Legal Question in Banking Law in Minnesota
Car Loans
I have a loan on a vehicle and I'm making my payments on time. I lost my job a few months ago and want my friend to take over the payments and give them ownership when all payments have been made. I have kept my full coverage insurance on this vehicle. If my friend registers the vehicle in there name and gets full coverage insurance, should'nt they be able to own this vehicle when all payments have been paid?
Asked on 1/17/07, 12:19 pm
1 Answer from Attorneys
David Anderson
Anderson Business Law LLC
Re: Car Loans
You can't get title (in order to sell/transfer vehicle) until the agreement is paid in full.
WHy can't he get a loan and pay it off?
I would never turn over vehicle (due to liability) until title was transferred.
Answered on 1/17/07, 1:30 pm
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