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Joint Ownership of a Car: What To Know
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A co-owner is a person who shares ownership of an asset with another person. In the case of a car, the title lists both the owner and the co-owner together as equal owners.
Joint ownership of a car has its pros and cons, but it makes no difference whether just one of the owners is listed on the car’s insurance or registration for administrative purposes.
What Does it Mean to be a Co-owner and Why Should You Share?
One of the most common reasons for joint ownership of a car simply comes down to household use. It’s easy to share a car with a family member, and when it just takes adding someone to the existing owner’s insurance, it’s not a colossal hoop to jump through.
When you decide to share a car with someone who isn’t a relative, this is where the trickiness can come into play. For example, if you share with a non-family member, like a coworker or a neighbor, many insurance providers will decide not to add non-relatives to existing policies.
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The legal basis for co-ownership can be established in two ways. Joint ownership of a car implies that both listed individuals own it, but if one dies, the other immediately get it, and the deceased’s share can also be passed to someone else.
The transfer process is relatively simple and quick. It’s common to have the title state something like “joint tenants with the right of survivorship” if you’re a pair, whether married or not. That way, if one owner dies, the car will pass to the other owner without the need for probate court processes.
The main downside of joint ownership of a car, of course, comes down to mutual responsibility. Whether damage or payment, regardless of who caused the accident or let a monthly bill go by, both are equally accountable for it.
Just like sharing money with family (or friends) can be tricky, this is a worst-case scenario for which you should at least be prepared.
Making a Joint Tenancy Agreement
Joint ownership of a car can be regionally specific, and in certain places like Oregon, you don’t need to include any special terms in the title document.
If you jointly own a vehicle with someone else and one dies, it immediately passes to the survivor. This scenario in Kentucky only happens if the co-owners are married.
However, in most places, you need an additional step so that the survivor can inherit the car without going through probate.
The certificate of title for the vehicle typically will need to state that you own it “in joint tenancy with right of survivorship.” Your state’s motor vehicles office or the seller should be able to notify you when you apply for a title certificate for the car.
In Texas, it will need to contain a “Rights of Survivorship Agreement Form” for married couples to sign on their certificates of title.
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Including a Co-owner to Stay Out of Probate
While it may not seem all that significant to include someone else as a co-owner to avoid the transfer hassle, it can create its own problems.
Many single, elderly drivers consider adding a grown son or daughter as a joint owner of a car specifically to avoid probate; however, this can cause more trouble than good in many cases.
Consider leaving other items behind for inheritance. A gift is irreversible, and you won’t be able to acquire your portion of interest back unless the other co-owner agrees to return it. A creditor might confiscate the co-stake owner’s in the vehicle if they lose a lawsuit or file for bankruptcy.
You must file a federal gift tax return if the half-interest is worth more than the yearly federal gift tax exclusion, which is around $13,000.
Considering how rapidly new vehicles typically depreciate after a few years, this should only be considered if you’re sharing a brand-new car that might be applicable for the gift tax. Even though this would be unlikely, filing this out can be a chore.
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The Transfer of Joint Ownership after Death
When one of the owners dies, the car immediately passes to the surviving owner. However, the new single owner must still alter the vehicle’s title to their name.
Clearing title is a term used to describe this procedure. It’s usually simple, and all the state DMV agency will need is a written declaration from the new owner. Some additional paperwork may be required in addition to a death certificate, and some states may provide a new certificate of title to reflect the new ownership.
All in all, joint ownership of a car can make a lot of sense, but also not necessary for every scenario. It’s relatively common and an easy process with the state and insurance companies and will mainly require analyzing the pros and cons before you start the semi-easy paperwork.
Co-Owning vs. Co-Signing a Car: What’s the Difference?
Co-owning and co-signing a car are often confused together. However, these are two different approaches to applying for an auto loan with an additional borrower. In both situations, the additional borrower should have a good credit standing and income to support the loan independently.
In the case of co-signing, the co-signer will assume responsibility for monthly repayments if the primary borrower can’t make them. The main benefit of co-signing is that it helps the primary borrower to qualify for a loan that otherwise they won’t qualify for. Plus, if the co-signer has good credit, the primary borrower may qualify for lower fees and interest rates. However, the co-signer will not be in the title and has no legal claim to the car.
