PDA

View Full Version : Who owns my laptop?


jlambert
Aug 29, 2003, 01:01 PM
My mom is helping me get a laptop by taking out a loan for me due to me being 18 and having no credit. My question is when my laptop gets here will it have a registration card which I can send in and I will be listed as the owner? Or does it go by the loan?

cr2sh
Aug 29, 2003, 01:23 PM
Originally posted by jlambert
My mom is helping me get a laptop by taking out a loan for me due to me being 18 and having no credit. My question is when my laptop gets here will it have a registration card which I can send in and I will be listed as the owner? Or does it go by the loan?

The box will have a registration card inside, you'll register it and applecare and it'll be yours... the loan doesnt count for much in that department.

agreenster
Aug 29, 2003, 01:50 PM
Yeah, its not like a car where the bank holds the title until you pay it off.

jlambert
Aug 29, 2003, 01:56 PM
thank you for answering my question I'm happy to hear that. I also just found out that the iBook apparently comes with AppleWorks, therefore saving me more money :)

Mr. Anderson
Aug 29, 2003, 01:58 PM
Who ever owns the colateral the loan is taken out against. Most likely your mom. You should just register it to yourself.

D

jlambert
Aug 29, 2003, 03:57 PM
ok, now I'm confused. I just want to know if there will be a registration card allowing me to be the owner even though the loan is not under my name.

my point is that even though the loan is under my moms name it is MY laptop and I want to make sure apple considers it so. I don't want to bring it in somewhere and have them say will thats not yours we cant help u, etc....

cr2sh
Aug 29, 2003, 04:01 PM
They say there are no dumb questions.. but this is questionable. :D There'll be a card, you'll register it, you need help, Apple will help you.. there's no title, nothing.. you have possession, you registered it. Its yours.

<EDIT> added smilies to reduce the "cr2sh is an *******" factor :cool:

jlambert
Aug 29, 2003, 04:12 PM
cr2sh, I was only confused because of what Mr. Anderson stated. I'm not an idiot. Besides, I am new to macs and owning a laptop in general. If asking a question here is going to get that kind of response I will just take my questions elsewhere.

Dont Hurt Me
Aug 29, 2003, 04:15 PM
congrats on your new mac dude. it is yours and register it that way.

cr2sh
Aug 29, 2003, 04:23 PM
Originally posted by jlambert
If asking a question here is going to get that kind of response I will just take my questions elsewhere.

You said you were confussed, I was trying to clarify the matter. Everyone who responded to this thread agreed. The laptop is yours. You're more than welcome to post any questions you have, and occassionaly someone will kick you while you're down. Its good natured and I meant nothing by it.

I'm sorry. Welcome to MacRumors.

Now anymore dumb questions? :)

themadchemist
Aug 29, 2003, 05:08 PM
Originally posted by cr2sh
You said you were confussed, I was trying to clarify the matter. Everyone who responded to this thread agreed. The laptop is yours. You're more than welcome to post any questions you have, and occassionaly someone will kick you while you're down. Its good natured and I meant nothing by it.

I'm sorry. Welcome to MacRumors.

Now anymore dumb questions? :)

cr2sh, you're not being conducive to our common goal of getting post counts to 500k. be careful before you have your posterior handed to you by arn for preventing his site from further success. :D

cr2sh
Aug 29, 2003, 05:37 PM
Originally posted by themadchemist
be careful before you have your posterior handed to you by arn for preventing his site from further success. :D

We apparently have different definitions of "success." That is for Arn to define though, he works very hard on this site and I want nothing more than it to pay off for him.. but there's a choice to be made. This site can be reduced to a spymac, where we entertain all questions (multiple times and spoon feed them) or it can stay where its been for as long as I've been here. I don't know the answer, its Arn's choice.. but I realize that my dumb question comment was out of line, but I honestly don't know how we could have explained it more clearly.

I apologized ... next time I'll keep my stupid mouth shut and let you guys answer the question.. over and over again. And as for the post count comment, I'm not sure what you mean.. but I'm quite sure that "post counts" mean nothing.

Les Kern
Aug 29, 2003, 06:14 PM
Originally posted by jlambert
My mom is helping me get a laptop by taking out a loan for me due to me being 18 and having no credit. My question is when my laptop gets here will it have a registration card which I can send in and I will be listed as the owner? Or does it go by the loan?

The bank owns it. When the loan is paid off your mom owns it becasue she holds the note. Then you buy it from her. Registering it with Apple has nothing to do with who owns it. That's just for warranty info.

idea_hamster
Aug 29, 2003, 06:42 PM
Originally posted by Les Kern
The bank owns it. When the loan is paid off your mom owns it becasue she holds the note. Then you buy it from her. Registering it with Apple has nothing to do with who owns it. That's just for warranty info.
I have to disagee in part here. Even if the bank held a purchase money security interest in the computer under the UCC, they don't own the computer. The loan is (I strongly suspect) a general obligation of this person's mother -- if it's through Apple Loan or a credit card, the bank doesn't have a security interest in any specific asset. It's just a general recourse loan.

His mother owes the money and she can do what she wants with the computer. If she gives it to her child, then it's his/hers. It's a gift, just like if I buy anything with a credit card and give it to someone else (birthday, X-mas, etc.). If I stop paying my credit card, they can't go get this present.

If the jlambert's mother bought the computer, s/he should ask whose computer it is (if it matters).

I agree, however, that Apple's not going to care who's the legal owner of the computer

zim
Aug 29, 2003, 08:35 PM
No need for a registration card, when you start it up the first time, you will be able to do it right there and then, as long as you are connected to the net... just put it in your name.

Daveman Deluxe
Aug 29, 2003, 11:24 PM
For the purposes of registration, you own the computer.

For the purposes of the law, the lender owns the computer until the loan is paid. At that point, the borrower is the owner of the computer (in this case, your mother).

At that point, if your mother wants to give it to you, that's her business. That last part isn't really official paperwork oriented like the first bit is.

benjamingeiger
Aug 30, 2003, 04:27 AM
IANAL, but I thought that the only time the lender owns the property in question is when the property serves as the collateral for the loan. This is standard for mortgages and car loans.

In other words, if you don't pay your car payment, the bank can repossess your car, because the car is the collateral for the loan.

For the typical price of a Powerbook, it is very possible that the loan in question is an unsecured loan. In that case, there is no collateral, and (depending on how they do this) either the money to buy the Powerbook, or the Powerbook itself, is a gift.

And if the loan doesn't get paid, the only thing that gets taken is his mom's credit rating. ;-)