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Can ownership of a car be transferred if there is an outstanding loan on the car?
No, ownership cannot be transferred on a vehicle with an outstanding loan. At least not without the permission of the loan company. After all, their name is on the title, too. They are co-owners and have the right to know what's up with their share of the vehicle. Best suggestion in situations like this is to put yourself in the shoes of the "other party" here (which will be the loan company). Wouldn't you want to have a say in something like that if it was your money in the vehicle? Thought so. Most everyone else would feel the same way. And the law says this is how it's supposed to be. It is most unwise to try to "get around" the loan company on a deal like this. Even if you get signatures on a promissory note from the buyer, if that person defaults or wrecks the car, it's still your name on the title. You will be held liable. Certainly the nice people at the motor vehicle department in your state will not okay something like changing the name of one party on a title without the agreement of all parties on the title. The loan company must, by law, be kept in the loop.
What else can I help you with?
Can you keep a car that your name is not on loan but was given to you by the deceased?
You need to have the title transferred to your own name and notify the loan company of the change in ownership. Then you will need to pay the balance of the loan or renegotiate the loan with the bank. If you don't pay the loan the car will be repossessed.
Can a co signer take over ownership of car loan and get insurance?
A co signer is for the loan, they do not have any ownership in the car unless they are on the front of the title. If they just co signed for the loan, that lmeans they will pay for it if the owner does not. Even if they paid the entire loan, they still would not own the car. To transfer the car, they would have to either pay the loan off or get a loan in their name and you sell the car to them.
How can I privately sell my car while still having an outstanding loan on it?
To privately sell a car with an outstanding loan, you can either pay off the loan before selling or work with the buyer to transfer the loan to their name. It's important to communicate with your lender and the buyer to ensure a smooth transaction.
If you are gifted a car in a will that is not paid for how long does the estate legally have to give you to pay off lien?
If you inherit a car that is subject to an outstanding car loan you need to keep up the payments with the LENDER according to the terms of the original loan. If you default on the loan payments the loan company can repossess the car.
Can you remove auto insurance from a car if you have an outstanding loan on it?
Usually no because the leinholders when to make sure their car will get paid for if their is an accident.
What do you need to get from the person that you buy the car from besides the car?
In addition to the car, you should get a signed, notarized title. The title demonstrates that ownership of the car was transferred to you.
How do you find out how much you still owe on your car loan?
Contact your lender to obtain the outstanding balance.
If you buy a car and the car has oustanding loan from the previous owner?
Never, ever buy a car with an outstanding loan. In fact you cannot transfer the title with a lien on it. Walk away from this deal. It is nothing but trouble.
Can you finance a car for someone else?
Yes, but you are responsible for that loan until paid or transferred.
Can a car loan be transfferd?
It can be transferred to a co-signer only. If their is no co-signer on the note, then your answer is no.
If the title to a car is in your name but the name for the car loan is in someone elses name who has legal ownership?
If only your name is on the title and the loan is not listed as a lien on that title then you are the legal owner. If someone else obtained a car loan for you then their name should be on the title to the car with yours. The question of ownership should be addressed if someone was kind enough to borrow money for you to have a car. The car should have full insurance coverage in case of an accident.
Can I be listed on a car title without being responsible for the loan?
No, being listed on a car title means you have ownership rights to the vehicle, which typically makes you responsible for the loan associated with it.
