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Re: son and girlfriend auto purchase


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Posted by Wayne Patterson (66.191.165.11) on May 20, 2003 at 23:57:59:

In Reply to: son and girlfriend auto purchase posted by mom on May 20, 2003 at 21:09:02:

You have two situations. One is the title to the car and the other is the loan. These are separate issues.

Evidently both names are on the loan and the loan company is wihtin their rights not to release either party until the loan is paid. Your option is to take out a new loan and pay off the existing one.

The title can be transferred by written agreement to either party by the other. Visit the DMV and be sure the forms are filled out correctly for your state. However they would both still be responsible for the original loan until it is paid off.

If you default on the loan the car will be repossessed, sold and the loan company can come after either or both parties for the difference. This is not recommended if you want to get another car loan within the next seven years.

NOTICE- The author of this post is not an attorney. The
information presented here is the result of the authors
research and thirty years experience in the legal codes,
cases and practices of the States of North and South Carolina,
and the county in which author resides and is for general
information only. Be advised the legal codes, cases, and
practices of any other state or county could vary greatly.
If you need legal advice contact an attorney.


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