my cousin has agreed that she would take over payments on my car, but she has very bad credit due to medicle bills so she doesnt want to have it refinanced because of the interest. i told her that if we cant get the car insured in her name then i cant do it because if she wrecks ill be the one who's screwed. is there any way we can switch everything over to her without having to get it refinanced? any possible ways to go about this at all without changing the interest rate?
2007-10-19 03:55:58 · 4 answers · asked by Anonymous in Cars & Transportation ➔ Insurance & Registration
This won't work. If your name is on the car's title, you can still be held liable even if she gets insurance. And insurance companies are going to want proof of title in her name. Also, if she had bad credit and fails to make payments, your credit will go down the tubes too.
2007-10-19 04:01:25 · answer #1 · answered by ? 7 · 1⤊ 1⤋
The lien holder has to agree to this. You cannot transfer (legally) the car to her name without their permission. You will still be responsible for anything that happens if it is not done correctly. If her money situation is so bad, she will probably not be able to afford the car anyways. Family is always the first ones to stiff you in money matters.
2007-10-19 12:01:02 · answer #2 · answered by sensible_man 7 · 0⤊ 0⤋
The car itself can be in any persons name no matter who's name is on the loan. If you're willing to leave the loan in your name, all you have to do is get your cousins name on the title and you're good to go.
2007-10-19 11:03:31 · answer #3 · answered by Michelle 1 · 0⤊ 2⤋
Do you really trust your cousin to actually make the payments? If she doesn't, you'll be stuck with them.
2007-10-19 11:09:11 · answer #4 · answered by jonathan_kelly2001 7 · 0⤊ 0⤋