If I financed a car in my name for my fiance and he drives it and pays the loan but the loan, title and insurance are in my name, is there anyway to transfer these to him so I don’t have any financial responsibility?
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If I financed a car in my name for my fiance and he drives it and pays the loan but the loan, title and insurance are in my name, is there anyway to transfer these to him so I don’t have any financial responsibility?
Asked on November 14, 2012 under Bankruptcy Law, Georgia
Answers:
Gregory Abbott / Consumer Law Northwest
Answered 11 years ago | Contributor
Only with the existing finance company's agreement and a complete re-fi (unlikely) or by his obtaining his own loan on it and "buying" the car from you, paying off your existing loan in the process. Until your name is officially off the loan and the Title, you remain potentially liable and your credit record and/or financial condition are at risk. Usually there is a reason that it was not put in his name to begin with and you need to think long and hard before leaving this situation unchanged. Even if you stay together and/or get married, you will want or need to keep at least one of your credit records and finances as pristine as possible - don't let his bad credit (if it is) take you down as well. That would only hurt both of you in the future when you both may need to rely on your record if his is already blemished. Good luck.
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