In the case of co-owning, both the owner and co-owner have their names on the title. Even with the co-owner, the primary borrower is still the owner of the vehicle. This arrangement is safer for the co-owner since their names are in the title. The co-owner also has equal rights to the property and must be involved in the sale of transfer of the car.
Car Joint Ownership: FAQs
Q: What’s the drawback of joint ownership of a car?
A: There are not too many disadvantages to vehicle co-ownership, but it does have some glaring drawbacks. For instance, co-owners are equally accountable for an accident or missing a car payment. Insurance-wise, joint ownership may also mean a higher insurance premium. For example, if you own the vehicle with your child, you’ll likely have to pay a higher insurance premium.
Q: What happens if a co-owner dies?
In most cases, if one co-owner expires, the ownership is automatically passed to the surviving owner. In some states, the ownership transfer will only be allowed if the co-owners are married. More often than not, the survivor will have to process some documents and do some steps before the ownership transfer.
Q: How do you remove a co-owner from a car title?
To remove a co-owner from a car title, you’ll go through the same process as if you’re gifting or selling the vehicle. To complete the process, you’ll need the signature of the person being let go as the seller, while the person who assumes ownership will sign as the buyer. This rule applies to all U.S. states.
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Car collection of the 29th Sultan of Brunei
The car collection of the 29th Sultan of Brunei is the largest private car collection in the world, consisting of approximately 7,000 cars, which have an estimated combined value over US$5 billion.  Within his collection of cars, the Sultan’s collection of Ferrari F40s, McLaren F1s, and Rolls-Royce vehicles are particularly notable due to the rarity of the vehicles and their value.
Ferrari F40 collection [ edit ]
The Ferrari F40 was a mid-engine sports car produced from 1987 to 1992 to celebrate Ferrari’s 40th anniversary of the company’s founding in 1947.  Of the eleven known Ferrari F40s purchased by the Sultan of Brunei, ten underwent cosmetic and performance modifications performed by Italian car designer firm Pininfarina, with nine of the cars being modified under the supervision of Paolo Garella, the Pininfarina Prototype Manager of the 1990s. 
Ferrari F40 with Rosso Corsa exterior
Modified by Pininfarina [ edit ]
Under the supervision of Paolo Garella, nine Ferrari F40s were modified by Pininfarina. This included seven road cars, and two Ferrari F40 LMs. Of the seven custom road-car F40s. These seven cars were also fitted with air-conditioning, a radio, electric windows, and a tiltable steering wheel column as options requested by the Sultan. 
The Sultan of Brunei also purchased two of the nineteen Michelotto F40 LMs produced by Ferrari. 
Brunei F40s in public circulation [ edit ]
Only three of the eleven Ferrari F40s have exchanged ownership from the Sultan of Brunei. One of these cars was the original F40 LM purchased for Brunei in 1992 which has since gone through four separate owners before ultimately being purchased by Shinji Takei in 1996.  The two other vehicles were the right hand drive converted yellow F40, and right hand drive converted matte grey F40, which were both purchased back from the Brunei Royal Family by John Collins, a Ferrari dealer who worked for Talacrest, a UK-based Ferrari specialist. 
The matte grey exterior car was converted to a Rosso corsa exterior with LM seats in the early 2000s. However, in 2018 the car was restored back to a matte grey exterior with red stripe, leaving the LM seats, with the work being done by UK engineering firm DK Engineering. 
The yellow car was also restored to its original configuration with a Rosso Corsa exterior and red cloth interior whilst remaining in a right hand drive configuration. It is the only right hand drive Ferrari F40 up for purchase in the world. 
These two F40s are the only known right hand drive F40s currently in public circulation. 
McLaren F1 collection [ edit ]
The McLaren F1 was a mid-engine sports car manufactured from 1992 to 1998, with a total of 106 cars being produced.  Due to the extremely limited number of production, the cars are extremely rare and are valued between US$8 million to $13.5 Million.  The Sultan of Brunei purchased ten of the 106 McLaren F1s produced, and these included five road cars, three F1 LMs, one F1 GT, and one F1 GTR. 
