I have a car that is financed but it's tore up. I owe two more years on it. It will cost me two grand to get it fixed...it will also take me over a year to save up this money. I can't stand the fact I am paying a note on this car and not being able to drive it. My brother wants to take up payments on the vehicle. He can have the money to fix it in a couple months. Once paid for of course I would give him the title. Is it illegal to do this, if not do you think it's a good idea?? Any suggestions. Thanks.
2007-04-09 01:49:26 · 5 answers · asked by A. T. 1 in Cars & Transportation ➔ Insurance & Registration
2 ways
you can sell it and keep the title in your name he makes all the payments and when the title is cler he gets it if he defalts on the car and it gets repoed your still on the hook for the car
2nd have the loan company transfer the loan to him he gets to licence it in his name and your off the hook
2007-04-09 02:34:16 · answer #1 · answered by mobile auto repair (mr fix it) 7 · 1⤊ 0⤋
If your brother wants to do that he legall yneeds to check with the finance company who holds the title. They own the car at this point -- not you.
2007-04-09 09:37:30 · answer #2 · answered by JeffyB 7 · 0⤊ 0⤋
You cannot sell a car on finance. It belongs to the finance company until you have paid it off
2007-04-09 08:52:46 · answer #3 · answered by ChocLover 7 · 1⤊ 0⤋
Perhaps your brother can take over the loan in his name.
Also if you decide to let your brother pay for the car you need to understand that by law until it is in his name you are responsible for it. So make sure that he is on the car's insurance in case anythng should happen.
Good luck!
2007-04-09 08:58:06 · answer #4 · answered by U812B4 4 · 0⤊ 0⤋
Sell it to him, use that money to pay of the car, get your title and give it to him
2007-04-09 08:58:11 · answer #5 · answered by Anonymous · 1⤊ 0⤋