2007-12-30 08:50:00 · 5 answers · asked by Anonymous in Cars & Transportation ➔ Insurance & Registration
Since the owner of the car is the company that has it financed, you contact them. If your friend is acceptable to them, they will take care of all the logistics of transfer.
2007-12-30 09:07:47 · answer #1 · answered by oklatom 7 · 0⤊ 0⤋
Is he buying the car from you? Then HE and YOU have to contact the lien holder-bank or finance company...and see if they allow it. Some companies will allow a transfer of the lien to another person for a fee...some will make him do all the paperwork to get a complete NEW loan for the vehicle-and then they pay off YOUR lien. Be very very careful how you do it-because if YOUR NAME is still on the lien, when your friend doesn't make payments-or destroys the car or something-YOU are liable for the rest of the payments, NOT HIM! So don't let him 'take over payments' without going to the bank or finance company first! If he gets the title in HIS name he can take off with the vehicle and you are screwed!
2007-12-30 16:58:46 · answer #2 · answered by signman_03743 5 · 0⤊ 0⤋
Have him purchase the car from you.
He goes and gets a loan in his name and then gives you the money to pay off your loan. When you get the title you sign it over to him.
Call your auto finance company - see if they have a local branch where they can send the title. Once it gets there - you and your friend go to the bank and he pays off your loan and you sign the title over to him.
You want the loan to be in his name. If you put the title in his name but the loan is still in yours - it's your credit that gets ruined if he stops paying - and if you have put the title in his name - you no longer have legal rights to the car (even though your responsible for the note).
2007-12-30 18:49:33 · answer #3 · answered by Boots 7 · 0⤊ 0⤋
You have to talk to the lender, and see if they'll agree to change the loan over to him.
If they don't, you can't. THe car isn't yours to sell until you have the title - pay off the car. Loans aren't transferrable without the permission of the lender.
2007-12-30 22:09:50 · answer #4 · answered by Anonymous 7 · 0⤊ 0⤋
The loan in your name would have to be paid off and your friend would have to get his own loan throught the bank. Sorry, banks don't transfer loans.
2008-01-02 01:32:01 · answer #5 · answered by dark_angel_91585 3 · 0⤊ 0⤋