car is a gift to daughter(1/2 paid off)would like to put in her name but keep payments in mine.
2006-09-02 03:25:57 · 11 answers · asked by tina m 3 in Cars & Transportation ➔ Insurance & Registration
In most states, the title and the vehicle registration are two separate documents. The title is held by the loan company until the car loan is fully paid off, while the registration is kept with the vehicle to show proof of ownership and current license tags.
In most states, you can add your daughter's name to the registration (license plates) without having to change the title. Simply take your current registration to the local DMV and tell them you want to make a change. You may want to include vanity license plates at the same time...
Don't forget to check with your insurance coverage too.
2006-09-02 03:49:44 · answer #1 · answered by JetDoc 7 · 0⤊ 0⤋
1
2016-09-28 14:08:25 · answer #2 · answered by ? 3 · 0⤊ 0⤋
No. The title is not under your name yet. The name on the title is the bank's until you pay it off. The loan was made to you, not your daughter. You will have to wait until the vehicle is paid off and you have the title before you can do so.
2006-09-02 14:53:54 · answer #3 · answered by maurcal 2 · 0⤊ 0⤋
What you want to do is transfer the car title into your daughters name, and still be the only one on the car loan. You will need permission from the finance company to do so, and most likely they will want your daughter to sign allowing what is going to be her car to be used as collateral for your loan.
If the finance company approves the transfer, they will give you a letter allowing you to transfer the title to your daughter at the DMV office in your state. Most likely the finance company will still want a lien recorded on the title.
2006-09-02 06:04:49 · answer #4 · answered by fire4511 7 · 0⤊ 0⤋
ONLY if she is 18+,and your name is on the title also
2006-09-02 03:29:21 · answer #5 · answered by Anonymous · 0⤊ 0⤋
The state does not care but the car loan company might. Call them and ask about that gift.
2006-09-02 03:27:47 · answer #6 · answered by Rich Z 7 · 0⤊ 0⤋
YOU CANNOT TRANSFER A TITLE TO ANOTHER IF YOU STILL OWE ON IT, SIMPLY BECAUSE YOU DON'T HAVE THE TITLE TO MAKE A TRANSFER WITH. YOU MIGHT BE ABLE TO TRANSFER POSSESSION OF SAID VEHICLE IF SHE HAS A DRIVER'S LICENSE AND IS OLD ENOUGH TO GET INSURED. MAYBE YOUR INSURANCE COMPANY WILL ALLOW YOU TO ADD HER TO YOURS, IF SHE LIVES WITH YOU.YOU CONTINUE WITH THE PAYMENTS, WHEN YOU RECEIVE THE TITLE, THEN YOU MAKE THE TRANSFER OF OWNERSHIP. YOU WILL NEED AN APPLICATION ALSO TO APPLY FOR REGISTERING IT HER NAME. FOR THE INSURANCE COMPANY TO APPROVE OF A POLICY IN HER NAME, GET A NOTARIZED AFFIDAVIT OF FACT STATING YOUR INTENTIONS AND THE VEHICLE INFO ON IT .
2006-09-02 07:30:47 · answer #7 · answered by the sealer 3 · 0⤊ 0⤋
the bank that financed the car is the owner of that vehical.untill the note is paid in full you cant do anything
2006-09-04 16:06:51 · answer #8 · answered by Billy T 6 · 0⤊ 0⤋
YOu should really pick up a yellow book, and find a Notary to ask that question.
2006-09-02 03:27:51 · answer #9 · answered by I SLEEP TO DIE. 3 · 0⤊ 0⤋
I think you can, she is under age !!
2006-09-02 03:28:28 · answer #10 · answered by wHaT eVeR 7 · 0⤊ 0⤋