Legal Question in Real Estate Law in Oregon

Secondary selling of car

I am in process of selling my car to a friend. My title is being held by US Bank. She is aware of the situation and wants to take over payments. I am carrying full coverage insurance and she will also take out an insurance policy with me as the lien holder....Can we do this? If so what else do I need to do to make this legal and alright until I can get the title paid out of US Bank? Both of us are trying to come up with the payoff of 3000.00 but until then she is taking over the payments. Can the car still be licensed in my name?


Asked on 8/18/01, 6:29 pm

1 Answer from Attorneys
Susan Burns Law Office of Susan Ford Burns

Re: Secondary selling of car

It is likely that the loan agreement that you have with US Bank prohibits the transfer of the car until the US Bank loan is paid off. If you try to transfer the car to your friend, the bank can find out. If that happens, you will be found to be in default under your loan agreement with them. At that point, the bank could take a variety of actions, including repossessing the car

Your friend should wait until she can get a loan from her bank or credit union to purchase the car.

Read more
Answered on 8/20/01, 9:49 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in Oregon