Legal Question in Insurance Law in Florida

Desire to sell car (with title in my name ) to relative and eliminate my insuran

Want to sell a vehicle (which I am still making payments to loan company) to a relative, allowing them to make monthly payments to me. How can I eliminate my current obligation to insure the vehicle with existing loan company?

Asked on 3/07/05, 6:14 pm

1 Answer from Attorneys

Glenn M. Lyon, Esq. MacGREGOR LYON, LLC, Business Attorneys

Re: Desire to sell car (with title in my name ) to relative and eliminate my ins

If your relative is making payments to you and you are in turn making payments to the creditor, you cannot relinquish your obligation. If you were to sell the car outright, you could then pay off the obligation, assuming there is no penalty for early pay-off. Another option would be to assign the title and obligation to the relative, but you would probably need the authorization of the creditor.

If you would like to discuss any issues further, please feel free to contact my office. My contact information is below. Thank you.

The foregoing is general information only, not specific legal advice. No attorney/client relation has been created or should be implied.

Glenn M. Lyon, Esq

MacGregor Lyon, LLC

Promenade II

1230 Peachtree Street NE

Suite 1900

Atlanta Georgia 30309

Phone 404.942.3545

Fax 404.795.0993

[email protected]

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Answered on 3/08/05, 9:45 am

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