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

Ant · 04-28-2009, 12:15 PM

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, 12:18 PM

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, 12:29 PM

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, 03:57 PM

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

04-28-2009, 12:15 PM	#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, 12:29 PM	#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 22 2500 HD Duramax 14 Caprice PPV 6.0 Instagram: dj_sarv

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
Question about the After....	Tecca	Camaro Price \| Ordering \| Tracking \| Dealers Discussions	1	04-15-2009 05:05 PM
OK WILL SOMEONE PLEASE ANSWER THIS QUESTION OM FINANCING	leatherneck	Camaro Price \| Ordering \| Tracking \| Dealers Discussions	22	03-26-2009 04:53 PM
Question re: c.i. displacement and hp	Arli	5th Gen Camaro SS LS LT General Discussions	6	03-24-2009 02:20 PM
Bored so Ill ask a speculation question :)	BLACK SUNSHINE	Camaro Price \| Ordering \| Tracking \| Dealers Discussions	13	02-12-2009 12:16 PM
Ready to place my order this week - One Question	BLACK SUNSHINE	Camaro Price \| Ordering \| Tracking \| Dealers Discussions	9	01-21-2009 10:20 PM

04-28-2009, 12:18 PM	#2
Chevyrocker Weekend Rockstar Drives: Depends on the day... Join Date: Mar 2008 Location: West Palm Beach Posts: 1,442	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...

04-28-2009, 03:57 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.