I would like to surrender my ownership of a car. I have no income and no recources to make the payments. I want to transfer full ownership to my father, but he is actually a co-signer on the loan and his name is also on the title with mine. I don't think you could transfer ownership to someone whose name is already on the title. I really just want to take my name off it and leave his. Does anyone know how I could do this? (The car is registered in New York State.)
2007-01-01 15:16:21 · 7 answers · asked by Anonymous in Business & Finance ➔ Credit
Your big problem is the loan. To change ownership in a vehicle, the title must be free of loans.
Find out what it would take to pay off the current loan, your bank/loan company can tell you this.
Your father then pays off the loan.
If he can pay cash, then this is easy. After he pays off the loan, you sign the car over to him.
If he needs to get a loan, go to your bank and explain to a loan officer your problem. They will be able help you. You won't be the first person they have help with this exact same problem.
2007-01-01 15:56:29 · answer #1 · answered by Anonymous · 0⤊ 0⤋
As long as your name is on the loan and the title you're legally liable. Is he going to continue making the payments? Why don't you just sell the car for the payoff and then you'll be free from the car and the loan?
2007-01-01 15:24:16 · answer #2 · answered by Inquisitive125 3 · 1⤊ 0⤋
Both U & Your Dad need 2 go 2 the DMV & tell them they might be able 2 do it.Good Luck
2007-01-01 15:19:58 · answer #3 · answered by sugarbdp1 6 · 0⤊ 0⤋
2 of u go to dmv
2007-01-01 15:24:14 · answer #4 · answered by ankissable 2 · 0⤊ 0⤋
You could visit the local Notary with your father. I believe they handle those as well as the DMV.
2007-01-01 15:24:26 · answer #5 · answered by playmkr278 4 · 0⤊ 0⤋
You need to go to DMV to obtain a tranfer of title document & both of you need to sign it.
2007-01-01 15:46:46 · answer #6 · answered by Diaper Delivery Services 3 · 0⤊ 0⤋
If the legal owner is the bank then you cant. You could pay the loan off...
2016-05-23 04:55:04 · answer #7 · answered by Christine 4 · 0⤊ 0⤋