My boyfriend bought a car about a year ago. He has a lien on it and is paying it off. He now has a company truck and doesnt need his car, so he wants me to drive it. I would like to put the insurance in my name because its like 80 percent cheaper than his is. I know in order to do this he would need to sell me the car for a dollar so i can register and insure it under my name. But I dont know if its possible for him to sell it since he has a lien on it. What can i do?
2007-05-23 05:11:48 · 4 answers · asked by Holly 1 in Cars & Transportation ➔ Buying & Selling
In order to accomplish what you want, you'll need to either buy the car from him, or he needs to pay off the lien in full. If you don't have the money, then you can get a lien yourself. Selling it for $1 doesn't always lower your taxes, depending on which state you live in. Some will go by the estimate value of the car. They are wise to the selling for a dollar routine. What year is the car, and how many miles are on it presently?
2007-05-25 06:08:34 · answer #1 · answered by The Auto Evaluator™ 7 · 5⤊ 0⤋
Your boyfriend can sell the car to you if it has a lien, but he would need to pay off the car to have the title sent to him, basically some sort of lien release needs to be shown on the title. The insurance has to be in the name(s) of the registered owners, so you would have to be the owner or he could just add you to his insurance. Also, you can't register the car without having the title with you. It's possible though
2007-05-23 05:19:25 · answer #2 · answered by ruca80 3 · 0⤊ 0⤋
in order for you to title the car in your name it would have to be released of all liens
2007-05-23 05:17:47 · answer #3 · answered by Anonymous · 0⤊ 0⤋
The loan needs to be transfered into your name. The insurance is per the name on the title.
2007-05-23 05:17:54 · answer #4 · answered by Fester Frump 7 · 0⤊ 0⤋