I have a car that I am still paying off but I want to get my name off it from financing since it is my daughter who uses this and the dealer just used my credit to buy it at that time because she was only 17. Now that she is 18, can I make it appear that she bought the car so she can make the payments and that way have the title transferred to her. Or do I need to consult a lawyer?
2007-04-06 09:53:05 · 5 answers · asked by Anonymous in Cars & Transportation ➔ Insurance & Registration
You will have to refinance the vehicle loan in order to accomplish this. Have your daughter apply for auto refinance loans, either through your current lender, through a credit union or a bank. Once the new bank has paid the first lender in full, they will release the lien on the vehicle and assign ownership to your daughter with a lien from the new finance company.
Until the car is refinanced the debt will be in both of your names and the lien cannot be released.
Best wishes!
2007-04-06 10:07:03 · answer #1 · answered by Heart is my Art 3 · 0⤊ 0⤋
I would consult the lender. The car will need to have the lien released before you can transfer the title or registration. I have transferred cars to my daughters but they were already paid off and had a clear title.
2007-04-06 09:58:26 · answer #2 · answered by Fordman 7 · 0⤊ 0⤋
You can not transfer the vehicle into your daughters name (unless of course you pay it off) without the lenders permission. I doubt her credit would be good enough at 18 to satisfy the lender to the point they would allow that change, but it wouldn't hurt to ask. What good would consulting an attorney do?
2007-04-06 11:34:50 · answer #3 · answered by oklatom 7 · 0⤊ 0⤋
If there is a lien on the car, the only way I know to get the name changed on the ownership is to actually sell the car to your daughter. The price is not important. Sell it to her for $1.00 plus take over payments. But even with that she will have to be credit approved.
2007-04-06 09:59:53 · answer #4 · answered by Anonymous · 0⤊ 0⤋
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2016-10-02 07:11:18 · answer #5 · answered by ? 4 · 0⤊ 0⤋