If my husband just purchased a new car but the dealer put all of the paperwork in his name, should we change it to both of our names?

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If my husband just purchased a new car but the dealer put all of the paperwork in his name, should we change it to both of our names?

What are the repercussions of doing that? Will I be able to continue payments if something happens to him or will it have to be refinanced at that time?

Asked on January 2, 2019 under Estate Planning, Florida

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

If he passes away before you and before the car is fully paid for, then the full remaining balance for the car would come due (loans come due in full when the person taking it out dies), so you'd have to pay it off as a lump sum or refinance. At least that's the law; the financing agency might continue to accept monthly payments, but they are not required to. So to ensure your ability to keep paying monthly if something happens to him, redo the paperwork. 


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