Question About Transferring Vehicle

mrmoe7

New Member
1
Was wondering If my GF buys a vehicle but we put the vehicle in my name and insurance, in 2 months or so when she gets her license so shes able to drive by herself (cept on highways), am I able to transfer the vehicle to her or does she have to still pay it off? or would we have to do some type of joint ownership?
 
I'm not sure what the real question is here.
If she buys the car in her name, she has to insure it in her name. Thats not to say everyone will check when you get the policy, but if there is a claim, you have no financial interest in the car and therefore, shouldn't have been able to insure it in the first place.

Why not just buy the car in your name?
 
So girlfriend has the money to buy the vehicle, but you want to get the loan in your name, register in your name and get the insurance? Only issue there would be, will someone lend to you? If your finances are such that you can't afford a vehicle, would it support a lender making a loan to you even if someone else is paying?

It seems your next question is, once she is licensed can you transfer the vehicle to her and if so, what about the loan? Sure, you can transfer the vehicle to her, depending upon your state sales tax may be due. Some states do allow gifting of vehicles to close individuals, no idea if your state does and if a girlfriend counts. As to the second part of the question, it depends on if the lender would transfer the loan to her or require it be paid off as part of the transfer. They will have to consent to being sold as they will have a lien on the vehicle. My guess is they won't transfer the note, but that is just a guess.

Not really much in the way of insurance questions here. You would be better off asking a loan officer.
 
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