My dad wants to buy my car I am currently financing. Since I don't have the title, how could i work it out so that my name is taken off of the loan and it goes under his name. Basically we are just switching names. He will take over the payments, and my hands will be free. Is there a way to do that? Can we do it? Obviously I can trust him cuz he is my father. I need a bigger vehicle, thats why I want to sell it to him. He is gonna give me a few thousand on the side to put a down payment on a new truck. Thanks!
2006-11-28 04:12:56 · 4 answers · asked by renneyday 1 in Cars & Transportation ➔ Buying & Selling
Contact your finance company. They can, if your father has good credit, transfer the loan to him.
2006-11-28 04:17:09 · answer #1 · answered by Wil T 3 · 0⤊ 0⤋
First, it is against the law to sell a car you are making payments on.
Here are your alternatives:
Your father can take out a loan for the car, pay you for the car, and you use the money he gave you to pay off your loan.
Either your bank sends you the lien release, and you go to the dmv with that release and order your title, OR the bank will send you your title and lien release together. Once you have your title in your hands, you sign the title over to your father, writing the price he paid for it. He will then take that filled-out title to the dmv and get his own title and license plates.
NOW...you haven't said where you live. In Kansas there is a nice little law that says that if you sell your parent a car for even 50 million dollars, he won't have to pay sales tax at all. Check into those special deals.
You cannot change names completely on a car you are still paying.....BUT, you can add your DADs name ON to your title. You have to ask the finance co (or bank) in writing to add him on.
Once the car is paid off, you can take your name off the title and let your dad have it.
2006-11-28 05:53:17 · answer #2 · answered by gg 7 · 0⤊ 0⤋
at the start, why do you imagine he has unfavorable credit ratings? might want to or not that is because he's untrustworthy and unreliable at the same time as it includes paying decrease back a private loan???? Secondly, it truly is amazingly volatile. What if he stops paying? then you fairly and your dad's credit will be ruined. What if he misses an insurance price and totals the motorcar? then you fairly and your dad will be on the hook for the non-public loan, and not using a automobile to pressure. What if he runs over a collection of faculty little ones and flees? Then the police officials will come once you and your dad. What if he receives a gaggle of parking tickets/toll violations? each and every of the tickets will come to you and your dad because the registered vendors of the motorcar. in case you truly believe him, then bypass ahead... despite the indisputable fact that it really is a probability i does no longer take at any fee.
2016-10-07 22:07:51 · answer #3 · answered by drago 4 · 0⤊ 0⤋
what's the point? by the time you've all finished driving around in your gas guzzling trucks we'll all be dead anyway.
2006-11-28 04:20:13 · answer #4 · answered by jimi 4 · 0⤊ 1⤋