I need to get an old car out of my name. I'm the person with the loan. Sister took it over and now Toyota no longer transfers. I want my sister to put the car under her name. Pretty much I own the car legally but my sister is the one that drives it. I don't want to have it under my name and want her to take over the loan. Any advice on how I can get them to do that from a legal stand point?
Answered on: 4/23/13, 9:29 am by Carl Starrett
You are the responsible party for the loan. If you want to be released, your choices are limited. You most likely options are: (1) get the lender to agree to transfer the loan; (2) pay the loan off; or (3) sell the car to your sister after she gets her own financing.
This is not a legal issue between you and the lender. It is between you and your sister.
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