Pete, you would also need to pay Jake's insurance on the car in case of late night accidents.
I am going to propose another scenario.
Pete, being a fundraising genius that he is, passes the hat here at KSUFANS.com (similar to fly over "Fire Ron" banner). We buy a car, something nice and sensible with DVD palyers and a good GPS, and "sell" it to Cam Newton. By "sell" I mean we would tell everyone he bought it, but we would still own and pay for it. It would be registered in the name of KSUFANS, we would pay insurance and property tax, but he would drive it, loan it out to whomever and do whatever he wanted with it. He did, in fact, "buy" it from us afterall.
We could even stick a KSUFANS.com bumper sticker on it. This should clear the NCAA's. Someone fax this in and let's start car shopping!