Bugatti EB 110 collection [ edit ]
The Bugatti EB 110 was a rear mid-engine sports car manufactured from 1991-1995. The Royal family ordered a «few» EB 110s for the collection, including 4 EB 110 SS models with the respective production codes of 01, 02, 03, 13. SS01 was sold to the UK in the early 2000’s. SS02, SS03 and SS13 are still in the Royal family garages as of 2010. 
Rolls-Royce collection [ edit ]
Rolls-Royce Phantom VI during the Sultan’s visit to Kuala Belait in 2022.
As of 2011, the Sultan of Brunei holds the Guinness World Record for the largest private Rolls-Royce collection, with more than 500 Rolls-Royce vehicles. 
Phantom VI [ edit ]
The Rolls-Royce Phantom VI was produced from 1968 to 1990, and was commonly used by the British Monarchy.  The Sultan of Brunei custom ordered four Phantom VIs, named the Rolls-Royce Cloudesque.  The car was a modernised version of the Rolls-Royce Silver Cloud, produced from 1955 to 1966, having undergone engine modifications and transmission upgrades. 
Silver Spur II [ edit ]
The Rolls-Royce Silver Spur II was a luxury limousine produced by Rolls-Royce from 1989 to 1993.  The Sultan of Brunei also custom ordered a Rolls-Royce Silver Spur II stretch limousine for his wedding day, but had the car customised such that the whole vehicle was plated with 24-carat gold, with the limousine having an estimated price of US$14 million. 
Other vehicles [ edit ]
- BMW Nazca M12 Concept. 
- Ferrari F90, a limited run production car made in conjunction with Ferrari and Pininfarina in 1988. 
- Ferrari FX, a mid-engined sports car that was commissioned by the Sultan of Brunei and produced by Ferrari in 1995 and 1996. 
- Bentley Dominator, a luxury SUV produced specifically for the Sultan of Brunei in 1996.  Six Bentley Dominators were constructed for the Sultan with an approximated cost of US$4.6 million per vehicle. 
Gallery [ edit ]
Mercedes-Benz 300 SL driven by Prince ‘Abdul Mateen in Jerudong.
BMW Nazca C2 which was based on the Nazca M12.
McLaren F1 LM in original Papaya Orange paint scheme.
Sultan Hassanal Bolkiah driving his Mercedes-Benz G-Class in Jerudong
References [ edit ]
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- «McLaren F1 price: what they’re worth now». CarsGuide. Archived from the original on 2020-08-09 . Retrieved 2020-05-25 .
- Guru, Diecast (2020-08-31). «A true disgrace?: The lost cars of the Sultan of Brunei». DriveTribe. Archived from the original on 2020-09-29 . Retrieved 2021-04-05 .
- «VIN: The Sultan of Brunei’s Bugatti EB110 SS Speciale chassis 39013». Supercar Nostalgia . Retrieved 2021-04-05 .
- «Largest private Rolls-Royce fleet». Guinness World Records . Retrieved 2020-05-25 .
- «Rolls Royce Phantom 6». www.bmwgroup-classic.com. Archived from the original on 2020-09-25 . Retrieved 2020-05-25 .
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- «Rolls-Royce Silver Cloud Limousine». www.rrsilverspirit.com. Archived from the original on 2019-05-20 . Retrieved 2020-05-25 .
- Bobbitt, Malcolm (2005). Rolls-Royce Silver Spirit & Silver Spur Bentley: Mulsanne, Eight, Continental, Turbo R, Brooklands & Azure: Updated & enlarged Second Edition. Veloce Publishing Ltd. ISBN978-1-904788-75-1 .
- «BMW NAZCA M12». www.bmwgroup-classic.com. Archived from the original on 2020-05-25 . Retrieved 2020-05-28 .
- «1988 Ferrari F90 | Ferrari». Supercars.net. 2016-04-20. Archived from the original on 2021-07-14 . Retrieved 2020-05-29 .
