Title/insurance question - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

Ant · 04-28-2009, 11:15 AM

Basically, I'm asking this question for my Mom lol.

She has a car that has a lien on it still. She wants to sell it. My Dad (her ex-husband lol), wants to buy it. My Dad isn't able to get a loan or pay for the car in full, to get a clear title. So he wants to give her a down payment (the difference between the lien and the value of the car) and then take over the payments.

Now my question is, can the title be transferred into his name if there is still a lien on it? And if not, can he at least insure it in his name, if the title is still in my Mom's name, and he gives her the monthly payments?

I'd appreciate any help.

Chevyrocker · 04-28-2009, 11:18 AM

Only if he can get approved by the current financing bank. Otherwise, she should just trade the vehicle in on a new Camaro and eithe rpay the negative equity up front to keep the payments lower or just roll it in if she can afford it.

Tough situation...

djinva · 04-28-2009, 11:29 AM

The title cannot be transferred if it has a lien on it. They may be able to add his name to the title with her name, but it would have to be approved by the bank. He cannot insure it unless his name is on the title. If he added it to his policy and has a claim once they determine his name is not on the title they can deny the claim as he would not have any ownership interest in the vehicle. I work for an insurance company and I have seen this come up many times.

Ant · 04-28-2009, 02:57 PM

Thanks for the help guys. Guess I'll have to look into it more and call the financing company.

04-28-2009, 11:15 AM	#1
Ant Drives: 2017 Camaro 1LT/RS (V6) Join Date: Dec 2008 Location: Long Island, NY Posts: 911	Title/insurance question Basically, I'm asking this question for my Mom lol. She has a car that has a lien on it still. She wants to sell it. My Dad (her ex-husband lol), wants to buy it. My Dad isn't able to get a loan or pay for the car in full, to get a clear title. So he wants to give her a down payment (the difference between the lien and the value of the car) and then take over the payments. Now my question is, can the title be transferred into his name if there is still a lien on it? And if not, can he at least insure it in his name, if the title is still in my Mom's name, and he gives her the monthly payments? I'd appreciate any help.

04-28-2009, 11:18 AM	#2
Chevyrocker Weekend Rockstar Drives: Depends on the day... Join Date: Mar 2008 Location: West Palm Beach Posts: 1,444	Only if he can get approved by the current financing bank. Otherwise, she should just trade the vehicle in on a new Camaro and eithe rpay the negative equity up front to keep the payments lower or just roll it in if she can afford it. Tough situation... __________________ *Shortcuts can slow you down...*

04-28-2009, 11:29 AM	#3
djinva Bow Tie Fan Drives: 16 Camaro 2SS Join Date: Jan 2009 Location: Dublin VA Posts: 318	The title cannot be transferred if it has a lien on it. They may be able to add his name to the title with her name, but it would have to be approved by the bank. He cannot insure it unless his name is on the title. If he added it to his policy and has a claim once they determine his name is not on the title they can deny the claim as he would not have any ownership interest in the vehicle. I work for an insurance company and I have seen this come up many times. __________________ 16 Camaro 2SS 6M 60 Impala LS power 03 Silverado Z-71 12 Harley Davidson Ultra Classic Instagram: djinva88

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04-28-2009, 02:57 PM	#4
Ant Drives: 2017 Camaro 1LT/RS (V6) Join Date: Dec 2008 Location: Long Island, NY Posts: 911	Thanks for the help guys. Guess I'll have to look into it more and call the financing company.