How can I take (FL) title of my father’s vehicle, if he no longer drives and wants to keep the financed rate the same low APR?

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How can I take (FL) title of my father’s vehicle, if he no longer drives and wants to keep the financed rate the same low APR?

My father stopped driving because of his age and medical condition and wants me to have his car. I am making the payments on the car and want to keep it in his name because he has gotten a much better rate and lower payments than I would be able to do.

Asked on May 23, 2009 under Estate Planning, Florida

Answers:

J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

The payments on the car are going to be the same until it is paid off.  What i suggest is that your dad list you as a drive on his insurance policy with the car and keep the car in his name and you can continue to make the payments for your dad at the rate your dad has now.  Once the car is paid in full, your dad can transfer the title of the car to you.  or your dad can transfer the title now.  the car payments will be the same.  if you are talking about insurance payments, there is not a whole lot you can do about that if you want to be able to drive the car.  but is you are only talking about the financing payments or lease payments, those will stay the same.


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