- «COACHBUILD.COM — Pininfarina Ferrari FX 1995». www.coachbuild.com. Archived from the original on 2019-02-04 . Retrieved 2020-05-29 .
- «Bentley Dominator: Meet The Rolls Royce Cullinan’s Long Lost Daddy». www.carscoops.com. Archived from the original on 2020-11-01 . Retrieved 2020-05-29 .
- Kennedy, George. «Bentley’s First SUV: Built In 1994 For A Sultan». Motor1.com. Archived from the original on 2018-06-24 . Retrieved 2020-05-29 .
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10 Biggest Car Companies
Gordon Scott has been an active investor and technical analyst or 20+ years. He is a Chartered Market Technician (CMT).
The automotive industry is a crucial part of the global economy, producing vehicles that efficiently transport people and goods within nations and across entire regions. These companies manufacture cars, trucks, vans, and sport utility vehicles (SUVs). Some even produce motorcycles, all-terrain vehicles, and commercial vehicles like transport trucks and buses.
The biggest auto manufacturers have a large global footprint, selling vehicles to consumers and businesses worldwide. These big companies are mainly headquartered in just a few countries that lead the industry; however, the list of the 10 biggest also includes car companies from other countries.
We look in detail below at the 10 biggest car companies by trailing 12 months (TTM) revenue as of December 21, 2022. Some companies outside the U.S. report profits semi-annually instead of quarterly, so the TTM data may be older than it is for companies that report quarterly. This list is limited to publicly traded companies in the U.S. or Canada, either directly or through ADRs.
Some of the stocks below are only traded over-the-counter (OTC) in the U.S., not on exchanges. This may be because they are foreign companies that do not have sponsored ADRs on traditional exchanges. As a result, trading OTC stocks often carry higher trading costs than trading stocks on exchanges. Additionally these stocks may be subject to foreign exchange fluctuations. This can lower or even outweigh potential returns.
#1 Volkswagen AG (VWAGY)
- Revenue (TTM): $284.34 billion
- Net Income (TTM): $19.76 billion
- Market Cap: $81.0 billion
- 1 Year Return (TTM): -36.5%
- Exchange: OTC
Volkswagen is a Germany-based multinational automotive manufacturing company. It develops and produces passenger cars, trucks, and light commercial vehicles such as buses. Vehicle models include the Tiguan, Golf, Jetta, Passat, and more. The company stopped making its once-popular Volkswagen Beetle compact car last year due to falling demand for smaller cars. Volkswagen’s best-known luxury brands are Porsche and Audi. The company also manufactures parts and offers customer financing and fleet management services.
#2 Toyota Motor Corp. (TM)
- Revenue (TTM): $270.58 billion
- Net Income (TTM): $20.39 billion
- Market Cap: $189.4 billion
- 1 Year Return (TTM): -21.8%
- Exchange: New York Stock Exchange (NYSE)
Toyota is a Japan-based multinational. It was the first foreign manufacturer to build a dominant market share in the U.S. automobile market by setting the industry standard for efficiency and quality. Toyota designs and manufactures cars, trucks, minivans, and commercial vehicles. Vehicle models include the Corolla, Camry, 4Runner, Tacoma, and the Prius, the hybrid electric sedan. Lexus is the company’s luxury car division. Toyota also produces parts and accessories and provides dealers and customers with financing.
#3 Stellantis (STLA)
- Revenue (TTM): $181.58 billion
- Net Income (TTM): $16.97 billion
- Market Cap: $45.2 billion
- 1 Year Return (TTM): -15.8%
- Exchange: NASDAQ
Stellantis is a multinational automaker that was created in 2021 through the merger of French automaker Groupe PSA and Italian-American automaker FCA (Fiat Chrysler Automobiles). The company is one of the largest automakers in the world, with a strong presence in Europe, North America, and South America. Stellantis offers a wide range of vehicles, including passenger cars, trucks, vans, and SUVs, under various brands including Peugeot, Citroën, DS, Opel, Vauxhall, Jeep, Ram, Dodge, and Chrysler. The company is headquartered in Amsterdam, Netherlands.
