Last year I got a new car, I make the payments, minus the car insurance because I'm still listed under my parents insurance. I didn't buy the car with
my name, it's under my parents name, I still have 4 years to make those monthly payments. Does the car have to be fully payed off before it can be switched
under my name?
Car payment question
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 adgirlie77 |
Car payment question |
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Posts: 673 (06/24/2009 5:50 PM) |
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lovleybones |
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Posts: 956 (06/24/2009 6:12 PM) |
unless you want to switch the loan into your name? but even then the car won't be yours. the pink slip will still show the lender until it's paid off
in full.
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DoesThatSparkle |
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Posts: 2772 (06/24/2009 6:15 PM) |
Whoever is on the registration to the vehicle has to be on the loan. So if the car were switched over to your name (or your name was added) your name would
also have to be added onto the loan (which isn't just a simple addition, you have to qualify). Does that make sense? You can change it all around now even
before it's paid off, but you have to get permission from your lender to do so, and then proceed from there.
Edited By: DoesThatSparkle
06/24/2009 6:39 PM.
Edited 1 times.
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taradise |
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Posts: 558 (06/24/2009 6:15 PM) |
The car needs to be fully paid off in order to switch the name on the title/registration of the car.
I just went through this because I was on my parents insurance and in order to be on there I needed one of them to be on the registration of the car with me. So both mine and my father's name appears. My father lost his license due to health reasons and I'm getting my own insurance but his name has to remain on the registration until I pay of my car - which is like 2 more years. |
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DoesThatSparkle |
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Posts: 2773 (06/24/2009 6:26 PM) |
taradise wrote:Not true. Every case is different because it depends on the lender. I just went through this with my loan/registration and was given permission from my lender. |
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heyitsmeMel |
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Posts: 3956 (06/24/2009 6:28 PM) |
I wasn't able to switch a car out of my name because it wasn't paid off yet (I wanted it in my brother's name) but a friend of mine was able to get
the car in her name even though it hadn't been paid off yet (and the loan isn't in her name).
Like DoesThatSparkle said, I think it varies. |
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taradise |
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Posts: 559 (06/24/2009 6:41 PM) |
DoesThatSparkle wrote:Ooooh, okay - must have been my lender then! |
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