before?

Basically my question is can my roommate go get this car from Alexandria Ford Dealership and finance it himself while adding me as co-owner(without having me be part of the financing)? So that way I can insure him under my auto policy. We just need my name to be on his title. Geico wont insure any vehicles on my policy that is not owned or co-owned by me.

I am just trying to help a brother out here, his insurance rate is just silly and he drives like a grandpa. His insurance skyrocketed after his Taurus brake booster went out on him while driving down a sloped alley in DC and he couldn't stop the car so he stopped the car by veering over and running over a series of fence at one of the backyards. After that his insurance got seriously funny - His POS 1991 Acura Integra that cost him $800 required him to pony over $950 6-month insurance premium for liability only!

The best bet probably is to show up at the dealership and find out first-hand, however, I figured it wont hurt to do some homework with you guys (and maybe save me a trip to Alexandria if this is not possible at all)

Thanks in advance!

-J. Beaver
--bike-less for now
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beatle's Avatar
Posts: 499
Join Date: May 21, 2015
Location: Springfield, VA
January 30, 2017, 06:07 PM

I think the co-owner is tied to the registration, not the financing. But I don't think he can put you on as a co-owner unless you're married or the person's guardian.
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Heist's Avatar
Posts: 32,587
Join Date: August 25, 2008
Location: Washington, D.C.
January 30, 2017, 07:44 PM

Form a corporation (LLP). $500.
Name each of yourselves as principles.
Purchase the car in the name of the corporation.

Now you are both legal owners of the vehicle which allows you elect whose insurance you want to register it under.

Pay $0 in taxes each year on the corporation since neither of you make any money in the corporation's name, but can take the deprecation, tolls and gas as an expense.

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