#4 Mercedes Benz AG (MBGYY)
- Revenue (TTM): $156.23 billion
- Net Income (TTM): $25.64 billion
- Market Cap: $70.2 billion
- 1 Year Return (TTM): -6.0%
- Exchange: OTC
Mercedes Benz is a Germany-based multinational automobile manufacturer. The company manufactures passenger cars, vans, off-road vehicles, and commercial vehicles like transport trucks and buses. It produces vehicles under several brands, including Daimler, Mercedes-Benz, FUSO, Western Star, and more. Mercedez Benz also offers financing and leasing packages for customers and dealers.
#5 Ford Motor Co. (F)
- Revenue (TTM): $151.74 billion
- Net Income (TTM): $9.01 billion
- Market Cap: $46.1 billion
- 1 Year Return (TTM): -39.0%
- Exchange: NYSE
Ford is a multinational automotive manufacturer based in Michigan. The company develops, manufactures, and services cars, SUVs, vans, and trucks. Vehicle models include the Fusion, Mustang, Edge, Escape, F-150, Ranger, and more. The company also provides vehicle-related financing and leasing.
#6 General Motors (GM)
- Revenue (TTM): $147.21 billion
- Net Income (TTM): $9.68 billion
- Market Cap: $50.0 billion
- 1 Year Return (TTM): -34.6%
- Exchange: NYSE
General Motors (GM) is a multinational automobile manufacturer. The company designs and manufactures cars, trucks, and automobile parts. It has been a leader in the development of electric cars, first with the Chevy Volt and its successor, the Chevy Bolt. It operates under four major vehicle brands: GMC, Chevrolet, Cadillac, and Buick. The company also offers automotive financing.
#7 Honda Motor Co. Ltd. (HMC)
- Revenue (TTM): $126.17 billion
- Net Income (TTM): $5.29 billion
- Market Cap: $39.8 billion
- 1 Year Return (TTM): -11.1%
- Exchange: NYSE
Honda is a Japan-based multinational automobile company. It manufactures passenger cars, trucks, vans, all-terrain vehicles, motorcycles, and related parts. Vehicle models include the Civic, Accord, Insight Hybrid, Passport, Odyssey, Fit and more. Acura is the company’s luxury car division. The company also provides financial and insurance services.
#8 Tesla Motors (TSLA)
- Revenue (TTM): $74.86 billion
- Net Income (TTM): $11.19 billion
- Market Cap: $435.0 billion
- 1 Year Return (TTM): -54.1%
- Exchange: NASDAQ
Tesla is a manufacturer of electric vehicles and clean energy solutions. Tesla manufactures four electric models, the Model 3, Model Y, Model S, and Model X. Each model is capable of speeds of more than 135 miles per hour and can accelerate from 0-60 in less than 4.8 seconds. They all have a range of more than 320 miles and generate more than 346 horsepower. Tesla provides financing for retail customers.
#9 Nissan Motors (NSANY)
- Revenue (TTM): $73.73 billion
- Net Income (TTM): $0.9 billion
- Market Cap: $12.7 billion
- 1 Year Return (TTM): -33.4%
- Exchange: OTC
Nissan is a Japan-based multinational automotive company. It designs and manufactures passenger vehicles, forklifts, marine equipment, and related parts. Vehicle models include the Altima, Maxima, Sentra, Versa, Pathfinder, Rogue, Titan, and its LEAF electric car. The company’s luxury division is Infiniti. The company also offers financing and leasing services.
#10 BYD Co. Ltd. (BYDDY)
- Revenue (TTM): $51.37 billion
- Net Income (TTM): $1.48 billion
- Market Cap: $74.7 billion
- 1 Year Return (TTM): -18.0%
- Exchange: OTC
BYD Co. Ltd. is a Chinese multinational corporation that specializes in the design, development, and manufacture of a wide range of products, including electric vehicles, batteries, solar panels, and other renewable energy products. The company is headquartered in Shenzhen, China and has operations in more than 50 countries around the world. BYD is known for its leadership in the electric vehicle industry and has a strong presence in both the passenger car and commercial vehicle markets. In addition to its core businesses, BYD also has a significant presence in the renewable energy sector and is a leading supplier of solar panels and energy storage systems.