my dad got the car loan for me and the car was in his name and we still owe money on the loan....can he just tranfer the tilte to me keeping the loan in his name??? i live in philadelphia
2007-07-02 03:36:37 · 12 answers · asked by danidoc24 1 in Cars & Transportation ➔ Insurance & Registration
Nope they would have to close the loan and reopen in someone Else's name... result in repo on someones credit...
loan was made to original signer so title is in there name.
2007-07-02 03:39:58 · answer #1 · answered by Anonymous · 0⤊ 0⤋
1
2016-09-26 13:22:14 · answer #2 · answered by ? 3 · 0⤊ 0⤋
basically a car loan means the car is owned by the bank until the loan is paid off. It is a bank lien. So it will need to be paid in full before the title can be transfered.
2007-07-02 03:44:45 · answer #3 · answered by KUJayhawksfan* 5 · 1⤊ 0⤋
No. Title is held by the Bank which loaned you to money to buy the car, in order to change the title in your name you will have to get a loan in your name.
But they way rates are for young drivers it is not advised that you get a loan in your name.
2007-07-02 03:40:18 · answer #4 · answered by Thomas B 5 · 0⤊ 0⤋
I don't think so. The bank will want the name on the title to be the same as the person responsible for the loan.
2007-07-02 03:40:31 · answer #5 · answered by I Like Stories 7 · 0⤊ 0⤋
If their is still a loan on the car, the title belongs to the lender. Only when the debt is paid in full can the title be released to the car owner. At this time, if your father wants to transfer the title to you, he may.
2007-07-02 03:39:48 · answer #6 · answered by selery222 4 · 1⤊ 0⤋
No, the lien will have to be cleared before title can be transferred.
Unlike some home mortgages, car loans are not assignable by the borrower -- i.e. assumable -- so the title and note will have to stay in his name until you can get financing of your own.
2007-07-02 03:45:57 · answer #7 · answered by Bostonian In MO 7 · 2⤊ 0⤋
That would be between your father and the bank. Usually the banks won't release the title unless the loan is paid off.
2007-07-02 03:39:56 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Probably not, because right now, The title belongs to the leinholder, not your dad. You would have to contact the loan company to see if they would transfer the loan to you, which would probably mean you will have to apply for a loan with the company.
2007-07-02 03:40:40 · answer #9 · answered by Lele44 5 · 1⤊ 0⤋
I think that is up to the bank. Technically the bank owns your car and in a lot of cases is the one that has the title.
2007-07-02 03:40:01 · answer #10 · answered by Christine L 2 · 0⤊ 0⤋